loan question

[Student4Life0]

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Hi all,

I have a random loan question, and perhaps somebody here can answer it. When beginning a doctoral program, how quickly does one get their rebate check? Basically, for people that are using loans for cost of living, I am wondering how long they have to wait before they get their money.

I am happy that I have received an invite, but worried at the price tag of the program. Money is on my mind!

 

[Eternalstudent2]

It really depends on the school, I think, but I'd guess a few (2 or 3) weeks before the semester starts.

 

[ClinicalTrainee]

It really depends on the school, I think, but I'd guess a feww (2 or 3 weeks before the semester starts).

And it can also depend on the semester! In my program, it's often the first or second week of class in the fall semester before the money comes in, but much faster in the spring semester. A lot of variables are at play here, so talk to students where you're interviewing. For us, you've got to make sure you're registered early enough, have a complete FAFSA and signed award letter, and the department has to have done their part by processing TA/RA appointments. Any of which could be delayed, and thus the delay in the fattening of my bank account.

 

[Student4Life0]

And it can also depend on the semester! In my program, it's often the first or second week of class in the fall semester before the money comes in, but much faster in the spring semester. A lot of variables are at play here, so talk to students where you're interviewing. For us, you've got to make sure you're registered early enough, have a complete FAFSA and signed award letter, and the department has to have done their part by processing TA/RA appointments. Any of which could be delayed, and thus the delay in the fattening of my bank account.

Thank you for the replies. As long as it's within a month or so of starting the program, I wouldn't be worried. In my current MA program, we would get our rebate checks a couple weeks after beginning the semester. I suppose I am just fretting over the small details (without even having an offer yet!)

 

[aequitasveritas]

Technically they have within 14 days of the first of the semester, which means they can also grant money 2 weeks after the start of the term. You need to give them a direct deposit authorization for the future because the money will drop automatically into you account as soon as it hits their system, rather than waiting for them to process mail and send it out.

Per your anxiety, do be worried about financial issues as you say you are....and try to keep you total grad expenses down to 100k max. I don't care if you have to get unrelated jobs on the weekend to pay rent....do it, and avoid taking on caustic loans. Don't forget, someday you will want a mortgage and maybe a new car...and every cent you owe counts as a cent against you when applying for those and you'll end up getting the shaft if you have enough of an outstanding loan principle.

Hope this helps.

AV

 

[ILGirl]

Contact the Financial Aid Office at each school. They will be able to give you the disbursement dates. Make sure to tell them that you would be a new student at their school. Sometimes disbursements for new students take longer than for existing ones because they want to make sure that you actually enroll and stay enrolled.

I cannot imagine that any school would take longer than a month to give disbursements.

 

[UhOh]

I have a related question - when are we supposed to fill out the FAFSA? If we're applying this year, do we wait until we know where we're going (say ~ April 15th) to fill out the FAFSA or do we fill it out earlier (say, before a certain deadline?), and put all of the schools we've gotten interviews at on the FAFSA form just in case we get accepted?

 

[Student4Life0]

I have a related question - when are we supposed to fill out the FAFSA? If we're applying this year, do we wait until we know where we're going (say ~ April 15th) to fill out the FAFSA or do we fill it out earlier (say, before a certain deadline?), and put all of the schools we've gotten interviews at on the FAFSA form just in case we get accepted?

I am wondering the same thing.

 

[aequitasveritas]

No.

When you are accepted and you actually plan to attend the school will submit your information. You should submit the fafsa as early on as possible. However, if you don;t know where you're attending, that does make it more difficult. Ideally you'd know where before the fafsa. If you don't then you should fill te fafsa out as far as you can and contact the federal department about the issues. they will advise as this of course is not a new dilemma.

Most tuition based schools are aware of the Fafsa deadline and will offer acceptance before that date.

 

[Clinpsych222]

I have a related question - when are we supposed to fill out the FAFSA? If we're applying this year, do we wait until we know where we're going (say ~ April 15th) to fill out the FAFSA or do we fill it out earlier (say, before a certain deadline?), and put all of the schools we've gotten interviews at on the FAFSA form just in case we get accepted?

Hi all! I work a lot with financial information for university students, not in psychology, but in other majors. I just posted the info below and more on another thread for someone who was asking about FAFSA. Thought it might be helpful here!!!

Also, in regards to the disbursement date of aid, the best people to ask are the STUDENTS at the program you are going into. If you ask some of the administrators, they will give you the "official" date that aid is disbursed. This varies school-to-school and could be before classes start or 2-4 weeks after classes start. However, even if an administrator tells you the date you are supposed to receive the aid, many things can go wrong (particularly at large universities), so the students will best be able to tell you the realities of how it works at that school.


Here's the FAFSA info:

The FAFSA for 2011-2012 just opened up on January 1. You can apply up until next April, 2012 for aid for the 2011-2012 year. However, you have a better opportunity of receiving grants (free money) rather than just loans if your application is completed by April 1, 2011. I actually recommend getting it done by March 1, because many things can go wrong. It helps to have that buffer month to get those glitches sorted out.

You'll go to www.fafsa.gov, and follow the instructions there. You'll need to have your taxes and/or your parents' taxes, if they filed with you as a dependent, for 2010 completed in order to do the application. If you or they haven't done those yet, that's the first step!

You can choose up to 10 schools to which you want your FAFSA information to be sent. That way, you are in the schools' systems. Just because you send it to them doesn't mean you're going there, but it's easier to request information be sent there now vs. later.

The likelihood of receiving aid depends on your EFC and the school's availability of funds. The EFC (Estimated Family Contribution) is the amount that the government determines you or your family can afford to pay towards your education in 2011-2012, based on your FAFSA application. This number will be the same, no matter what school you apply to. If you have a high EFC, you will be eligible for fewer funds, and a low EFC makes you eligible for more funds. Each school then subtracts your EFC from their estimated Cost of Attendance for one year based on your degree program and whether you will be full- or part-time. That final number is the amount you are technically eligible to receive in federal aid AND scholarships. Stipends, as I said before, are separate. I believe that fellowships are separate, too, but that might depend on the program and whether they process their fellowships as scholarships or stipends.

Different programs vary in the amount of aid they are provided from the government to distribute to their students. Generally, undergrads are eligible for more funds than graduate students, especially when it comes to grants. However, get your FAFSA done early in order to get the best shot at getting money!!

That's probably wayyyy more information than you wanted, but hopefully some of it is helpful!

 

[ILGirl]

Bottom line: Fill out your FAFSA now!!!