When are financial aid packages awarded?

[billiken10]

For those of us waiting to start dental school this summer or fall, when are the financial aid packages awarded? Does it vary from school to school, or depend upon when you submitted it? Or are they sent out around a specific time of year nationally? If you have an insight, please let me know! Thanks!

b10

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[ItsGavinC]

For those of us waiting to start dental school this summer or fall, when are the financial aid packages awarded? Does it vary from school to school, or depend upon when you submitted it? Or are they sent out around a specific time of year nationally? If you have an insight, please let me know! Thanks!

b10

When you say "awarded," I assume you are meaning to ask when you actually get the money? An award letter is typically sent from the school letting you know how much money you can apply for (or what you qualify for based on your FAFSA EFC, etc.).

These award letters come fairly early. I received mine last week, for example, for the upcoming year.

Disbursement, which is what I think you are asking about, varies from school to school. Typically you get excess funds from the school after they have taken their cut for tuition and fees. To be more specific, the money doesn't come directly to you, but it first goes to your school where they get first dibs on it, and then any excess for that semester goes to you via check or direct deposit.

At MOST schools you'll get the excess amount sometime during the first week of school. I've never heard of any school where it happens prior to school starting, but I learn something new every day.

 

[45540]

Your school gets the money about a month before school starts, but you don't get the leftovers till the first week of class. I assume that's to make sure you're actually starting school and they're not just handing you money.

 

[TucsonDDS]

What would happen if I already paid for the tuition on a credit card so I could get some cash or miles back. Would I then get the full amount of the financial aid refunded to me so I could pay the card balance??

 

[45540]

What would happen if I already paid for the tuition on a credit card so I could get some cash or miles back. Would I then get the full amount of the financial aid refunded to me so I could pay the card balance??

I believe you can do that. One student did that to get the miles, but the school charged a fee for paying like that. He just didn't check the box to allow the school to pay the tuition out of his loan check.

 

[rocknightmare]

wow, you already recieved your letter for how much you getting??
hrm i guess i am running bheind eh?

 

[hona]

I got my award letter for UF this week
What do I do now? do I now have to formally apply to get the full award amount. Or does the school take it from here?
hona

 

[billiken10]

I guess then that I am really uneducated about the loan process. I have already filed my FAFSA and my financial aid application with the school, so what comes next? Does the next correspondence tell me the loans for which I am applicable? What restrictions are there on the loans available?

I remember there was a post having to do with the various types of loans offered. Is there a site that has that information? Thanks again. I'm financing my dental education on my own and I'm realizing that I have little to know idea how to get the ball rolling with this...

 

[Zurik5]

I guess then that I am really uneducated about the loan process. I have already filed my FAFSA and my financial aid application with the school, so what comes next? Does the next correspondence tell me the loans for which I am applicable? What restrictions are there on the loans available?

You'll get your reimbursement during the first two weeks of school, and due to UIC's inferior computer network, sometimes up to a month later. Hold tight. If you've filled out your fafsa then everything should be set to go. You'll find out everything during orientation.

 

[45540]

You've done all you need to do basically. The school will send you an award letter saying how much they've decided to give you. You'll sign it, say how much of it you want, and pick which lender you want to use.

That's about it till they give you the tuition and fee sheet, which you sign and say they can take it out of your loans.

Then they give you what's left over the first week of school basically.