Student Loan question

[aspiringmdgirl]

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Hi,
So I just received email that my student loan has been disbursed in x amount. However, this amount is less than half of what I am supposed to be receiving for this semester.

In my loan award letter, it does say the correct amount that should be disbursed to me.

Does federal loan get disbursed in parts for some reason??

 

[Crayola227]

Hi,
So I just received email that my student loan has been disbursed in x amount. However, this amount is less than half of what I am supposed to be receiving for this semester.

In my loan award letter, it does say the correct amount that should be disbursed to me.

Does federal loan get disbursed in parts for some reason??

On a quarter system I'm used to seeing it disbursed evenly over the quarters.

Not sure how it works with semesters.

Although, IIRC, some funds are issued at the start of the year, and not spread out. So you need to look at all documents going over the year to be sure you didn't receive a lump of aid at the start that isn't factoring in now, which is why you think you are short.

Also, the best people to talk to is the Financial Aid Office 😉

 

[yaqub]

Make sure to differentiate between federal student loans and private student loans.
The Revised Pay As You Earn (REPAY) repayment plan offers student loan forgiveness of your remaining student loan balance after 20 years (undergraduate) or 25 years (graduate) of student loan repayment of direct, federal student loans.
If you have private student loans, there is no repayment plan or student loan forgiveness option offered by the federal government.

Therefore, if your student loan servicer offers you a repayment plan, this repayment plan is between you and your servicer and not associated with any federal repayment plan.

If you enroll in a repayment plan, you may receive a lower monthly payment, but interest charges are still accruing on your principal balance.

Student loan repayment plans - federal or private - do not lower your interest charges. They raise your overall interest cost.