Per the Department of Education, financial aid monies are distributed into two separate disbursements.
Federal loan monies are disbursed to the school via EFT and then distributed to the students account by the business office. Any excess proceeds from disbursements will be made to student in the form of a check per regulatory guidelines.
The definition of a disbursement date is always the date the Title IV funds are credited to the student’s account or paid to the student directly for a specific disbursement. The disbursement dates in the Department of Education’s Common Origination and Disbursement (COD) database and the dates posted to the student’s account at LWT should be the same.
Direct Loans:
For first time borrowers, the disbursement is distributed 30 calendar days after the first day of class and the second disbursement is distributed after the student has successfully completed half of the program, providing the student is passing SAP.
Students who have previously received financial aid will have the first disbursement of financial aid monies on the start of class and the second disbursement is distributed after the student has successfully completed half of the program, providing the student is passing SAP.
Pell Grant:
All Federal Pell Grant funds will be disbursed to the student accounts as follows: the first disbursement will be processed once the student has begun attendance and the second disbursement is distributed after the student has successfully completed half of the program, providing the student is passing SAP.