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Stafford Loans

post #1 of 5
8/7/09 at 6:32pm
Thread Starter 
I was approved for a sizable pell grant (which I know is an award, not a loan) but I've also been approved for two stafford loans. One is subsidized, the other is unsubsidized. I know the difference. My only question is...the loans and the grant are worth more than twice the cost of tuition/fees for fall and spring. do I get the extra money? yes, right? I read somewhere that my school will cut me a check.
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post #2 of 5
8/7/09 at 8:19pm
The loan money should go to the institution you're attending, and then will be applied to your account. The extra should be disbursed to you after the school has applied it to your account. In my experience, it would usually come about 6-10 weeks into the semester.
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post #3 of 5
8/7/09 at 8:26pm
Quote:
Originally Posted by kwilkinson View Post
The loan money should go to the institution you're attending, and then will be applied to your account. The extra should be disbursed to you after the school has applied it to your account. In my experience, it would usually come about 6-10 weeks into the semester.

This is pretty much my experience as well, though I don't remember it taking that long to get my loan check. It was usually a couple of weeks, maybe three.
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post #4 of 5
8/7/09 at 8:34pm
Depends on the school policy.

You will get a credit to your school account. Some schools require that you request the extra money, at which time will send you a check or do direct deposit. A lot of times there is a cap on how much you can get before the start of school (~$5k). The rest will be refunded to you after 2-3 weeks generally.
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post #5 of 5
8/7/09 at 9:27pm
Usually we get excess funds the second week of school. Also, I believe federal loans and grants are limited to the school calculated cost of attending, which includes tuition, room/board, books, transportation, misc., etc.
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