Student Accounts - Electronic Loan Transfers

Stafford and Parent Plus Loans

Federal regulations prohibit the application of Stafford and Parent Plus Loan funds to an account until 10 days prior to the first day of class for the period for which the funds are issued.

Stafford Loans are processed in the Cashier's Office. The gross amount of the loan less any origination fee will be transmitted to Duquesne University. Origination fees vary by lender and run from zero to three percent. Loans are received from lenders in two different ways:

If your lender participates with either the PHEAA or Sallie Mae Electronic Funds Transfer (EFT) process, your Stafford or Plus Loan payment will be transmitted to Duquesne University electronically. Once received, the funds will be applied to your account as soon as Federal Regulations allow and you meet all eligibility requirements for receiving loan funds. If you are not registered for the period in which your loan was issued, or you fail to meet the eligibility requirements, Duquesne University must return the loan funds to the lender within the guidelines established by Federal Regulations. A mailer will be sent to your permanent address to notify you that the funds have been received and applied to your account.

If your lender does not participate in the Electronic Funds Transfer process, the Cashier's Office will receive a check made co-payable to you and the University. As soon as the Cashier's Office receives your check, a postcard will be sent to you, notifying you to come in and endorse the check. Your loan funds cannot be applied to your account until you endorse your check. The University is required to return Stafford Loan checks to the lender if the student is not registered at least half time. The University must also return checks when the student fails to endorse the check.

To find out if your loan check has been received at the Cashier's Office or if your loan funds have been applied by Electronic Transfer, call (412) 396-5562.

Promissory notes must be completed, signed and delivered either at final registration or to the Financial Aid Office in the Administration Building prior to the end of the second week of classes. Credit will not be applied to your account until notes are received and processed by Financial Aid.

LOANS WILL BE CANCELLED AND PENALTY WILL BE CHARGED ON ANY UNPAID BALANCE FOR ANY STUDENT NOT RETURNING THE PROPER FORMS WITHIN THE STATED TIME FRAME.

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