First Disbursement Details
Student loans are issued twice of the course of each semester at NIC. Please review the example below to understand how the funds are applied to your account.
- Jerry was awarded a $3,500 subsidized student loan for the school year.
- He will have $1,750 available for the fall semester.
- Because NIC disburses student loans twice over the course of the semester, Jerry will have two separate dates where $875 will be applied to his account.
*It is important to note that the Department of Education applies a 1.05% processing fee to each application of a student loan. This means, of the $875, Jerry will have access to $866 for each disbursement.*
- The first $866 will be applied to Jerry's account and a disbursement would be issued if all tuition and fees and/or bookstore charges are paid in full
- However, Jerry will have access to the full $1,750 for tuition and fee payment.
- As long as Jerry's total award exceeds tuition & fees, he has access to the remaining loan amount for bookstore charges.
- The second disbursement will be applied after mid-term grades have been posted.
- For specific dates on when your loan funds will be applied to your account please view the Financial Aid Office Calendar