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Yea generally speaking, thats how it worked for undergrad at least. But the thing is the refund timing seems to vary dramatically by school. I had one school I went to who gave it to us weeks into the semester, and when you ask them why that is, they would say "it is impossible to get it earlier." Then I went to another school who gave us our refunds like a week before school started I think... Heck my wife's grad program wont give it until like 3-4 weeks into the semester, its bananas.Sorry for the ignorant question but is that how the federal loans work? You have to pay first and then they give you a refund check?
I think technically the schools have to disperse them within 14 days of the 1st day of classes or something, but they find ways to go around it and stretch it.