GSL Delayed Disbursement

Students

70.06         GSL Delayed Disbursement                                                           Issued: May 15, 1998


1.     Definition

        A GSL Delayed Disbursement is a temporary credit applied against student fee
        receivables when the processing of the student’s federal financial aid package
        has been completed, but the University is required by federal regulations to delay
        disbursement of the Guaranteed Student Loan award. The two circumstances in
        which this may occur is freshman, where the disbursement of their loan is delayed
        30 days and upperclassmen attending only one semester in an academic year,
        where half of their disbursement is delayed for 30 days. The purpose of the
        temporary credit is to ensure that students for whom disbursement of the GSL
        is delayed are not dropped for non-payment of their fees.

2.     Procedures

        2.1   Prior to the due date for the first installment of student fees, the Director
                of Financial Aid identifies those students who still have an outstanding
                balance due the University and who have a delayed GSL disbursement.
                The Director of Financial Aid approves the posting of the GSL Delayed
                Disbursement (temporary credit) for an amount equal to the delayed
                disbursement amount or the amount required to meet the first installment
                amount due, whichever is less.

        2.2   At the time when the Director of Financial Aid can legally disburse the GSL
                award, the GSL Delayed Disbursement posting is reversed and the amount
                of the GSL award is posted.

Contact:     Director of Student Financial Aid


 

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