When/how are loans distributed?

[goredsox]

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I'm going to BU and needless to say am taking out serious loans. I'm wondering if the direct (stafford) loans are dispersed over the school year or given as a lump sum when school starts?

For rent, this is especially important because, if I can help it, I'd like to pay all my rent for the year up front. That way I don't go spend the money at bars or for Red Sox tickets and then I'm stuck with no rent money!

 

[Sweet Tea]

haha...i can see myself spending my rent money that way, too.

i don't know about BU, but for ECU we get a lump sum at the beginning of each semester. i just got my FA package yesterday so now i'm a happy girl. i didn't get the check, but i got notice of what they're awarding me and it makes me happy. i love my nice little cheap school. 😀

 

[goredsox]

thanks sweet tea! you rock...I followed your story and I'm so glad you're gonna be a pirate. good luck, and watch out for those infamous halloween parties!

 

[Sweet Tea]

aww *blushes* thanks! have fun at bu!!

i think i'll be okay for halloween...i'll most likely end up coming back to chapel hill over halloween so i can work EMS for the franklin st halloween festivities. i absolutely love working the street party b/c the drunks are just so much fun to mess with. and not only do i get to go to the party, but i get paid for going. 😀

 

[jtheater]

I have to interject... I totally understand the possibility of spending your rent money on fun stuff and therefore wanting to pay a year's worth up front. However, this can be a bad move. Once you pay it up front, the landlord as the money and you have little to bargain with should something go wrong. This may sound pessimistic, but I had a run in with a landlord over flood damage that was due to his negligence. I withheld my rent until all the changes were made and prorated the time I was out of housing and staying with friends. This would not have been an option had I paid up front and I would have depended on him giving me a refund.

One option is to open an account that you only access for rent purposes--like a supplemental savings. That way you can't access the money as easily as if it were in your checking account.

Just two more cents from the peanut gallery.