Important Notes for Students Receiving Financial Aid
If you've been awarded certain kinds of financial aid, there are a few important steps you should follow:
If you've been awarded a Stafford Loan...
Students receiving a Stafford Loan via Electronic Funds Transfer will be notified when the funds have been received. If a student is required to endorse the check, a notice will be sent asking them to go to the Cashier located in O'Kane 159. All students borrowing for the first time at the College of the Holy Cross under the Federal Stafford program must receive loan counseling before the funds will be posted to their billing statement. This counseling is provided by the Office of Financial Aid.
Please note: Federal Loan Regulations allow students 14 days from the date of notice that the loan was applied to their account to notify the school if they wish to have the loan canceled. Students should notify the Office of Financial Aid of their intent to cancel the loan. Students who request that their Federal Stafford Loan be canceled will be responsible for any resulting balance on their billing statement.
If you'll be receiving a PLUS Loan...
Federal regulations require that PLUS Loan checks be made co-payable to the borrower and to the school. The proceeds of these loans are disbursed in two equal installments. Checks issued for PLUS Loans are sent to Holy Cross and are then forwarded to the parent for endorsement. PLUS Loan checks must be endorsed and returned to the College to be applied to the student's account.
Parents applying for loans through MEFA (Massachusetts Educational Financing Authority) may have their funds wired to the College and applied directly to the student's account by checking yes to question #15 on the application form. Any excess PLUS funds will be refunded to the borrower upon receipt of a written request.
If you'll be receiving outside scholarships or loans...
To avoid late payment charges and to ensure that the Bursar can properly credit your account, please notify the Financial Aid Office of outside scholarships and loans before the semester bill due date. Be prepared to supply award letters for scholarships and approval notices for loans.