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how long does it take for $$ to come in?

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snoofle

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I'm not exactly sure how Financial Aid money comes in..if its in the form of a check to your residence or credited to your account, but I was wondering does anyone have an idea of how long it usually takes to receive the money? I dont want to accept it right now, b/c I'm worried about it accruing interest in the next few months before school so I'd rather wait til the last possible moment to accept it.
 

rgerwin

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Usually funds are not disbursed until school starts, unless you're talking about a non-certified private loan. UNE does direct deposit, other schools may have checks. Go ahead and accept.
 

Random Anesthesiologist

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What are the options if you accept your aid package and then later in the summer are awarded a scholarship and don't need to borrow from the gov't?

Can you pay the money back immediately without penalty?
 

rgerwin

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You can probably cancel the disbursement entirely, if it's early enough. Otherwise, except for Gradplus origination fees(not sure) you can definitely just give it back.
 

Doctor Bagel

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What are the options if you accept your aid package and then later in the summer are awarded a scholarship and don't need to borrow from the gov't?

Can you pay the money back immediately without penalty?

If the loan hasn't been disbursed yet, you can contact your lender and let them know you're not taking out the loan. They'll cancel it, and there shouldn't be any fees. I've never entirely canceled loan, but I've reduced my loan amount before disbursement without any penalties.
 
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