When do I get the money?
You will receive a disbursement of your loan funds once your MPN is returned and acknowledged by the federal processor. Your Loan Disclosure Statement indicates anticipated disbursement dates, and every attempt is made to have the actual loan disbursement dates coincide with the anticipated disbursement dates. However, if you delay returning your MPN, your disbursement dates could also be delayed.
Your class attendance will be checked to make sure you actually began attending your classes and are continuing to attend on at least a half-time (6 credit) basis prior to the release of any loan funds. If you receive a disbursement of Direct Loan funds for classes you have never attended, you must return the entire payment immediately to the college. Remember that you must establish and maintain 6 credits of enrollment each semester to be eigible to receive a disbursement of Direct Loan funds.
View the “scheduled” disbursement dates for your Direct Loan on your CUNYfirst account by logging on to your Student Center, clicking on “View Financial Aid” and selecting “View Scheduled DIsbursement Dates.” The “scheduled” disbursement date is the earliest date in the term you may expect the disbursement to occur. The actual disbursement date may be different. You may view the actual disbursement date by clicking on “Account Inquiry” in your Student Center.
Your loan will be disbursed to your CUNYfirst account and, if your tuition balance is “0”, you will receive a refund that will be electronically deposited to your personal bank account. If you have not chosen to receive your financial aid payments via one of these electronic methods, your refund will be sent to your home address in the form of a paper check. Learn more.
