Notice of Disbursement & Right to Cancel a Federal Stafford, Perkins, or PLUS Loan

Federal student and parent loan funds may begin crediting to student accounts up to 10 days prior to the start of the semester, if all loan processes have been completed.   If your loan is not disbursed prior to the start of the semester, funds are received and credited on a weekly basis thereafter. Specific loan disbursement amounts and dates of credit to your student account may be viewed via your Oasis account.

As a student or parent borrower, you have the right to cancel the entire loan or any portion (a specific disbursement) of any federal Stafford, Perkins or PLUS loan. Requests to cancel a specific loan disbursement may be submitted prior to the date of crediting to your account or within 14 days of notification. To request cancellation of a loan disbursement, please submit the request in writing to the Financial Aid Office.  The request  may be faxed to the financial aid office at  1.913.367.5462.

Notice of Disbursement and the Right to Cancel Federal Direct Stafford, PLUS and Perkins Loans

Loan proceeds will generally be credited to a student’s account approximately 10 days prior to the beginning of any semester, if a student has meet all eligibility requirements on that date, or on a periodic basis (usually daily) thereafter as a student becomes complaint with all terms and conditions necessary to establish loan eligibility. All loan disbursements applied to a student’s account will immediately be available for review by accessing the student’s account through CSU X-press.

A student, and/or a parent in the instance of a Federal Direct Parent PLUS Loan, has the right to cancel a portion or all of any Federal Direct Stafford, Federal Direct  Parent PLUS, Federal Direct Graduate PLUS and Federal Perkins loan prior to disbursement, or within 14 days of actual disbursement of any such loans. The request to cancel or reduce any loan must be in writing and must be submitted to the Office of Student Financial Aid.

If a credit balance created by a loan disbursement has been released to a student, and/or parent, the funds released must be returned to the university within the 14 day cancellation timeframe in order for the university to complete a requested cancellation.