Deadline to accept financial aid

[loua0731]

I will be an M1 this fall, and I had a few questions regarding my federal financial aid award.

Is there a deadline by which we have to accept the aid (or does it vary by school)? And when does interest begin accumulating--when we accept the aid offer or when the aid is disbursed at the beginning of the term?

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[D elegans]

I would just contact your financial aid office.

 

[mvenus929]

You'd best be served by contacting your financial aid office for the first.

For the second, your loans start gaining interest once they're dispersed, not when you accept them. So you'll only be accumulating interest on half your loans for M1 during the fall, and all your loans during the spring.

 

[loua0731]

K thanks!

 

[richse]

I will be an M1 this fall, and I had a few questions regarding my federal financial aid award.

Is there a deadline by which we have to accept the aid (or does it vary by school)? And when does interest begin accumulating--when we accept the aid offer or when the aid is disbursed at the beginning of the term?

Interest accumulates immediately on your unsubsidized loans, but it does not compound until you go into repayment.