Financial Aid Check?

[Polska]

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So I'm new to the financial aid process.. I've applied for 50K aid.. Tuition is 38K. Will the money be sent to them and then they cut me a check for the remaining 12K? Can I keep that in a 3-month CD? or do I get a check for 50K and then pay? Or is the money wired? Please help 🙂

 

[ShyRem]

don't know specifically about Drexel, but generally tuition is charged by the semester, and FA is disbursed each semester as well. So if Drexel charges 38K in tuition/fees, that's 19K/semester. You applied for 50K FA, which is 25K/semester. Thus, you should get a 6K check at the beginning of each semester to assist you in living during that semester. It is up to the school (and you) whether you have them cut you an actual check or have the funds direct deposited into an account of your choice. Call the FA office for your choices.

As for what you do with that money, that's up to you. You can certainly put the 6K into a 3 month CD, but then if you need it, it's tied up and you're broke until it matures.

 

[Onetime1234]

Good luck!!!

 

[jregan]

I was just wondering if youget x amount of loans for F/W and x is the max,does that mean you don't get any funds for spring/summer?

 

[natsipoo]

I was just wondering if youget x amount of loans for F/W and x is the max,does that mean you don't get any funds for spring/summer?

Schools aren't allowed to provide funding for time during which you aren't in school at least half time i.e. summer but with careful budgeting it can be covered.

 

[jregan]

Schools aren't allowed to provide funding for time during which you aren't in school at least half time i.e. summer but with careful budgeting it can be covered.

I apologize, I realize now that I didn't word that right. I should have wrote "...for spring/summer classes." I would like to take at around 6 credit hours if I can get additional fed loans, not if I have to save from my fall or winter semesters. Thanks

 

[.edu-MD]

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[etf]

if you need to go with the 3-month CD, get it from your brokerage...they offer better rates, since they have to compete nationally. Fidelity has 3-month CDs going for 5%.