Anyone have a federal direct loan?

NoviceRN10 · Aug 20, 2008

I applied for one through MCC & not quite sure how it works. If I wanted to buy books, stehoscope, etc. now, can I charge it and use the loan money to pay that off?

Do you have the loan money in hand? I think my neighbor uses her student loan money to go to Disney World :onbch:. I think you can use it for whatever you want, whenever you want as soon as you have it.

shannonmarie7 · Aug 20, 2008

Is it like the Stafford loan that is dispersed through the school? If it is then they put the credit to the bookstore so you can get the supplies you need. After all classes are paid for, books and supplies are bought they give you the rest of the money that is left if any either in a check or a direct deposit. Usually the refund back takes 2- 6 weeks after classes have started depending on how long you have been a student.

jennileigh8182 · Aug 20, 2008

Apparently, this varies by school. I attend LCC and after tuition is paid, they mail out the remainder of your student loan for that semester usually the first day of classes (which is generally a Thursday, oddly enough). Then you can use it for whatever. Personally, I put it in my savings account and use it to pay for books, parking, daycare expenses, etc. I just pull a little bit from savings to checking as needed to cover expenses. I usually have to pay out of pocket for my books so that I have them for the first day of class, but I replace the money when my check arrives.