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

  • A certification request is sent to your school after your loan is approved. All schools have different processes for certification—some certify daily, weekly, biweekly, etc.
  • Most schools only certify 30 days before the enrollment period begins, even though you may have applied months in advance.
  • Usually no actions are required from you or your cosigner at this time. We’ll keep you posted via email so you always know where we are in the process.

Here’s how disbursement works

When certification is received, and after the right to cancel period has expired, your student loan is ready to be disbursed.

  • 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

Occasionally student loan refunds are issued to students if there are funds left over after college costs have been paid. 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.