Financial Aid Question

I am entering semester one of NS and was awarded unsubsidized federal financial aid and applied for a alternative loan as well. (Wells Fargo). However, I have already paid for classes and books semester one out of savings and wanted the financial aid in case I had to quit my job to get a new one part time.

My question is ....anyone have any idea how long I have to claim the aid? I have the paycheck stub to send to WF for the alternative loan, but I don't really want to take out the loan until I absolutely need it (but before I quit of course)? I could take out the fed financial aid, but what happens if I end up dropping the program for some reason? I know I have to pay it back but how quickly?

I am just trying to buy myself a bit of time to get a feel for how crazy NS will be for me with work and all. How long into the program before you think I will know for sure if I need to quit my job to get by or not?

Thanks!

[devi, ADN, BSN]

I am entering semester one of NS and was awarded unsubsidized federal financial aid and applied for a alternative loan as well. (Wells Fargo). However, I have already paid for classes and books semester one out of savings and wanted the financial aid in case I had to quit my job to get a new one part time.

My question is ....anyone have any idea how long I have to claim the aid? I have the paycheck stub to send to WF for the alternative loan, but I don't really want to take out the loan until I absolutely need it (but before I quit of course)? I could take out the fed financial aid, but what happens if I end up dropping the program for some reason? I know I have to pay it back but how quickly?

I am just trying to buy myself a bit of time to get a feel for how crazy NS will be for me with work and all. How long into the program before you think I will know for sure if I need to quit my job to get by or not?

Thanks!

I can't help with some of your questions (how long you have to claim the financial aid, etc.) because it can be different at different schools. You may be able to still accept your unsubsidized loans for the semester you've already paid for but haven't begun yet as a sort of refund for the costs you already paid or to use for living expenses, etc.

I do know that if you quit your program for any reason, you would be expected to start repayment of the unsubsidized loan about 6 months later...unless you start a new program of study with at least half-time student status before that 6 months is up.

[Curious1alwys, BSN, RN]

Hey, thanks for taking the time to reply Devi!

I most likely will take some aid out "just in case". I am still on the fence right now. I will call around and find out from the financial aid and WF tomorrow. Gracias!:)