First, your school will need to certify your Smart Option Student Loan®

  • Once the terms of the loan have been accepted and you've signed your loan documents we'll ask the school to certify the loan. All schools have different processes and schedules for certification—some certify daily, weekly, biweekly, etc. Many schools wait to certify private loans until shortly before the enrollment period begins, even though you may have applied months in advance.
  • During this time, there is no need to contact your school. We'll keep you posted via email so you always know where we are in the process.
  • Your school certifies the amount you are eligible to receive, which may be less than your requested amount. After we receive your school's certification, we'll send you a Final Disclosure document showing the total loan amount. This document also explains your right to cancel the loan prior to funds being sent to your school.
  • Once certification is received and the right to cancel period is over, your loan is ready to be disbursed.

Here’s how disbursement works

  • A disbursement is funds that are sent to your school. Loan funds may be divided into multiple disbursements (usually one per semester).
  • If you chose a repayment option that requires in-school payments, your monthly payments will begin as soon as your funds are disbursed.

What to do with a student loan refund

If there are funds left over after college costs have been paid, you may be issued a student loan refund by your school. Keep in mind, these funds are still part of your loan and you will need to pay them back. Here are a couple ways to manage your refund:

Return the funds to us
This helps reduce your total student loan cost.

Use the money for education expenses
Purchase the books, technology, and other things you need.