Receiving the Funds from your Private Student Loan
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⬜ Once you have been approved by your private lender for a student loan, your lender will send your information to DMACC to be “certified.” This is the process DMACC uses to ensure all eligibility requirements have been completed and that you are eligible to receive the loan. DMACC will contact you via your DMACC e-mail address if additional information is needed during this step.
⬜ Once certification is complete, the funds will be sent to DMACC. This normally takes about 10 business days. All private loans, as with other financial aid funds, are first applied directly to your DMACC student account to pay charges for tuition and other college-related charges.
⬜ If your loan funds exceed the charges on your student account, you will receive these funds as a refund to pay other educationally related expenses.
⬜ Disbursing or crediting your student account with private loan funds will only occur after verifying that you are attending courses for which you are registered. The release of funds is handled by DMACC Student Accounts.
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