Direct Loans/Parent PLUS Loans
Federal law requires Direct Loans to have two disbursement dates for each loan period. The information given below is examples of loan disbursement periods. A first time borrower at Sauk Valley Community College has a thirty day waiting period prior to the first disbursement of his/her loan. This does not affect the second disbursement. The information shown below assumes that the loan is requested prior to the start of the academic period. Any loans requested later than thirty day prior to the start of the semester will be processed as expediently as possible.
Fall only 1st Disbursement after drop add period, 2nd 50% point of semester
Fall/spring 1st Disbursement in fall, 2nd Disbursement in spring
Both disbursements will be after the drop/add period
Spring only 1st Disbursement after drop add period, 2nd 50% point of semester.
The first loan disbursements for each semester, for loans that were processed in time, are normally set for the first week after the completion of the drop/add period. The drop/add period is established by the Office of Admissions and is generally the first two weeks of the semester for all full semester classes. Disbursements are completed on a Monday or Tuesday and refund checks are mailed by the Business Office on Thursday of that week. Checks are not available for pick up.
Loan Disbursements after the drop/add period are done the first three weeks of each month. The last week of the month is used for administrative purposes between Sauk Valley College and the Department of Education. Disbursements are completed on a Monday or Tuesday and refund checks are mailed by the Business Office on Thursday of that week. A loan may be requested by eligible student no later than 30 prior to the end of the semester the loan is being processed for.
Alternative Loans/Private Loans
Alternative/Private Loans are normally disbursed the first week of the month the student will attend classes. This assumes that the loan was processed early enough for the disbursement to be completed. All Alternative/Private Loans that are requested late will be processed as expediently as possible. Please be aware that the student must make the Office of Financial Assistance aware of a pending Private/Alternative Loans.