Once you apply and are approved for your private student loan, the lender will request that the School of Medicine and Dentistry Financial Aid Office “certify” the loan. The certification will include the amount of loan funds you are eligible for, and the timing of the disbursements. The fall semester’s loans are typically scheduled to disburse within a few days after the start of your program (but no sooner than July 1st), and spring semester loans typically disburse in the first full week of January.
The funds are issued directly to the University and credited to your student account (your bill). If after all your direct charges are paid (tuition, fees, health insurance, etc.) there remains a credit balance, you will be issued a refund check to assist with your living expenses.
Refund checks typically take 7 to 10 days to be processed after your loan funds arrive at the University.
Because of the timing of when students may arrive in Rochester vs. when funds are disbursed and refund checks issued, the Financial Aid Office recommends that students come with personal funds equivalent to 30-60 days’ worth of living expenses