Hey class of 2006:
I am currently an M1, and here is a tid bit or two about financial aid.
Don't expect to know the exact amount you will be getting, in writing anyway, unitl very close to the start of school. Like for example, a week or two before orientation.
You can reasonably expect to receive as much money as you ask for up to the maximum budgeted amount. The only exceptions here are really bad credit. I don't mean lots of debt or a "young" credit history, I mean missed payments, forclosures, etc. For some of the smaller "supplemental" loans, you may need a cosigner, but that will be about it. I don't know of anyone who had trouble getting loans.
If you need to know how much you will be getting, give or take, call the office of Financial aid and ask for an M1 budget. Your award will closely match the budget.
You should expect to get your money about 10 business days (sometimes a little shorter) after the first day of class (not orientation). The loans are disbursed on the first day of class, but the school gets the money, takes their cut and takes their sweet time getting you the surplus. Most people set up direct deposit with the bursar's office because it cuts down on process time(you will get a chance to do this during orientation), but you can also just wait for a check to be mailed to you.
You will get two equal disbursements of the total amount. One for each semester. This is a different amount for each person, but averages about $9500 twice yearly (for M1s anyway). So that means that you should really think of a way to safeguard a large amount of money and make it last for the six or so months it is meant for. Each person may be more or less adept at spending money, so this may not be an issue for you, but I, for example, have three bank accounts. One for my gross loan amount (that is a "hands off" account), a savings account, and a checking account for regular use. Each month I take my monthly amount from the large sum and put it in the checking account. This has been a good system for me. Just be careful because I know of some who used up their loan money mid-semester and got into a bit of a bind. That can be easy to do, though.
Yes, the financial aid people are relatively apathetic, but it really isn't that big of a deal because you don't have to deal with them after the very beginning of the M1 year unless you are having problems.
I hope this helps some of you. I know I was really stressed about the financial aid process because it is really different from the financial aid for any other academic programs. Its no biggie, though. It will be the repayment that we should worry about.
😀 BJ