The number of disbursements will be determined by the course you study.
U.S Department of Education regulations prevent a loan from being paid in its entirety at the beginning on an academic year.
The first disbursement will be made by cheque with all subsequent disbursements being paid by bank transfers.
It is important to ensure you have funding available to cover at least your first three weeks on the course to allow for sufficient time for the check to clear into your account.
To help with budgeting for the year, you can work out approximately how much you will receive per term after Central has deducted your termly fee instalment using the information below.
Total loan amount - deposit paid - tuition fee balance = remaining balance / three or four depending on how much disbursements you are due. See below for an example:
$60,000 (total loan amount) - $2,500 (deposit paid) - $18,500 (tuition fee balance) = $40,000 (remaining balance) / four = $10,000 paid to you each term.
Central will deduct your tuition fee balance in three or four equal instalments depending on the number of disbursements.
You will be contacted prior to each disbursement with a breakdown of how much you going to receive after Central has deducted the tuition fee instalment. You will also be given the opportunity to increase or decrease your loan.
To increase your loan, you will need to submit an amended Cost of Attendance (COA) spreadsheet with your new loan request amount. If your new loan amount is approved, the additional amount will be spread across the remaining disbursements.
To decrease your loan, you will need to submit an amended Cost of Attendance (COA) spreadsheet with your new loan request amount.
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