Hey There,
So for loans, you definetely get one big lump sum at the beginning of the quarter/semester. They usually pay the university first and then the leftover amount is credited to you. It is best to do direct deposit if your school offers it.
We get our lump sum about 4-5 days before the start of the quarter. That means you should plan accordingly with your fund. I use my money to pay my rent/utilities and other bills for the entire quarter, and it gets me pretty much through my entire quarter.
When you are notified depends on your school. We have a great financial aid officer at Ohio and we usually get our awards during August. Then you have to accept the awards and you'll start getting money before the quarter starts.
Also, I second what Sumstorm mentioned. I purchased a used, 12 year old car for $2,800. I used a loan from my dad, and paid him back in a month or two. No leases, nothing else. Now I own it free and clear and just have to pay insurance on it.
Your loans don't show up on a credit check, just any outstanding credit cards, etc... If you are planning on buying a house, check in to the rules and regulations for what you can do with your loan money.
There might be restrictions there. Hope this helps!
