Can you borrow (in loans) deposit total for Fall?

[nontradsingerperson]

Hey guys! I was accepted to a few schools and am super thankful, and at the moment Temple is looking like my most likely choice -- but they have a whopping $3,000 deposit total. I have only saved $2k for this purpose... oof. I was hoping to use my savings to cover my expenses until we get our loan money in the fall, but Covid has destroyed my ability to save more. I have just barely enough.

So my question is: I know that you can take out "up to the cost of attendance." So let's say cost of attendance is $50k (lol I wish but for argument's sake), but you spent $3k on a deposit -- can you still take out $50k in loans OR since you already paid $3k, are you ONLY allowed to take out $47k?

"Getting my deposit back" in the form of loans would be absurdly helpful for my financial situation, but I'm not sure if this $3k will lower my cost of attendance so that I can only borrow (say) $47k instead of the full amount. Haaaalp.

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[SuxDrugs&Rocuronium]

Loans most likely won’t disburse by the time you need the deposit paid. Also your deposit is out towards your tuition at most schools, so the amount you can borrow won’t matter because the cost of attendance isn’t higher because of your deposit.

 

[Carmencitas]

I would try to see if you can open a credit card that has lenient pay back (sometimes interest doesn't start accruing for a period of time for some cards). Or asking everyone you know if they can donate money towards such a big accomplishment!