Receiving Your Financial Aid

Your file must be complete by the priority deadline for payment of your tuition and fees.  The college will deduct any tuition and fees or balances owed to the institution and mail a check for the remaining balance to your address on file with Admission and Records. Note: If you complete your file after priority deadline, allow three weeks for processing time.

The Pell Grant Student Aid Report must be submitted prior to the last class day of the semester.  Failure to do so forfeits your right to receive the grant.

Loans by Web

Beginning March 20, 2006 South Plains College became a ‘Loans by Web School’.  This means processing and tracking of your loan application will be easier than ever.  Your loan application process will not be complete and you will not receive any funds until the ‘Loans by Web’ process has been completed online.  Parents can also apply for PLUS loans through ‘Loans by Web’.  View our form page instructions on the Stafford Loan and PLUS Loan process.

Federal Stafford Loans

South Plains College receives student loan funds via electronic funds transfer or by master check from the lender of your choice. For borrowers not subject to the 30-day delay, loan funds may be credited to your tuition, fees and room and board charges as early as 10 days prior to the first class day. Credit balances, after all institutional charges have been paid will be mailed to the borrower no later than 14 calendar days after the credit to the student’s account.

If a student is in the first year of their program of study and is a first-time Stafford borrower, SPC may not disburse the first installment of the Stafford loan until 30 calendar days after the student's program of study begins. All borrowers must be currently enrolled and attending at least six (6) credit hours in order to have their charges credited or to receive a balance check. Dropping to part time enrollment (1-5 credit hours) or attending only part time during the first 12 class days of a semester will result in cancellation of the student loan.  The loan credit will be charged back to the student's account and returned to the lender. 

Students borrowing through a non-TG lender will receive their checks though the Business Office. Students using Texas Guaranteed for Federal Stafford Subsidized and Unsubsidized loans will have their funds electronically transmitted to South Plains College.  You will not receive a check from the lender.

Students must be registered for at least six (6) hours during a session.  All new borrowers at SPC must complete entrance counseling prior to their loans being certified. Any changes to your enrollment or loan period may cause a delay or cancellation of your loan.  If students receive addition financial aid after the loan is processed the amount of any future loan disbursements may be reduced.  As stated in the Master Promissory Note, SPC is authorized to transfer loan proceeds by electronic funds transfer (EFT) or master check to the student’s account.  SPC will use the loan funds to pay other school charges for educationally related activities such as books and minor prior award year charges.

All students applying for Stafford Loans must first complete the Free Application for Federal Student Aid (FAFSA) and other forms required to complete their financial aid file.

Borrowers have a right to cancel all or a portion of the loan or loan disbursement and have their proceeds returned to the lender. SPC will send a notice to the borrower no earlier than 30 days before and no later than 30 days after the school credits the student’s account. The notice will include the method and date by which the borrower must notify the school that he or she wishes to cancel all or a portion of the loan or loan disbursement.

A student wishing to decline her/his loan may circle “D” on the award letter, sign the award letter and return it to the financial aid office.  SPC requires a written request for loan cancellations.   If SPC receives the cancellation request after a loan disbursement, only future disbursements will be canceled.
 

Parent Loan for Undergraduate Student (PLUS)

Parent Plus loan funds will be credited to the student’s account via electronic funds transfer (EFT) or Master Check from the parent’s lender of choice. However, SPC will not request funds from parents lender until a Parent PLUS Loan Check Authorization form is received by the SPC financial aid office.  For parents of dependent student’s, if the parent PLUS loan exceeds the amount owed SPC, the remainder of the loan money will be forwarded to the student. 

Multiple Disbursements

All loans are divided into two equal disbursements per semester. The first disbursement will be no sooner than the first class day of the semester, and the second no sooner than the midpoint of the semester. All SPC students are subject to multiple loan disbursements for every semester or quarter enrolled.

 

 

 

 


 Last Published 8/8/10