I am going to a community college, and I have a Stafford Loan. I know they make payouts so many times a year/semester. I'm trying to figure out if it's likely that I will get a payout before school starts (Aug. 22) I have a unsub, and sub loan. Can anyone give me an example payout schedule? Do they pay out once a semester, twice, once a month? Any input will help.
2007-08-04 14:36:23 · 4 answers · asked by pinkwarr 2 in Education & Reference ➔ Financial Aid
If you are going to a semester school then you will have one disbursement during Fall07 and one during Spring08, no earlier than 10 days prior to the first day of the semester. If you are a first time borrower you may have a 30 day delay in receiving your loan funds (just for the first disbursement; your Spring disbursement would be on-time).
You should talk to a financial aid officer at your school for the specifics for your situation.
Good luck!
2007-08-04 14:54:06 · answer #1 · answered by caba 5 · 0⤊ 1⤋
If you have your disbursement notification letter (if you've signed your promissory note and submitted it to the guarantor and it has been processed through you got a disbursement notification, or will get one soon) the dates of disbursement, or payout, are on there. If you haven't gotten this yet, and you've submitted a completed, signed promissory note, start asking questions of the guarantee agency to make sure they have it and it is complete, then ask the school what their disbursement date is.
Schools may, but do not often, disburse loans 30 days before the start of the semester, unless the borrower is a first time student when the regulations require them to wait for 30 days after the start of the semester to disburse. The school has 10 days after disbursement of the loan to make funds available to you.
Loan funds, btw, are NOT sent directly to you. They are paid to the school which pays your direct charges first before you get any refunds of aid.
2007-08-05 08:40:32 · answer #2 · answered by mickiinpodunk 6 · 0⤊ 1⤋
In my experience (4-year public college in California, quarter system, I've only taken Pell Grants and subsidized Stafford loans), the school pays out once a quarter, and the disbursement depends on when you get all of your paperwork in. They only require paperwork once a year (unless you have to change information or something), so if you turn in your stuff in fall, you'll get the earliest winter quarter disbursement. Your school may do something different, so you should talk to their finaid office.
2007-08-04 14:43:58 · answer #3 · answered by Kat 2 · 0⤊ 1⤋
Caba has the correct answer. The link mentioned above is USELESS.
2007-08-08 12:31:57 · answer #4 · answered by John 3 · 0⤊ 0⤋