Our disbursements begin approximately the 4th week of the semester. Loan disbursements are disbursed in two payments during the loan period.
If the student has requested a two semester loan (i.e. fall and spring loan), the student will receive one disbursement in each of the semesters.
If the student has requested a one semester loan (i.e. fall only loan), the student will receive two disbursements in the semester. The second half of the disbursement is processed the week after midterm break.
Per Federal Regulations, disbursements for first time borrowers are not processed until 30 days after the start of the semester, approximately the 5th week of the academic semester.
Federal financial aid funds are typically received and disbursed before State of Illinois financial aid funds (MAP grant). We typically receive State of Illinois funds (MAP grant) towards the end of each academic semester.
When the funds are received, the funds are applied to the student account to pay for all charges incurred and outstanding on the account. If there is a surplus of funds, a refund check will be processed through the eRefund account that the student has set up through their MyICC (eServices).