Purpose:

To outline the notification process for disbursement of funds at Platt College.

Revision Responsibility: Director of Financial Aid

Responsible Executive Office: President

Policy Appendix: Student Right to Rescind Loan

Created in formal policies: June 6, 2014, Revised May 18, 2018 to reflect new student portal and student right to rescind updated protocol; Revised January 28, 2019 with an effective date of March 15, 2019 for a "passive loan acceptance" procedure.

Procedure:

Platt College uses passive loan confirmation for the acceptance of subsidized and unsubsidized loan awards.  This means if you are a returning student who has taken loans from the federal government to use at Platt College in previous quarters, your loan amounts (shown on the Official Award Letter) will be set to an automatic accepted status within 14 calendar days of an award unless you notify the financial aid department that you do not accept the award. The Financial Aid Office notifies the student via his/her plattcolorado.edu email that funds have been awarded.

• If you want to accept the Subsidized/Unsubsidized loan amounts on your Official Award Letter and have completed the Master Promissory Note and Entrance Counseling at studentloans.gov you DO NOT need to take action. These loans will automatically be accepted within 14 calendar days of award.
• If you want to reject your loan(s) or change the loan amount(s), you DO need to take action. In the student portal under the header “my finances” go to “account information.” You must also complete a Student Right to Rescind Loan form and submit electronically to the Financial Aid office. You may only lower the loan amounts awarded.

If you decide you would like to take out the cancelled loans at a later date within the award year and are still actively enrolled at least part time, please see the Financial Aid office.

IMPORTANT: Federal Direct Loans are governed by federal regulations. Before the Financial Aid Office processes your reject or change requests, the staff will check to be sure the resulting loans meet Federal requirements. For example: If you have both subsidized and unsubsidized loan eligibility, your unsubsidized loan must be zeroed out before we can reduce your subsidized loan. If we cannot process your reject or change request due to Federal requirements, we will contact you. Otherwise, you will receive a revised award letter with your requested changes.