Disbursement

What is disbursement?

Your disbursement date is the day your school receives your funds and when your loan begins to accrue interest. Please check your MPOWER dashboard for the disbursement date of your funds. If the disbursement date has passed and you have not received your funds from your school, please contact your financial aid office. Note that it can take the financial aid office several business days to allocate the funds to your student account.

What is my disbursement date? How long will it take for the loan to be disbursed to my school?

The timing depends on:

  • When the school requests the funds to be disbursed and
  • When you e-sign your final loan documents.
  • The fastest we are able to disburse the funds to your school is 5 to 10 business days after you’ve signed your final loan documents.

    Please make sure to refer to your MPOWER dashboard to confirm that the loan amount and date approved by the school match your request.

    If you have any questions or concerns regarding your loan amount or schedule, please talk to your school’s financial aid office. Any changes to your loan must be sent to MPOWER in writing via ELM/Scholarnet or via email.

    How is the loan disbursed?

    The loan is disbursed either electronically via wire transfer or by physical check in the mail – whichever method your school requests. The funds are disbursed directly to the school, not to the borrowers.

    Can MPOWER Financing disburse the loan directly to me?

    No, the funds are disbursed directly to the school regardless of the type of funds (e.g. tuition, living expenses, other school fees, etc.).

    How are the funds for books, insurance, and other living expenses disbursed?

    MPOWER will send the disbursed amount requested directly to your school. Then, it is up to your school to allocate the funds accordingly. Please contact your financial aid office for more information about how this process works.

    Generally, the school will first apply the funds towards your outstanding bill, and the balance will be sent to you via check.

    What is the school certification process? How does it work?

    School certification is a process for MPOWER to confirm the information on your application with your school. We confirm your graduation date, program, student status (full time/part time), loan period, loan amount, and requested disbursement date(s). During this process, MPOWER communicates directly with your school, and no additional documents are required from you at this time.

    The process works like this: MPOWER sends a request form to your school by either electronically via ELM or Great Lakes, or sent via fax. ELM and Great lakes are third-party communication systems used by private lenders and schools to transmit information.

    Why is the school certification needed?

    In order to validate your loan, MPOWER must confirm your identity and school enrollment, and the school must confirm your financial needs. In addition, the school provides MPOWER Financing with information regarding your disbursement

    What can I do to help with the school certification process?

    You do not need to do anything on your end since this process is done solely by your school and MPOWER.

    How do I change my loan amount at the school certification stage?

    Please notify MPOWER Financing and your financial aid office immediately if you would like to change your loan amount. Any changes in disbursement must come directly from the school in writing, either via email or ELM/Scholarnet.

    How long does the school certification process take?

    The timing of the school certification process depends on whether or not it is requested during a peak season for your school financial aid office.

    If the school certification is requested during peak season, which is July through October and December through February, it can take up to 6 weeks. If it is not a peak season, it may take up to 10 business days.

    Please make sure your loan period is correct; many schools cannot certify loans outside of the specific academic period requested. For example, if you apply for a loan in spring 2019 but you need the loan to cover the expenses incurred during the fall 2018 semester, your loan date must show a start date of August 1, 2018, and an end date of December 31, 2018.

    Many schools will not certify loans until you have registered for classes. For example, if you apply for a loan in April 2019 for the 2019/2020 school year, which begins in August 2019, most schools will not certify the loan until July or August 2019. Please contact your financial aid office for more information on their timeline of processing loan certification requests.

    How can I expedite the school certification process?

    Please talk directly to your financial aid office to get an estimate on the timing of the school certification process and to check if it can be expedited.

    Why did my school certify a lower loan amount than I requested?

    In order to determine why the school certified a lower loan amount than requested, please contact your financial aid office. MPOWER Financing is only able to disburse the amount of funds certified by the school.

    How do I know where I am in the process?

    Please refer to your MPOWER Financing dashboard to see where your application is in the process.

    © MPOWER Financing, Public Benefit Corporation

    DISCLAIMER - Subject to credit approval, loans are made by Bank of Lake Mills or MPOWER Financing, PBC. Bank of Lake Mills does not have an ownership interest in MPOWER Financing. Neither MPOWER Financing nor Bank of Lake Mills is affiliated with the school you attended or are attending. Bank of Lake Mills is Member FDIC. None of the information contained in this website constitutes a recommendation, solicitation or offer by MPOWER Financing or its affiliates to buy or sell any securities or other financial instruments or other assets or provide any investment advice or service.