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Frequently Asked Questions
When will loan checks be disbursed?
Loan processing for the 2008/2009 academic year will begin in mid-April. As a general rule of thumb, loans are disbursed 10 days prior to the beginning of each semester provided that all loan application materials have been submitted by July 1, 2008.
How will loan funds be disbursed?
Loans may be disbursed by the lender in two different methods: check or electronic funds transfer (EFT). EFT's are automatically posted to your student account. Loans will be disbursed twice, regardless of the length of the loan period - full year-loans are disbursed at the beginning of each semester; semester loans are disbursed at the beginning of the semester and halfway through that same semester.
What do I do about my bill if financial aid is covering my fees?
If you have filed all the necessary loan paperwork and your loans will cover your balance but have not been disbursed yet, you should disregard the bill. There is no need to mail it back indicating you have loans covering the balance. However, if your loans are only covering a portion of your bill, you should pay any amount over and above what your loans are covering by the stated due date (the first day of class) to avoid any interest or late fees.
How do I get a refund from loan funds?
You may receive a refund if your student loan creates a credit balance on your account with the University. Refunds should be picked up at Student Financial Services located in the lower level of North Brookings. Their hours are 8:30 a.m. to 5:00 p.m. Monday through Friday.
What does verification mean?
Verification is a federal requirement whereby Student Financial Services verifies the information contained on your FAFSA. Thirty percent of Washington University's population of students are randomly selected in this process. You will be notified on your Student Aid Report (SAR) if you have been selected for verification. You will need to submit to me a signed copy of pages 1 & 2 of your 2007 federal tax return. You and your spouse (if applicable) must sign page 2 of your return. In addition, you will be required to complete a verification worksheet. Verification worksheets are typically not available until late July or early August. This worksheet is very simple, asking identifying information. It only takes a few minutes to complete. If you have been selected for verification, contact us and we will forward the verification worksheet to you as soon as they become available.
Does the University have a monthly payment plan?
Washington University offers an interest free payment plan that allows students to spread yearly tuition payments over 10, 9 or 8 months, starting June 1, July 1, or August 1. The deadline to enroll is August 1. There is a yearly administrative fee to join. For specifics about this plan contact (314) 935-5274, or visit the website at http://sfsweb.wustl.edu/sfs/parents/tuitionpay.aspx.
If you choose this option, your payment must be made from a U.S. Bank.
Who can I contact if I have additional questions?
Assistant Director of Financial Aid
Olin Business School
Washington University
Campus Box 1133
One Brookings Drive
St. Louis, MO 63130
(314) 935-6610
cronan@olin.wustl.edu
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