When do loans pay?

[raiderette]

Right now I only have access to my tablet and the search function didn't give me a good answer. I need to budget very carefully for apartments and food until the loan comes. I am even considering taking out extra loans next semester to tide me ovet. My state school starts in August so it seems I need three months rent at the very least.

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[Lost in Translation]

Shouldn't it be monthly?

 

[raiderette]

I think there is a delay for the first payment. It will hurt a lot but I can live in my car the first few weeks if I plan it right.

 

[Glandzburg]

Your loans will probably be distributed in 2 increments, at the beginning of the fall and spring semesters. Just like undergrad.

 

[Ismet]

Shouldn't it be monthly?

No. Loans don't get disbursed until you matriculate, and then it's typically 2 disbursements - one around August and one around December.

 

[SOMBound13]

Right now I only have access to my tablet and the search function didn't give me a good answer. I need to budget very carefully for apartments and food until the loan comes. I am even considering taking out extra loans next semester to tide me ovet. My state school starts in August so it seems I need three months rent at the very least.

As others mentioned, twice per year, around Aug and Dec.

What do you mean by saying "taking out extra loans next semester"? You can only do that if you're not at your max and you have uncovered costs. If you're a dependent senior, the max you can take is $7500 for the year. how much did your FA pkg indicate for this school year?

 

[Spector1]

are you talking about not having enough money to pay for rent now? or in medical school?

 

[Ismet]

are you talking about not having enough money to pay for rent now? or in medical school?

He likely needs to allot funds for summer.

 

[SOMBound13]

Sounds like the concern is paying for the summer, leasing an apt, etc. If he hasn't maxed out on his Stafford loans for senior year, then he should do so and use those funds. He can just contact his FA office, but he needs to do so before about March in order to avoid any issues.

 

[raiderette]

Thank you for the responses. Hearing August is better than I thought. Yes, I will need to get an apartment, pay the deposit, etc. I am thinking of taking out a little extra in my UG loans so I will have the money to do that before the graduate loans kick in.
And all this talk of he....didn't raiderette give you a clue that I was a female? 🙂

 

[SOMBound13]

Sorry about the "he"....Yes, we all should have noticed. 😛


How much in undergrad loans have you taken, so far, this year?

Also....if you can, plan on working this summer as well. I worked the summer before med school started and saved $3k from that.

 

[raiderette]

How much in undergrad loans have you taken, so far, this year?

I have about $2,000 more I can take, and possibly I can get a private loan if my uncle knows when he will get the money back.
I am planning to work this summer, but I doubt I can make much in two months.

 

[SOMBound13]

Forget the private loan from uncle because who knows when a med student could pay it back. You'll feel too much pressure to pay it back soon...and feel guilty about it.

Take the student loan. And if you need more than that and you have a parent with bad credit, then have that parent apply for a Plus Loan, get denied, and then you can get a few thou more (as long as your total aid doesn't exceed total cost of attendance.)

 

[deoxyribonucleicacid]

Ask your school! I had just gotten mine last Wednesday

 

[DrDarce]

Your school's financial aid office will know. I think they disburse it to you within 10 days after they receive the disbursement.