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Financial Aid
Disbursement of Funds
Most financial aid payments are credited electronically to individual student accounts. Financial aid payments cannot be credited to your account until after the 5-day drop-add period has ended for each term. At that time, financial aid will first be used to pay all charges on your student account. If excess funds remain, Lake Superior College will mail a check to your permanent mailing address.
Student loan disbursements may vary. Students are mailed a disclosure statement from the Guarantee Agency that will list the dates that the funds will be available to the College. Please note that once the initial disbursment of funds has occurred after the 5-day drop-add period, the college only disburses additional funds on Monday evenings. Therefore, even if the disclosure statement lists an earlier date, the funds will not be placed on your account until the Monday evening following the date on the disclosure statement.
Your student account will list the amounts of all financial aid transactions and the dates that they were placed on your account. Please note that there is normally a 3-5 day delay before any overage checks would be received at your permanent address.
