Financial Aid Woes

[janygb143]

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Hi All,

I'm wondering if anyone (since the F.A. department is shorthanded and not much help) can explain the loan process to me! I've already filled out the FAFSA, been approved for Stafford loans... but when do I get the $$? Rent's due before school starts!

Also, does anyone know how WICHE factors into loans? When can I expect $$ from them, as well?

Thanks!
-Janelle 😱

 

[ItsGavinC]

I've already filled out the FAFSA, been approved for Stafford loans... but when do I get the $$? Rent's due before school starts!

Janelle, excellent question. Exactly when you get the monies is going to vary from school to school, but typically you get the monies on the first day of class, either in the form of a check or through direct deposit.

Items that must be payed prior to school starting typically come out of the student's pocket (I know all mine did!) with the realization that loans would come in shortly and help pay off the credit card or whatever means I had used to pay those items prior to receiving the financial aid.

Your best bet is to call your school's FA office and ask them specifically when the excess funds are available to you, and in what form you will receive them. Sometimes if you receive them via check the entire amount is available to your right away due to the check amount being so high. Direct deposit is a much easier way to go, so sign up for that if they offer it!

Good luck!

 

[toothcaries]

at my uni, funds were released day 1 of orientation..

Hi All,

I'm wondering if anyone (since the F.A. department is shorthanded and not much help) can explain the loan process to me! I've already filled out the FAFSA, been approved for Stafford loans... but when do I get the $$? Rent's due before school starts!

Also, does anyone know how WICHE factors into loans? When can I expect $$ from them, as well?

Thanks!
-Janelle 😱

 

[predentchick]

Janelle... where are you from?

 

[janygb143]

Janelle... where are you from?

From AZ... going to Loma Linda 🙂

 

[CraigWVU]

Wait till you have to pay those suckers back! NOT FUN AT ALL! I wish that I wouldn't have got the maximum amount they would allow. But then again, I had to have that new DVD player, and camera, etc!!!!

 

[texas_dds]

i think im getting the shaft when it comes to financial aid this year!

my lender isn't sending out my $$$ until tomorrow
but our fees are due tomorrow!!
so i have to take out emergency loans from the school to pay for everything and then wait for my $ to come in and pay the emerg. loan back
this is dumb
its not my fault that my $$$ is late!

 

[cgt3477]

i think im getting the shaft when it comes to financial aid this year!

my lender isn't sending out my $$$ until tomorrow
but our fees are due tomorrow!!
so i have to take out emergency loans from the school to pay for everything and then wait for my $ to come in and pay the emerg. loan back
this is dumb
its not my fault that my $$$ is late!

That is weird. The school won't automatically defer the fees? I am sure they are aware that you are getting aid...they should also have knowledge of when you are getting your aid.

At Nova the policy is "The first semester?s tuition and fees are due on or before registration day. Tuition for each subsequent semester is due on or before the appropriate registration day." Well financial aid doesn't kick in until the first or second week after classes (way after registration)...the fees are usually deferred.

Before you start taking out emergency loans talk to someone at the financial aid office.

 

[ItsGavinC]

i think im getting the shaft when it comes to financial aid this year!

my lender isn't sending out my $$$ until tomorrow
but our fees are due tomorrow!!

Like the other poster said, that shouldn't affect you at all. The school gets your money before you, afterall, so they should know when the money comes in. You don't actually pay any of those fees directly, you just get the excess of whatever is left over after the school takes their chunk.

It seems odd that you have to deal with this.