Financial Aid
Loan Disbursements
General Requirements for Federal Stafford Loan Disbursements
Loan disbursements are made on a scheduled basis. The loan disbursement dates are provided on the disclosure statement that a loan borrower will receive from the Department of Education Loan Origination Center. However, the release date of a borrower's loan funds may vary. For Baker College students, please contact the Financial Aid Office at the campus you are enrolled at for any questions.
Disbursements for Returning Student Loan Borrowers:
- Federal regulations require that loan proceeds not be disbursed until 10 days prior to the first day of classes.
- Students must be attending at least half time (six credit hours for undergraduate and four credit hours for graduate). Attendance will be taken for each class students are enrolled in.
- Students must maintain Satisfactory Academic Progress (SAP) to receive loan funds. Contact the Financial Aid Office if you are unsure of your eligibility.
- Students registered for online, five-week or other non-traditional class formats: The disbursing and refunding of loan funds may be delayed due to the various start dates of the registered courses.
Disbursements for First-Time Student Loan Borrowers:
If a student is in the first-year of an undergraduate program and is a first-time borrower, there is a required delay in making the first disbursement on a loan.
- Baker College may not disburse the first installment of the Direct Loan until 30 calendar days AFTER the student's actual half-time attendance begins.
- Half-time attendance must be proven for this 30 day time period and could take up to seven additional loan processing days before enrollment can be verified and the loan funds released and posted to the borrower's account.
- The borrower must have completed entrance counseling. Borrowers can contact the Financial Aid Office for further details on the entrance counseling process.
- A valid Master Promissory Note (MPN) must be on file with the Direct Loan COD System.
Note: For Baker College loan borrowers, please contact your campus Financial Aid Office for any additional requirements.
When all requirements have been met, the school will credit the loan funds to the school charges on the borrower's account (tuition and fees, room and board and other authorized charges). If the loan funds exceed the school charges, the school will pay the student the credit balance.
Caution: A student loan borrower may use the excess loan funds received only to pay for the borrower's education expenses. Education expenses include such school charges as tuition, room and board, fees and such indirect expenses as books, supplies, equipment, dependent child care expenses, transportation and rental or purchase of a personal computer.
| Students will be notified by the Business Office when their loan funds have posted to their account. If a refund occurs, Higher One will notify the student when funds have been applied to their Baker OneCard. |
- Please direct any loan refund questions to your Baker College campus Business Office.
Baker College and Higher One
Baker College has partnered with Higher One, a financial services company, to bring new refund disbursement options to our students. To learn more about Higher One go to www.higherone.com. Each registered Baker College student will receive a Baker OneCard. Your card will arrive in the mail at your primary address on file with Baker. To receive your refund, you must activate your Baker OneCard. During card activation, you will choose how to receive your refund money. If you want faster access to your funds, simply choose to have your refunds deposited directly into your OneAccount. Activate your card and make your refund selection online at www.BakerOneCard.com. For further information on the BakerOneCard contact your campus Business Office or go to your campus website, click on Departments, and select "Business Office".
Loan Cancellations
- Prior to the loan funds being disbursed, the student may cancel all or part of the loan at any time by notifying the school.
- Once funds have been disbursed on the loan, the student may return all or part of the loan to a Department of Education Direct Loan Servicing agent within 120 days of the date the school credited the student's account or paid the excess loan funds.
For either type of the above loan cancellations, the loan(s) will be adjusted to eliminate any interest or loan fee amount that applies to the cancelled portion of the student's loan. This adjustment will be done by the loan servicer.