Financial AidEligibility
Application GuideTypes of AidAid Basics
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What happens once I've made my application to my lender of choice?At three different points in the application process your lender is required to provide loan disclosure information to you. They must also collect a Private Education Loan Self-certification form from you before disbursement of any loan funds. Once your lender fully approves your application (usually after they have received your signed application) they will notify UMD that your loan is ready for school certification. Some lenders may withhold requesting school certification until you have submitted the Private Education Loan Self-certification form. Each lender is different, so it is important you follow their application process. UMD will certify your loan eligibility based on the cost of attendance for the loan period, other aid you will receive, and the amount you requested. We request disbursement dates to correspond with the start dates for your enrollment/loan period. The Office of Financial Aid and Registrar will send you a revised eFAAN when we certify your loan to the lender. Your lender will electronically forward your loan disbursements to UMD on the date(s) requested, as long as you have responded to the approval disclosure and sent them the Private Education Loan Self-certification form . UMD will electronically transfer your loan disbursement to your tuition account with Student Accounts Receivable. Funds will first be credited toward any outstanding tuition and fees. If you are entitled to funds in excess of your tuition bill, Student Accounts Receivable will issue you a surplus check, or direct deposit the excess funds to your designated account. Some lenders disburse paper loan checks, payable to the borrower and UMD. If this is the case with your lender, UMD will notify you via your University e-mail account when your check is ready for disbursement, and you will then need to claim your funds at the One Stop Student Services. |
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