Hello,
I will be starting dental school in the fall and have gotten my financial aid award offer. I had some questions in my attempt to save as much money as I can (every dollar counts). I understand that the school has offered me an award amount that I may need for the whole academic year. The school I am attending has tuition due dates for both Fall and Spring (in December) so I am wondering if I can just accept a partial amount of the award needed to pay off Fall tuition & expenses and then accept more of the award come December when Spring tuition is due and for what I need for expenses that semester. My logic behind this is to not take out the money I need for Spring yet because the interest will just begin to build (interest for ~4 months). So basically my questions are am I allowed to pull out more loans at any time during the school year (assuming I dont go over my full award offer) & am I allowed to return loans back that I actually didn't need without a penalty? Would I have to pay the interest that build up for x amount of weeks, will I get back origination fee of loans, typical time frame where I'm allowed to return, etc. Sorry if my questions are confusing, just my first time borrowing loans. Thanks a ton!
I will be starting dental school in the fall and have gotten my financial aid award offer. I had some questions in my attempt to save as much money as I can (every dollar counts). I understand that the school has offered me an award amount that I may need for the whole academic year. The school I am attending has tuition due dates for both Fall and Spring (in December) so I am wondering if I can just accept a partial amount of the award needed to pay off Fall tuition & expenses and then accept more of the award come December when Spring tuition is due and for what I need for expenses that semester. My logic behind this is to not take out the money I need for Spring yet because the interest will just begin to build (interest for ~4 months). So basically my questions are am I allowed to pull out more loans at any time during the school year (assuming I dont go over my full award offer) & am I allowed to return loans back that I actually didn't need without a penalty? Would I have to pay the interest that build up for x amount of weeks, will I get back origination fee of loans, typical time frame where I'm allowed to return, etc. Sorry if my questions are confusing, just my first time borrowing loans. Thanks a ton!