When does your loan get disbursed?

  1. I qualified for the stafford loans for nursing school which starts this August 30. My school website says that our tuition payment is sue in early August.

    My question is, if you are on federal student loans when does your money get paid out to the school? I'm having nightmares thinking I will have to pay something out of pocket if my loan doesn't get paid out early enough.

    Thanks for your input!

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  2. 8 Comments

  3. by   Jill1215
    The schools I have been to will let the students that are on loans register for their classes and pay for them when the loan comes in. The school knows you are getting a loan and will apply the funds to the tuition when it comes in. However, for the first time student (the very first semester) they would not do this. I had to come up with the tuition for the first semester on my own. This is because they would not release the loan funds until 6 weeks into the semester. After six weeks, I had to have all of my professors verify that I was still in the classes before I could get my loan check. You need to call financial aid at your school and ask what their policy is. They will be able to tell you. I am sure they get that question ten times a day.Good luck.
  4. by   susanna
    Yah, my tuition was always taken right out of my loans automatically. I never had to pay anything up front and get reimbursed.
    Hopefully your school works the same.
  5. by   Gator,SN
    my tuition was always taken right out of my loans automatically. I never had to pay anything up front and get reimbursed
    Same here, but it was always the end of September until all accounts were settled and I got my loan refund back so that I could pay off my credit cards for books.
  6. by   lisamc1RN
    Our first dispersement is at the end of July. I start school July 14.
  7. by   All_Smiles_RN
    At my school, you get your loan payment one week before school starts, tuition already deducted. First time borrowers, per federal guidelines, have a 30 day waiting period on their first loan. So you should go to the financial aid office and fill out a tuition deferrment. This puts your tuition due date off until the loan comes through, but you will have to come up with book money on your own. Some schools will even lend you the money for books (through the bursars office) and then you pay them back when your loan check comes in. Good luck!
    ...Jennifer...
  8. by   Energizer Bunny
    We don't receive ours until 30 days after classes start. We just have a bill with the school (because they know what we are going to receive) and then pay them when it comes.
  9. by   All_Smiles_RN
    Quote from CNM2B
    We don't receive ours until 30 days after classes start. We just have a bill with the school (because they know what we are going to receive) and then pay them when it comes.
    Is that just for first time borrowers? Or does it continue that way for those who have borrowed before?
  10. by   Energizer Bunny
    Quote from jenniferhelene
    Is that just for first time borrowers? Or does it continue that way for those who have borrowed before?
    Honestly, I don't know because I am a first time borrower. It doesn't make much difference to me except that I have to pay childcare out of pocket for those first 30 days. (my loan was taken specifically for that purpose)

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