Anyone familiar with how Stafford loans work?

Nursing Students General Students

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Specializes in critical care; community health; psych.

I'm a first time recipient of a Stafford loan disbursement. I paid my fall courses out of pocket and I received my fall disbursement check a few days ago. Thinking I have a little comfort money here, I'm spending some of it for this and that. Then I get this disclosure statement from the lending institution that my Spring check will issue in February. If it doesn't issue till February, how will the funds be available for registration in November? I'm confused and scared to spend any more of this money until I find out for sure how this is handled. Does the school credit the schedule based on the guarantee of the loan?

Anyone have any experience with this stuff? Thanks.

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Specializes in L&D.

Do you actually have to pay for you classes in November? I would definately check with your financial aid office.

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I just received a Stafford Loan for the first time too. At my school we had to attend a Stafford Loan workshop which told us everything we need to know. I am getting 1300.00 per semester so I should be getting 2 checks for 750.00. They usually give one check at the beginning of the sememster and the other one in the middle. You might want to check with your school's Financial Aid office on specifics.

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You will not owe anything for registration if you have already be approved for the loan. You can spend all the money you just got since you have already paid for the semester.

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Specializes in critical care; community health; psych.

Oh thank you for that good news BamaGirl. I mean it's the weekend and there's shopping to be done out there.

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First, I would suggest that you speak with someone in financial aid just to get the information straight from them. You'll want to see if you need to get a deferment until your Spring loan arrives. Better safe than sorry. Because this is your first year of getting the stafford loan, it is usually held back until you have 30+ credits.

Kris

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Specializes in critical care; community health; psych.

Actually, I did speak with someone from financial aid BEFORE I got this letter because I wanted to make sure the funds would be available in November. But when I got this letter, it made me question everything all over again. When I finish this term, I'll have well over 30 credits if that's a problem.

Just to be on the safe side, I'm going to make a second call on Monday.

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