Direct Loan Confirmation And Returning Loan Funds
MUSC utilizes "active confirmation" on all student direct loans prior to crediting the loan to the student's account. Active confirmation is the process requiring the student to request/accept the loan amount(s) he/she wants to borrow for the specified aid year ( either maximum Cost of Attendance or a lesser amount) through the Loan Request Form.
After the loan is credited to the student's account, MUSC utilizes "passive confirmation" on all student direct loans. Passive confirmation is the process where students must notify the student financial services department in writing or by the Return of Funds form if they no longer want to receive the loan after receiving notification that the loan amount has changed. The school is required to return within 14 days but will honor requests to return Direct Loans funds within the 120 day limit. MUSC sends students an updated award letter as notification of changes to financial aid.
Direct loan amounts can change upon further review of eligibility, generally resulting in funds being reallocated between subsidized and unsubsidized loans. If the student no longer wants to receive the loan, he or she must return payment to the school and the loan will be returned.