Direct loan confirmation and return of loan funds | MUSK
MUSC uses an “active confirmation” on all direct student loans before crediting the loan to the student’s account. Active confirmation is the process requiring the student to request / accept the loan amount (s) he / she wishes to borrow for the specified aid year (i.e. the maximum cost of attendance , i.e. a lower amount) via the loan application form.
Once the loan is credited to the student’s account, MUSC uses “passive confirmation” on all direct student loans. Passive confirmation is the process by which students must notify the student financial services department in writing or through the return of funds form if they no longer wish to receive the loan after receiving notice that the loan amount has. exchange. The school is required to return within 14 days but will honor direct loan fund return requests within the 120 day limit. MUSC sends students an updated award letter as notification of changes to financial aid.
Direct loan amounts may change upon closer examination of eligibility, usually resulting in a reallocation of funds between subsidized and unsubsidized loans. If the student no longer wants to receive the loan, they must return the payment to the school and the loan will be repaid.