Loans-Most Frequently Asked Questions

What is the difference between the Financial Aid Office and Bursar's Office?

The Financial Aid Office grants awards and approves loans based on the eligibility of the student. They determine the type and amount of each award or loan as shown in the student's official award letter. The Financial Aid Office credits the funds to the student accounts after the borrower (student) has completed the application and endorsed the promissory note and other documents. The Loan Disbursing Department of the Bursar's Office administers the refund when the student is properly registered for sufficient credit hours and completed all other requirements for loan eligibility.

When are loans credited to student accounts?

If the loan is transmitted electronically to NSU, it is credited to student accounts after being received and after enrollment eligibility is verified (registered for sufficient credit hours, satisfactory grade point, entrance interview completed, etc.).

If the loan is transmitted by traditional paper check, the loan is credited to student accounts after enrollment eligibility is verified and the check is sent to the student for endorsement and returned by the student.

How soon can I get my loan refund?

Loan refunds are issued automatically after the loan has been credited to the student account and the account has a credit (excess) balance. Refunds are not issued before loan proceeds are received by NSU.

Note: All refunds are mailed to students unless you have signed up for Direct Deposit. It is important to be sure that your local address listed with the Registrar's Office is current and correct.

Why didn't I get my refund?

It may have been mailed to an old address. It is important that your local address listed with the Registrar's Office is current and correct. If you move, please notify the Registrar. All refunds are mailed to the address for you shown by the Registrar.

If you dropped classes and will have tuition charges reversed, the drop form may not have been processed by your academic program and sent to the Bursar's Office. After the Bursar's Office credits your account, a refund can be processed.

Was my loan date changed?

To prevent your electronic loan from being canceled, your loan date was postponed about two weeks so you can meet all loan eligibility requirements.

Why was my loan date changed again?

Usually your electronic loan disbursement date will be postponed a second time only if entrance interview isn't done, you have defaults or unsatisfactory progress, or you didn't sign up for enough credits.

What loan requirements hasn't been met?

You probably know if you need to complete an entrance interview to settle financial aid defaults, to register for more credit hours (to meet half-time status), or to improve your grades.

Without these problems, if you've submitted your registration, no action is required. After your registration is processed by your program office and your courses are recorded by the Registrar, your electronic loan will be disbursed and your refund approved.

NSU staff in all areas process registrations as rapidly as possible to speed refunds, but delays can occur at peak periods.

What can I do to meet loan eligibility requirements?

If you've submitted your registration form to your program, no action is necessary. Your loan will be credited to your account from the lender and a refund will be issued automatically. No need to call.

If you haven't completed an entrance interview, do so. Settle prior financial aid defaults (contact the Office of Student Financial Aid with questions). If you didn't register for sufficient credits, sign up for more. If your grades are too low, you can only study to raise them for future eligibility.

How can I get my loan refund faster?

1. Register promptly.
2. Choose a lender form the lender list in your Financial Aid Packet.
3. Sign up for direct deposit, then your refund can be sent to your bank account, instead of the delay of a refund check being produced and mailed.

At the present time, NSU offers a choice of refund checks or direct deposits to checking accounts (not savings accounts). You can (1) deposit your refund check in your savings account or (2) sign up for direct deposit to your checking account and then write a check for deposit to a savings account.

Can I come in and pick up my loan refund?

Refunds are routinely mailed, unless students have direct deposit to their bank accounts, which makes funds available more rapidly. You can authorize direct deposit using the form printed on you monthly account statement (bill).

Can I get my loan refund early in an emergency?

NSU does not "advance" money to students based on anticipated loan receipts. Emergency loans of $500 are available from the Office of Financial Aid in critical situations, such as automobile accidents, robberies, and fires.

Students must budget appropriately, funds are disbursed after eligibility requirements are met, which means course registrations have been received and recorded by the Registrar.

Why was my loan canceled?

NSU can postpone your electronic loan disbursement several times to permit you to meet the eligibility requirements for borrowing. If you have not met them by 60 days after your course ends, however, federal regulations require that your loan be canceled. You will not be able to reapply to borrow for that period retroactively.

*Acrobat Reader is needed to view any form that is designated with PDF.