Ivy Tech- Loan dispursement

  1. So I finally got an update today, that my Stafford loan was approved (thank God). On the website it says that the dispersement dates are 7/3 and 7/17. My financial aid is covering the cost of tuition, and I plan on using this for a new laptop for convenience for school stuff (yay for Dell discounts), daycare expenses, etc...all the extra costs I will have while I am in school. I just want to make sure I am getting everything right...since I don't have anything left to cover they will issue a check for the overage right? I am assuming they are required to send it to Ivy Tech first, and then Ivy Tech will issue the check correct?
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    About kgle

    Joined: Apr '08; Posts: 559; Likes: 81


  3. by   TraumaQueen23
    Yes, this how it works. Exactly how. But sometime the money takes a while to get to you.
  4. by   Ginger Vitus
    It is my understanding that they will allow you to obtain extra money for a laptop. Did you tell the advisor you were planning on buying one?

    This is based on the assumption that you would actually want extra money.

    This is also based on the assumption that the now very crazy student loan market is properly functioning.
  5. by   kgle
    No, I didn't even know that they would give you extra money for that. But the loan isn't just for that, its for the added daycare costs, extra gas getting to and from work/school/daycare, and all that stuff on top of school supplies, etc.

    And yeah I heard it will take a while, which isn't that big of a deal, as long as it gets to me!
  6. by   Innurse78
    One great thing about a Stafford loan is that no matter who you are or what your credit is, you always get the loan as long as you are in good standing with the school.

    I got approval for my loan today as well.
    I can't wait to get to the bookstore and get my books to start looking them over1
    Good luck in your course! Sounds like you have a lot to handle- school, daycare, work! Ekkkkkkk!

  7. by   littlemamakt
    Ivy Tech holds your cut for 30 days after they take their share. Then they mail you a check for the rest. You actually get a letter saying a check is coming, then an actual check the next week. So you can figure about five weeks after Ivy Tech gets it.

  8. by   kgle
    But they won't be taking anything out of it if everything tuition wise is covered correct?

    Brenda- yeah I knew they didn't go by credit, but I was being so pessimistic for some reason! One girl at work kept telling me that the max you can get your first year is $1700 and I kept telling her maybe she was thinking of the Pell Grant...because on the Stafford website the limit is like $3,000 I think for an independent student, but she kept insisting. And I had requested more than $1700. But thanks I will need the luck...it will be a major time management issue.

    My only thing is that I want to get my books asap, but I don't have the money until I get a book voucher, and I was told I can't do that until about a week before classes start and plus I have to order my psych books off the internet since its a distance class
  9. by   Innurse78
    When I spoke with financial aid at Bloomington, they said the max loan for the summer alone is 4900.00. I got over 3000.00 for the summer session only and will apply for another loan for fall and spring but will have tons left over from the summer to apply to the fall books/tuition.
    I believe they said the max per year is in the 7000.00 range for the SallieMae loans. Plus it depends on how many credit hours you are taking. I am being brave this summer and taking 11 credit hours. LOL! Five is nursing core, 3 is Pharm and 3 is Chem ( my last co-req)

    They take out the tuition 1st, you CAN get books earlier that a few days before class. I have some of mine already. As long as the loan is there, you can draw from that loan for books even though the dispersment date on mine is not until June something er other. I had no problem doing that at the bookstore.

    When I applied for my loan, I did not indicate any amount. It was the school that put in that amount and I only got that amount because I also got Pell grants- so theoretically, I could have been awarded more.
    Also, if you get scholarships, you can reduce your loan amount.

    I applied for the nursing one from the State of Indiana where they pay for the whole thing.......and you have to do 2 years serveice in Indiana as pay back for that grant. A pretty good deal

    Have you looked into used Psych books? There are some deals out there. There is usually a used book sale the week before school starts that can also save you mega $$$ and put more of that loan money in your pocket for living expenses.

    Hope this helped!

  10. by   kgle
    Would it be okay to buy my psych books somewhere other than online? I just keep reading you MUST buy them online if you are distance lol.

    So...I can also still draw on my loan even though its not dispersed until July? I need to call financial aid. I asked for $2500 which I thought was a generous amount since I am still working (and hopefully about the get full time!). So far I haven't seen that they have taken tuition out of my Pell grant (although I could have SWORN the guy at financial aid said 1700 not 1000, they don't even sound the same). I have checked online on cc.ivytech...and it says amount due blahblah 0, but account balance is 640. So that means I still owe?

    I really need to call them tomorrow.
  11. by   kgle
    Ok nevermind, I just bought my Psych book online. I didn't know that they would just deduct it from my grant. I am trying to get my math book, but the bookstore online doesn't have them on there. Where can I go to buy a used one?
  12. by   Innurse78
    Check out your Ivy Tech Campus connect. They have an online used book store where students list their books for sale.....cheap!
  13. by   littlemamakt
    Quote from mrs.frog
    Check out your Ivy Tech Campus connect. They have an online used book store where students list their books for sale.....cheap!
    That sounds great Brenda, but I can't find it. Which CC tab is it under? Maybe someone will swap me a micro book for my chem book.

  14. by   Innurse78
    I just sent you a private email to discuss books.

    When you open your campus connect, click on the tab at the top that says Student services. In the center of the page should say "Used Bookstore".
    If you click on that link, it should take you right there.

    Now, this is assuming all Ivy techs have a used bookstore site???

    What Ivy tech are you logging into?

    If your looking for a Micro book.................and have a Chem book................maybe we can do a swap????

    I just finished up Micro today, wrote the last exam today.
    Where did you take your Chem? Was it online.

    Last edit by Innurse78 on Apr 23, '08