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Electronic
Funds Transfer (EFT)
EFT,
Electronic Funds Transfer, is the process of electronically
transmitting student loan disbursement data from the student loan
lender to Cal Poly, rather than sending a check. All the lenders
on Financial Aid's lender list participate in the EFT process. Each
daily EFT file is received via modem here at Cal Poly's Student
Accounts Office and then uploaded to Cal Poly's mainframe. Once
the file is on the mainframe, a nightly computer program processes
the data, checking for the required enrolled units, entrance counseling,
proper amounts, etc. Providing all these requirements are successfully
met, each student loan disbursement amount is credited to that student's
Cal Poly account, just like grants and scholarships. Any remainder,
after charges like registration fees, course fees, housing, and
emergency loans are paid, is disbursed to the student, either by
check or direct deposit.
Lenders
that do not participate in EFT will mail the student loan disbursement
check(s) to Cal Poly. These checks are either payable to the student
OR to the student and Cal Poly. A student receiving a loan
from such a lender must pick up his/her loan check from the Student
Accounts Office during regular disbursement
hours. The check is made available for disbursement after the
check information has been entered into the Cal Poly system; the
student's loan eligibility has been verified;and the check amount
has been verified. A student loan received in this manner is disbursed
to the student in full each quarter. This means that the student
must then personally pay to the University Cashier any balance that
might be due on his/her Cal Poly account.
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