med school loans: deposit excess funds to bank account?

[Yogi Bear]

hey,

did u guys choose to have excess funds from ur student accounts kept by the school or refunded to ur bank account? this particularly applies to vanderbilt.

thanks.

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[mpp]

Isn't that money for you? What would the school do with it? Do you mean do want the money direct deposited or given as a check? Whichever you prefer...

 

[JennyGirl]

They should give any excess loan money as a check to you. But maybe your school has an option where it just keeps that $$ in an account for the next billing cycle. But either way any extra money is yours. Might be better to take it as a check and be able to have that money in a personal account rather than be tied up in a school account.


Jen

 

[Yogi Bear]

guess i posted too soon before reading through all of the financial aid papers the school sent..hehe.

they later mentioned that most students chose to have the excess money refunded to them so that's what i'll be doing instead of letting the school keep it in my account. i did some math and it looks like the check for the first semester will be about 5k....enough for rent, food, and other personal expenses.