Another crazy loan question.

[carcrazyguy]

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Pending acceptance to med school, my wife will fill out the info for her student loan. But when will she know if she gets the loan? Is it just before school starts in mid-summer or maybe like late March?

I am just curious because we will most likely be moving and if she gets the loan we will be moving sooner. But if is not until late summer, or she doesn't qualify for the loan we will stay here until just before school starts. 🙁


On the brighter side of things only about 75 days until TX applicants find out their news!!!!😀

 

[mpp]

It will depend on the school. Some schools will do financial aid packages early, others will do them later. You can ask the financial aid office when will award notices be sent. Regardless, you will probably not receive any money until after school starts. Student loan money goes to the school first...they'll take out their share for tuition, then they'll will give you the remainder.

 

[carcrazyguy]

I knew the money was for school. What I was referring to was that if my wife did not get a loan for school I would have to stay at my present job longer to pay for the schooling. I know that when we move I will not have a job that pays like the one I have now. However if she gets the loan I will have enough saved to move earlier and get settled before school start. Otherwise, no loan, we move a week or two before school starts🙁