Financial Aid - how long does it take after submitting FAFSA to get funds?

[meadow36]

I didn't have loans in undergrad so I am so unfamiliar w/ this process ... I plan on submitting the FAFSA this week. I was wondering how long before you hear back from them about funding? Is the money sent to the school or to the individual? How did you calculate exactly how much you would need (above and beyond tuition)? Can money from the federal loans be used for living expenses?

Thanks!

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[IvyLynx]

I've been wondering about this too! I did mine back in February and I haven't heard anything back yet. I filled it out faithfully throughout undergrad, but I have scholarships to cover everything, so I never worried about hearing anything back because I knew it'd be taken care of for me.

Yes, federal loans can be used for living expenses. I think it's pretty much expected.

 

[sumstorm]

Within a day or two you will get an estimate of your expected contribution from the government....ie based on your savings/earning/etc you should be able to put x thousand to your education. That is, if you are filing electronically. The schools can vary on when they send you information regarding your package. I haven't received my package yet, but I am not expecting anything. I believe there is a magical cost of living formula that they go by, which is why you have to wait for the school packages.

 

[rachroo]

For OSU they told us that amounts would be awarded in the summer and the funds deposted into an account ~10 days before school starts...

 

[rugbychick16]

Federal loans are sent to the school, and the school will refund the excess to you after your tuition bill is covered. Most schools have some estimates for you on what "living expenses" for you in that area will approximately be, so check with them. Start making a budget now--rent, utilities, books, insurance, moving/travel costs, groceries...

 

[philomycus]

Becuase I'm (still) married and we both currently have full time jobs, my estimated family contribution per year is $35,900. Thanks so much FAFSA! I won't have that income at all next year, but it's estimated on 2008 tax returns.

There goes a larger portion a subsidized the first year (if I get in...)

 

[athane960]

Like others, this is also my first time filling this out? Do they refund the full excess or on a monthly basis. With so many people not knowing how to manage money, I would think funding the full amount would result in alot of students broke mid-end semester (not like we are going to be broke anyway)!!

 

[rugbychick16]

I believe its always the full excess at the beginning of each semester once the semester tuition is paid...I've never had it any other way at least.

You make a good point, but its not the job of the school's financial aid office to manage your money for you. I know some schools do have a financial aid "counselor" you can meet with who might be able to help you plan a budget once you know some figures on what you're getting and what you need to spend.

Since I'm not having a "paying" job this summer while I complete some mentorships, I need to make my loan money from the beginning of this semester last until the end of august...fun. So also keep that in mind. Also make sure you have some money left at the end of fall semester for travel home for christmas/christmas shopping if needed.

 

[TSUJC]

My undergrad / grad federal loans are dispersed twice a year (I am assuming vet school works the same way). This means that you will receive your first refund at the start of the fall semester and your second refund at the start of spring semester.

 

[athane960]

Thanks for the information. I am actually pretty good at money management and budgets (thanks to my man!) but I used not to be at one time when I was very young and very stupid.

I wonder how many students are wasteful and end up either having to take out emergency loans or just run out of money.

 

[VAgirl]

Thanks for the information. I am actually pretty good at money management and budgets (thanks to my man!) but I used not to be at one time when I was very young and very stupid.

I wonder how many students are wasteful and end up either having to take out emergency loans or just run out of money.

One of the things that the financial aid guys at Iowa State recommended, which I thought was great advice for many reasons, was to accept a smaller amount for cost of living than you might otherwise. I.e. take the low end of what you thought you could get by with. Then, if you need more of what you had initially qualified for, they can get it for you but you didn't have it sitting in your pocket racking up interest the whole time and if you needed a little more money at the end of the quarter/semester, there was some to be had.

I'm not exactly sure how this worked because I didn't take out any loans for cost of living, so perhaps my understanding of what he was suggesting is a little off (feel free to correct me), but that was the gist that I got. Sounded like a decent idea.

 

[Ben and Me]

I am completely clueless about how this stuff works too...

If you have money left over at the end of the semester, can you give it back? I mean, I'm sure you can, but if someone could clarify this for me, that would be fantastic!

 

[cuitlamiztli]

If you have money left over at the end of the semester, can you give it back? I mean, I'm sure you can, but if someone could clarify this for me, that would be fantastic!

As far as I know, paying the leftover amount back onto the loan(s) is the only way to do so.

I'm not exactly sure how this worked because I didn't take out any loans for cost of living, so perhaps my understanding of what he was suggesting is a little off (feel free to correct me), but that was the gist that I got. Sounded like a decent idea.

That seems like an excellent suggestion, but I'm not sure exactly how that would work, either. Iowa State (and I'd assume other schools) gives you the opportunity to reduce or decline your aid award before it's dispersed, but I don't think that you can increase it again after dispersal. Maybe it's something that the office of financial aid has to take care of? Could anyone who has been in this situation enlighten us??

 

[IvyLynx]

^^ Well, if it works similarly to undergrad you can sometimes increase it. I got an extra $3000 one semester because I had more financial aid than the school could legally give me. Since I never used loans for school, there were loans available that I could just add to my aid if I felt like it. So I think you could increase it in a situation like that, the problem would be if all your aid is in loans :-/

 

[Klhughes]

I pretty much max out my loans each year. Tennessee's financial aid office calculates out your estimated totals costs with living expenses, books, travel, and tuition and fees and that is the max amount of loan money they will okay you for.
They usually start out with giving you the usual subsidized and unsubsidized loans and then there are some that the school can give you. This usually just covers my tuition and fees cause I'm out of state and I end up taking out extra money through the grad plus loans.
All of the money is sent to the school and they refund you the excess.
It is dispersed at the beginning of each semester when the schools do their billing.
The suggestion of only taking out the bare minimum is not a bad idea because I have had problems with spending too much when it first comes in and then not having much left come the end of the semester but that all depends on how good you are at budgeting (I am not so good).

 

[rugbychick16]

I think the extra loan money available for whenever you want it might vary, I havent heard of it. I've never "returned" any by paying some of the loans back at the end of the semester...when I'm going to be 100 K in debt, i'm not going to worry too much about that extra thousand right now, I might need it for an emergency.
I would go with taking out a little more than you think you might need the first year...while you get adjusted to moving/first year/budgeting. If you have extra left or get awarded a renewable scholarship that gives you an extra few hundred a year, then you know that next year you can adjust amounts and take out fewer loans accordingly.

 

[sumstorm]

If you are concerned about running out, talk to your bank. There should be someone there who can advise you of ways to limit your access to funds. Since money was critical for me in college, I arranged to NOT have easy access to my savings (had to go in the bank and sign for everything, couldn't debit/atm it, or transfer on computer or phone), stocked money in short term CD's that came available when I was most likely to need them, and put a daily limit on what I could pull from the ATM. Banks can be really good sources of information in this regard. I had CD's, by my 2nd year, staggered to come available every month...so if I had a really bad shortfall I could go to the bank and sign it out, but if I didn't, I just rolled it over and knew it would be there next time I needed it. BTW- because that money wasn't easily accessible, I actually graduated having only accessed one CD....that money became the down payment on my first house. (That money was NOT loan money, though....it was earned income.) With loan money I might be tempted to pay back after developing an adequate buffer.

 

[Nexx]

One trick that I am starting back up so I don't 'spend too much' is to get separate accounts at two different banks. One account becomes my bill-paying account and one account is my personal spending account.

This way I will always have enough to pay bills (rent/insurance/cell phone/electric/water/etc) for each semester. I also pad this account with an extra $500-$1000 just in case (car repair, etc).

My personal account then gets used for groceries, going out, etc. While I don't have this strictly budgeted I can do a quick online check and see 'crap I only have $1000 for four months.. time to cut back a bit' or whatever the case may be.

This semester I've also started to plan to try and put away $3k-$5kAUD/semester so when I'm done I will have some money saved to move again, whether it be back to the US or wherever else. I just started to think ahead and realised that if I move back to the states I won't have any money at hand really. Not good when I will need all new stuff (again) or to ship some stuff from over here as well as a car, apartment/house, loan payments, etc.

 

[Jochebed]

Like others, this is also my first time filling this out? Do they refund the full excess or on a monthly basis. With so many people not knowing how to manage money, I would think funding the full amount would result in alot of students broke mid-end semester (not like we are going to be broke anyway)!!

Check with your school's money folks (not necessarily the financial aid folks, might be the bursar's office). I go to VMRCVM and the main campus Virginia Tech does actually offer a "monthly payout" option where they will essentially prorate your refund for you and deposit just that amount into your account once a month. I didn't go that route because the hubby and I wanted to pay off the car and credit cards last semester and we used it all right away and this semester we need it for baby stuff, but the option might exist so check into it.

If you have money left over at the end of the semester, can you give it back? I mean, I'm sure you can, but if someone could clarify this for me, that would be fantastic!

Another question to check with your specific financial aid office. Yes, it usually is possible and generally pretty easy to turn funds back, but short of paying on the loans it has to be done early I think. My husband returned about $4000 at the beginning of last semester. We had already been deposited the refund and then he went to the financial aid office and filled out a form and it was debited back. We specifically requested that the debited amount be counted towards unsubsidized loans first so we could hang onto just the subsidized money. So check with financial aid, they should be able to answer with specifics for your scenario.

 

[ZooNose]

I hope this doesn't sound like a stupid question, but, is there any chance that these financial aid packages will include grant money from the school that we do not have to pay back as a loan? I guess this might come in the form of a scholarship or something. I have a feeling that need-based grant money might be more common in undergraduate education. Just checking (and praying)!

 

[rugbychick16]

I got plenty of grants in undergrad, but none in vet school...so I would say no, but some schools might be different?
Anyway, if true for all schools then yes the only possibility to get money other than loans you have to pay back is scholarships, which generally aren't for a lot of money, but there are some exceptions...I managed to get a 4 year renewable $2000/year one, so the thousand per semester helps out the loans a bit.

 

[Rusty27]

It is possible for some schools to give out grants as part of the financial aid package. I know at Ohio State's financial aid presentation, they said they have given around $10,000 in grant money to out of staters the past couple years. I don't think it is something to expect or count on though.

 

[VAgirl]

It's possible, UC Davis does give some scholarships out to incoming students, but I have no idea how many of these they give. It seems more common that there are scholarship opportunities that one can apply for once in school. Here we have a packet of scholarships and an application for them come out late in the fall quarter every year. Applications are due in mid-January and awards are made in April, I think. You may get awarded a scholarship for one year, but then it will only last for the next year...you're reapplying each year. It seems to me that there were lots of scholarship opportunities this way. Some were only a few hundred dollars, but some were up to several thousand.

 

[TSUJC]

I have been searching for scholarships to apply for....unfortunately all of the ones I have found require that you be in your first year of vet school when you apply. I can’t apply for anything to help me during my first year! Has anyone else run into this problem?

 

[IvyLynx]

yep, i tried last night. same problem

 

[rugbychick16]

Does your state veterinary association give any out? I got a couple from there, those are the only ones I could get before at least starting first year as well. To be eligible you usually just have to be a resident and be accepted in or enrolled in vet school...

 

[vnair2]

Does your state veterinary association give any out? I got a couple from there, those are the only ones I could get before at least starting first year as well. To be eligible you usually just have to be a resident and be accepted in or enrolled in vet school...

Two Questions:

1) What state are you from?

2) Does anyone know of any other organizations or associations that might give out grants to veterinary students.

Thanks

 

[Klhughes]

Check with your state vet association... many of them give them out. I got 1 from the NH VMA and one from a New England VMA last year. Both of these are ones that they give out to anyone that applied for them.
Check with your state organization is probably going to be your best place to start. If they don't offer something themselves they may be able to give you an idea of where to go looking for other ones.

 

[TSUJC]

I am a resident of TX but I am going to Mississippi State. Do you think that those accepted to Texas A&M vet school are more likely to get the scholarships?