Life Cycle of a Loan
Each private educational loan provided through the CNU Student Financial Aid Office is processed as described in the following steps:
- The student borrower (and co-signer, if applicable) complete the promissory note, and receives a credit decision from the lender.
- If the credit decision from the lender is approved, the Student Financial Aid Office receives a certification request, certifies student's eligibility for the loan being requested, and returns this information to the lender.
- The lender provides the student borrower (and co-signer, if applicable) with final loan terms and conditions.
- The lender will disburse to the school based on the disbursement dates provided by the Student Financial Aid Office during certification (step 2).
- Upon disbursement to the school, interest will begin to accrue.
- Once funds are received, the CNU Business Office will post the disbursement as payment to the student’s account.
- If the disbursement creates a credit balance on the student’s account, the CNU Business Office will make a Student Disbursement Check available if authorized by the student.
- When the student’s enrollment drops below half-time, the loan enters the grace period.
- When the grace period is over, the repayment term begins.
For additional information, please contact the Financial Aid Office.
JoAnne Hansana, Financial Aid Manager