I was approved for a loan for summer classes but I am a little confused on the disbursement information. According to sallie mae and ivy tech's websites they will not be disbursed until the 1st and 16th of July. My classes start at the beginning of June and my bill is due May 25th. How am I supposed to pay this if it's not going to be disbursed until July?? Please help if you can! Thanks.
May 11, '09
from my experience, they have always paid them after the due date but it is on file so you'll be ok. You'll get a $25 late fee though.
Jun 16, '09
This is an old question but I wanted to jump in here...
There is no late fee, your loan money is pooled and all costs for tuition and books are taken out of that money. The remainder is what will be refunded to you on the disbursement date. The school has access to the money at the beginning of the semester, they just don't give it to you then.
Jun 16, '09
I always do loans and for some reason, they always charge me the darn $25 late fee!! I don't think that's right b/c I made arrangements, and it's not my fault that the loans come in late. I try to do the loans as soon as possible. They've done it to me every semester so now I just assume there will be a late fee. =(
Jun 17, '09
yeah i have a $25 late fee right now too, i really hope they take it off, because that is not fair.
Jun 18, '09
Looking at my statement they put the late fee on there, but then took it off. I do loans as well.
Jun 19, '09
I called and they said the 25.00 late fee was an error, so if you have one and they don't remove call them.