Federal and Private School-Certified Student Loans
Contact your school's financial aid office. Ask the representative about student loan disbursement policies and whether the school offers direct deposit.
Complete and submit the required information or form to receive your excess student loan funds via direct deposit. This may involve submitting a voided check or submitting your routing and checking or savings account number over a secure online form.
Look for notification from the school that it has refunded the excess student loan proceeds to your checking or savings account on file. Call your bank or sign into your electronic banking account to confirm that you have received the funds.
Noncertified Student Loans
Research private student loan companies that offers non-certified student loans. To find out which companies offer these loans, ask your school's financial aid experts, your bank or other college student peers. Noncertified student loans typically go straight to your banking account without intervention from the school.
Apply for the private student loan which has the most agreeable terms. Choose the loan product that has the lowest interest rate and other benefits, such as incentives for on-time payments after graduation, deferment or forbearance options. Submit your banking information to the private student loan company to receive your loan proceeds via electronic transfer.
Obtain the date of loan disbursement from the loan company. Check your bank account balance every couple days to confirm the funds have been deposited.