How to Receive the Loan Funds You Were Awarded

 

1. Go to www.pc.ctc.edu. From the "Quicklinks" drop box select "Financial Aid." Then select "Receiving the Loan Funds You Were Awarded." You will be forwarded to a website titled "OpenNet."

    

    

2. Follow the instructions for completing Entrance Counseling and filling out your Master Promissory Note.

    

    

3. After filling out the Master Promissory Note, some students will be instructed to sign the Master Promissory Note and return it to Northwest Education Loan Association (NELA). If you receive these instructions, it's very important that you do this promptly so you do not experience a delay. You may sign your application online and submit it electronically. If you do not receive instructions to sign the Master Promissory Note and return it to NELA, it is because NELA already has a valid signiture on file for you from a prior loan, and therefore a new signature is not needed.

    

Loan funds are sent directly to the college. Any loan funds that are not needed to pay your tuition and fees will be disbursed to you in the form of a financial aid check. (Click here to see information about financial aid checks.)

Loan funds start arriving at the college shortly before the start of the quarter. After the first batch arrives, loan funds generally arrive at the school 10-15 calendar days from the date NELA has all the information it needs from the student.

Loan funds for students who have completed less than 15 credits at Peninsula College will not be disbursed until the 31st calendar day of the quarter.

Loan funds for students who did not previously receive loans while attending Peninsula College will not be disbursed until the 31st calendar day of the quarter.

If you have been awarded a loan for one quarter only, you will receive your funds in 2 disbursements. The second disbursement will not arrive until the quarter is half over.

If you will experience problems purchasing textbooks because of this delay, please contact the Financial Aid Office immediately to discuss your eligibility for a short-term loan.