I was approved for a $10,000 private loan for college. The thing is, they don't send the funds directly to the student but to the financial aid department. The school year I put on the form was for August 2007 - May 2007 but I should be graduating this December. Will I receive the extra money after they pay my tuition or will the school office send it back to Sallie Mae or will they give me some of it and keep the rest? I was approved today for the loan, how long does it take for Sallie Mae to disburse the funds to the school and for me to actually get them? Any other information that can be provided an helpful would be great. Thanks!
2007-08-16 14:12:44 · 0 answers · asked by Jakz34 1 in Education & Reference ➔ Financial Aid
The college willl request the money and handle all of that for you.
2007-08-16 14:41:17 · answer #1 · answered by mnid007 4 · 1⤊ 0⤋
Sallie Mae Disbursement
2016-11-07 07:14:16 · answer #2 · answered by tamala 4 · 0⤊ 0⤋
If you REALLY need the additional funds, only borrower exactly what you need. More than likely the spring disbursement will be canceled. Again, if you dont need it dont get it. Ask your school for details on their policy. It could vary from school to school.
The school will decide the disbursement date. Also, there are better alternative loans out there than Sallie Mae. Did you check the fees you will be charged? Many others have zero fees for alternative loans.
2007-08-20 12:08:07 · answer #3 · answered by John 3 · 1⤊ 0⤋
SallieaMae is the loan administer for my loan which is from Wachovia through UCLA- anyways, they fing suck, and they outsource and i can not comprehend anything they say on the phone. Calling them just annoyes the crap out of me. i filed for bankruptcy, knowing my student loans would not get dismissed , i did it because of medical bills but i had to include the student loans, anyways, they blocked my online account and it took them 30 minutes to come up with an answer for me on the phone as to why it was blocked, and that was on the second phone call, the first phone call they reset my password and then attempted to do the same on the second one. Stupid idiots who do not speak english should not assist the english speaking world.
2016-03-22 17:58:49 · answer #4 · answered by Anonymous · 0⤊ 0⤋
After your school gets the money they will need for your tution and other expenses the money will be sent to you. If you don't need 10,000 in a loan you can always reduce the amount. Talk with a financial aid advisor at your school and they can help you to determine how much money you will be needing. Also talk with an advisor about how long it will take them to disburse the funds as it can vary by school. Hope this helps.
2007-08-16 16:23:51 · answer #5 · answered by Almost a college grad!!! 5 · 3⤊ 1⤋
While it sounds great, the interest rates are ridiculous! I was approved for an $8,000 loan. I got a packet today explaining how much my payments would be and whatnot. I was going to be charged almost $12,000 in interest alone. DON'T DO IT! Go to your bank, they will work with you!
2007-08-17 18:31:39 · answer #6 · answered by ? 3 · 0⤊ 0⤋
This is a great question, and one that confused me for quite a while.
2016-08-24 12:26:00 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Don't think so
2016-07-30 01:29:05 · answer #8 · answered by ? 3 · 0⤊ 0⤋