Financial Aid

[ndearwater]

Hey guys...
Does anyone know when we should expect to receive our Stafford Loans? I filled out my FAFSA, checked the status and it was processed Feb. 27th. Is it like undergrad where you end up seeing actual money about 3 to 4 weeks into the semester or do you get the loan before school starts?
Thanks!

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[PharmacyJan24]

Hey guys...
Does anyone know when we should expect to receive our Stafford Loans? I filled out my FAFSA, checked the status and it was processed Feb. 27th. Is it like undergrad where you end up seeing actual money about 3 to 4 weeks into the semester or do you get the loan before school starts?
Thanks!

I never saw a cent until 3 weeks after the semester started. I take that back, we got $500 direct deposit (If we used the sponsored university bank) the week school started for "books". Id be surprised if you get it early, they dont want students taking the money and running.

 

[bananaface]

I am on a quarter system and get my aid about 7-10 days before the quarter starts.

 

[Glycerin]

At SU you'll receive your financial aid two weeks after the beginning of the semester. Better start saving your $$$.

 

[EDF5]

So how long do you have into the semester before you have to pay your tuition??? If we're not going to get the money until 2 or 3 weeks into the semester, do you have to come up with it somewhere else until it comes??? I don't really understand how it is going to work.

 

[UTCPharm]

Yeah I gotta say, I'm confused about how this works too. I finished my FAFSA about a month ago, so when can I expect to hear about how much I will be receiving?

 

[EDF5]

I sent in my financial aid application about a month ago and I was wondering how long it takes to find out how much you'll be receiving. I've heard from certain people that you don't receive the money until after 2 or 3 weeks have past in the semester. I don't really understand this whole financial aid thing yet and would appreciate any info you guys have for me.

**Merged w/ similar topic in Pre-Pharmacy**

 

[Glycerin]

If we're not going to get the money until 2 or 3 weeks into the semester, do you have to come up with it somewhere else until it comes???

I was speaking for my school, which is the one the OP will be attending in the fall. Financial aid is approved through FAFSA and awarded through the financial aid office at our school. Semester tuition is then taken out of the awarded amount prior to each semester (for our school, 31K is the awarded yearly amount for combined subsidized and unsubsidized loans, and tuition this year was around 23K [11500 for fall semester, 11500 for spring] give or take a few fees that were paid with the acceptance deposit). The remaining 8K is then split between the two semesters and half is awarded 2 weeks after each semester begins. So for students at my school, they would need to have money saved to cover rent and cost of living until the dispersement is given out through our financial aid department.

 

[BiOGoly]

Hey guys...
Does anyone know when we should expect to receive our Stafford Loans? I filled out my FAFSA, checked the status and it was processed Feb. 27th. Is it like undergrad where you end up seeing actual money about 3 to 4 weeks into the semester or do you get the loan before school starts?
Thanks!

I think it really depends on the school...and how together the finacial aid department is.

 

[ndearwater]

I was speaking for my school, which is the one the OP will be attending in the fall. Financial aid is approved through FAFSA and awarded through the financial aid office at our school. Semester tuition is then taken out of the awarded amount prior to each semester (for our school, 31K is the awarded yearly amount for combined subsidized and unsubsidized loans, and tuition this year was around 23K [11500 for fall semester, 11500 for spring] give or take a few fees that were paid with the acceptance deposit). The remaining 8K is then split between the two semesters and half is awarded 2 weeks after each semester begins. So for students at my school, they would need to have money saved to cover rent and cost of living until the dispersement is given out through our financial aid department.

Thanks Heather! It's always so convenient for me that you attend SU! haha

 

[pinkyrx]

I was speaking for my school, which is the one the OP will be attending in the fall. Financial aid is approved through FAFSA and awarded through the financial aid office at our school. Semester tuition is then taken out of the awarded amount prior to each semester (for our school, 31K is the awarded yearly amount for combined subsidized and unsubsidized loans, and tuition this year was around 23K [11500 for fall semester, 11500 for spring] give or take a few fees that were paid with the acceptance deposit). The remaining 8K is then split between the two semesters and half is awarded 2 weeks after each semester begins. So for students at my school, they would need to have money saved to cover rent and cost of living until the dispersement is given out through our financial aid department.

This is pretty much the same way my school does it except we get our extra money within the first day or so of class.

Also, someone asked about when you'll know how much you are eligible for. That really depends on your specific school. We don't usually get our award letter telling us how much we are eligible for until June/July and that's even if you completed the FAFSA as early as you could.

 

[bananaface]

Mine will hit my account tomorrow or Saturday. Monday is the beginning fo the quarter. This is later than in the past.