Thanks for chiming in! Your insight is greatly appreciated
🙂
I know loans aren't
disbursed until after matriculation, but from what I understand even
decisions about who gets need based institutional/donor loans aren't made until around then. Meaning, we have to arrange to borrow whatever we need in Stafford loans, and if the school eventually determines we'll receive need based loans, the amount of our Stafford loans will then be adjusted. For example, if you take a $20,000 Stafford loan, and Miami decides to award you $5,000 in need based loans, your Stafford loan would be adjusted to $15,000 ... but you won't find out about that until around matriculation.
The problem with that - and the reason I hope someone can contradict me on this point - is because it makes it very difficult to accurately figure out what my financial situation will be at Miami, which makes it harder to decide between schools
🙁.
That ... would surprise me. I think
@LeftShifted meant that your scholarship money is "given" to you as soon as you receive your letter, but everyone gets their loans after matriculation.
Merit scholarships are already being given out.