When do you actually receive loan money?

[KMFDM]

Hello friends,

So I was fortunate to be accepted into medical school for this coming fall. Things are moving at a rapid pace, and I'm starting to think about moving, apartments, etc. Basically getting situated at medical school.

Moving and getting an apartment (security deposit) are obviously expenses that will occur prior to school actually starting classes.

So I'm wondering when schools or banks or whomever typically dispense loan money for living expenses. First week of school, first semester of school, or when? I ask because I'm going to be paying for everything with grants/loans.

Also as a sidenote, if you don't receive loan money for a few weeks (as I suspect) how much are you folks planning on spending to get set up? Do schools nail you with a bunch of hidden fees/expenses that you need to pay prior to getting your loan money?

Thanks very much.

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[searun]

You will receive your loan money twice each academic year, at the beginning of each semester. And no, there are no hidden costs or fees. Make sure that you live within your budget, and you will be fine. I usually have a few hundred dollars extra at the end of each semester, because I live below the budgeted amount.

 

[KMFDM]

You will receive your loan money twice each academic year, at the beginning of each semester. And no, there are no hidden costs or fees. Make sure that you live within your budget, and you will be fine. I usually have a few hundred dollars extra at the end of each semester, because I live below the budgeted amount.

OK, good to hear. I certainly will be living within my budget, no doubt about that.

Any insight as to how much one will need to "start up"?

 

[Kneige]

I would think how much is needed to 'start up' would depend on how far away you'll have to move, etc. Would probably have to pay for a month's deposit fees.

On a similar note, when will we start receiving financial information from the schools? I guess it would vary from school to school but does anybody know, roughly when? I've submitted FASFA awhile back and there's no response whatsoever from the school.

Thank you!

 

[searun]

OK, good to hear. I certainly will be living within my budget, no doubt about that.

Any insight as to how much one will need to "start up"?

I did not need alot of start up money because I moved into a furnished dorm room in university housing. As I recall, I arrived with about $100 in my checking account. I ate free food during orientation week.

However, second year, I had to furnish an apartment, buy a bed, desk, chairs, etc. The cost of furnishing my apartment was around $1,800 but my parents covered this for me, bless their hearts. I live in a large Eastern city and use public transportation so I do not have car expenses.

But if you are not living in med school housing during your first year, your start up expenses will be much higher than mine, certainly.

 

[JJMrK]

OK, good to hear. I certainly will be living within my budget, no doubt about that.

Any insight as to how much one will need to "start up"?

I mean, how much did it cost when you moved/got an apartment in undergrad? Depending on how far you're going, it could be a couple hundred bucks in gas/a plane ticket. Are you bringing furniture, buying it, or getting something furnished? Either way that will cost money. Your first month's rent will probably be due, along with the deposit.

 

[searun]

I mean, how much did it cost when you moved/got an apartment in undergrad? Depending on how far you're going, it could be a couple hundred bucks in gas/a plane ticket. Are you bringing furniture, buying it, or getting something furnished? Either way that will cost money. Your first month's rent will probably be due, along with the deposit.

One of the advantages of living in med school housing is that I did not have to pay a deposit and the rent was not due until my loan money was disbursed.

So if you are one of the poor, downtrodden, and unwashed masses, med school housing is the way to go.

 

[DarwinA]

You will receive your loan money twice each academic year, at the beginning of each semester. And no, there are no hidden costs or fees. Make sure that you live within your budget, and you will be fine. I usually have a few hundred dollars extra at the end of each semester, because I live below the budgeted amount.

So does it actually disperse after you have already started class, or like a week before, or during orientation? I have no family support whatsoever so I don't have much cushion. Also, the school I will most likely attend does not provide a housing option. Sigh, I hope I am not a homeless med student for the first month.

 

[Pills Of Soap]

Usually any loans (through the school or federal) will first go to the school. It'll use that money to pay off your tuition and fees, then send a lump direct deposit to your account. The date with when they deposit money to your account varies with the school.

Some schools actually have it on their website which day the money is deposited to your account. For example, Ohio State has theirs listed right here.

So try browsing the financial section of your schools website, or if you want, you could try calling the financial office to see when they do it.

 

[justdoit31]

So does it actually disperse after you have already started class, or like a week before, or during orientation? I have no family support whatsoever so I don't have much cushion. Also, the school I will most likely attend does not provide a housing option. Sigh, I hope I am not a homeless med student for the first month.

it is released about 5 days before the first official day of class (not orientation) and then with our system takes 1-3 days to show up in your checking account.

My parents were able to help with with start up cost- (1st months rent, utility deposit, cable/internet deposit, etc) and then also took me for my first grocery shopping trip to help me get situated.

If you have no help from family I would suggest getting a summer job and saving up money to get you through this time. My school doesn't have any student housing for grad students so I am in a townhouse so my parents also paid for a UHaul to move me across the country (just to consider when you are budget)

 

[JJMrK]

One thing you can do if you have absolutely no savings is just charge it all and pay it off as soon as you get your loan money.

 

[searun]

So does it actually disperse after you have already started class, or like a week before, or during orientation? I have no family support whatsoever so I don't have much cushion. Also, the school I will most likely attend does not provide a housing option. Sigh, I hope I am not a homeless med student for the first month.

Don't worry. The financial aid office will take care of you. You will not be abandoned. They know what you are dealing with and they will take care of you. That is their job and they will do it well. You will have money, on time, to meet your needs. They understand what you are dealing with, and their job is to take care of you. It will be fine.

Unfortunately, when you are a doc, you have to pay it back. But you will be able to afford it. The financial aid offices at most med schools are awesome.
You are supported in this process.