Loan Certification Process
Loan Certification Process
The Financial Aid Office processes a large volume of student loan applications throughout the academic year. To provide a fair and equitable means for processing applications, the Financial Aid Office has implemented the following policy.
- Applications will be certified based on the date of the last submission of needed paperwork for completion of the financial aid process.
- Loans will be certified after receipt of a signed Financial Aid Award Letter and, if needed, a completed Master Promissory Note (MPN) and Loan Entrance Counseling.
During high volume times, loans can take up to three weeks for processing. Loan proceeds are received by the College on Mondays, unless that day is a legal holiday. Fund will be available to students after their account in the Business Office has been balanced. This can take up to 14 days.
First-time and new borrowers at SCC are subject to a mandatory 30-day delay for receipt of Stafford Loan proceeds. This is for the first disbursement of loan only.
The following may be reasons for delays in processing:
- A signed Financial Aid Award Letter has not been submitted to the Financial Aid Office
- Loan Entrance Counseling is not complete
- Satisfactory Academic Progress (SAP) is not being met and the student is now on Financial Aid Termination OR is a Time Frame (see Satisfactory Academic Progress Policy)
A student not returning to SCC or graduating must complete Loan Exit Counseling.
