Can you get your loan money immediate after being accepted?
Started by GH253
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No. You usually get your loan money at the start of the semester, if not at least a week or two into the semester. I imagine it would be difficult to stretch your M1 year cost of living loans into your M0 and M1 years as well. I'd suggest getting a job/living w/ your parents in the meantime.
NO! Definitely agree with poster above - plan on anywhere from 1 week to 1 month to get your money. They have to cut the check (and are not allowed to do this much before the start of the semester), mail it, then you have to cash it, and you may run into trouble with a hold being placed on that large of a check (probably a good thing to check out with your bank ahead of time). My first loan reimbursement check was mailed to my old address on the other side of the country (though I had clearly updated the school with my new address - every other department of the school had it right EXCEPT for financial aid), and my bank placed a 10-business-day hold, so all in all it was a good 3+ weeks after the start of school that I actually had my money.
When dependent on financial aid, it is a very good idea to have at least a month's worth of expenses saved up, as tough as that may seem. So in the meantime, gotta get a job.
When dependent on financial aid, it is a very good idea to have at least a month's worth of expenses saved up, as tough as that may seem. So in the meantime, gotta get a job.
