Loan process

Innurse78 · Jul 7, 2008

Hi,

Yes, Stafford loans are dispursed at 2 intervals for all semesters. I also have a Stafford loan that I got my first part last week and the next will be next week and I finished my transitional 5 weeks at the end of June.

You have to reapply for the fall semester for a Stafford Loan. Same thing for the spring. Every semester, you need to apply. That way they track your progress and don't pay out on a loan if you drop out inbetween semesters.

In regards to being in school till 2010, they will defer your payments until you are done school as long as that is the type of loan you have. As long as your not off longer than 6 months. Just call them and let them know so you don't keep getting reminders about a payment that is due.

You can always apply for the maximum loan amount but it is the school that decides how much to give you..............not SallieMae............if you getting it through them. Hope this helped.

-Brenda

kgle · Jul 7, 2008

Yeah, I know that there is always two disbursement dates, I am just wondering if it is always towards the end of the semester, and what determine when you receive it? I know I have to reapply every semester...and apparently now they have a new procedure where they will be emailing us to let us know we can reapply and they will automatically renew for the max amount and we can accept or lower it.

And say the max is $8500 for the first year (unsubsidized and subsidized), when is the first year considered over? Is it the new school year, or a year from when you received your very first loan.

coltsgrl · Jul 8, 2008

Yes...it never fails, you get the money so far toward the end of the semester that you praying to have gas money to get to school half way thru, so that IS typical.

As for when the first year is over, it is based on credits, not actual time, though I can't remember how many credits, maybe 24? but that might be high. Good luck! and...your pay-back starts 6 months after you graduate (or stop going) so that anticipated graduation date of 2010 doesn't matter, as long as you are still in school. Hope this helped

kgle · Jul 8, 2008

Thanks so much coltsgrl :) That really helps out. And that's such a pain in the butt that they do the disbursements so close to semester's end! I am hoping and praying that my financial aid covers my credits for the fall...I am taking 4 more than I took this semester and with my luck it won't cover it even with an EFC of 0.

Innurse78 · Jul 8, 2008

This EFC thing.............how does that work?

The higher it is, the less you get on Pell Grants and such???

brenda

kgle · Jul 8, 2008

This EFC thing.............how does that work?
The higher it is, the less you get on Pell Grants and such???
brenda

I imagine that the EFC number is what determines how much you get for your Pell grant. Its all calculated on your income and dependent status, and whether you have a dependent of your own, among other things.

coltsgrl · Jul 8, 2008

kgle...you get more money for each credit you take, that is, up to 12...after 12, you don't get a dime more no matter what~I know, I tried! :) I have an EFC of 0 too, and I always have enough (with student loans, I also pay my rent for about 4-5 months too which is 760/mo.) and usually have a little more left over. I figure with getting the student loans, it won't be a big deal once I get a job as an RN b/c of the huge difference in pay I will be making. Soooo my theory now is to get through school by any means necessary. Good luck to you, I know how ya feel!!!

kgle · Jul 8, 2008

Ok good :) Yeah the loans for me are helping pay the babysitter! Oh yeah, and pay the gas lol. And I get you on the nursing job...I figure as long as I don't let myself go overboard with loans it won't be a big deal to pay them off in the long run.

stupidcancer · Jul 8, 2008

This EFC thing.............how does that work?
The higher it is, the less you get on Pell Grants and such???
brenda

Brenda,

That's right, the higher your EFC is the less grants, etc you get. I don't think it affects STafford loans.

rockexrolloh · Jul 10, 2008

How do you get that much on Stafford Loans? I go through the Sallie Mae website that Ivy Tech tells their students to use but last semester I only got $1500. That isn't even enough to buy books for the nursing program! I'm working with someone at Work One to get financial help and he told me that I'm probably not getting both subsidized and unsubsidized loans. Honestly, I have no idea what any of that means or how to get both. Can anyone help me?

I'm going to try to apply for my Fall/Spring loans this weekend.

Innurse78 · Jul 11, 2008

You should check with the school on that one because they are the ones that supposedly decide how much to give you on a Stafford Loan. It also depends on how many credits you are taking and if you completed a FAFSA on time.

A subsizided loan is where you make no payments until your done school(6 months after is when 1st payment is due) BUT the interest keeps accumlating.

An unsubsizided loan is where you make monthly payments while you are in school.

They have grants at Work One but only if you have no previous degree and your moving up in education. (IE: not an LPN/ RN or any other degree already) AND you were laid off, lost your job or terminated.

They also have an area on Sallie Mae to get a personal loan but with that they check credit ratings. ( they don't with Stafford Loans).

I was at Ivy tech today to do some stuff and spoke with a financial aid person. She told me that the max this year (2008-2009) on Stafford is going up to about 9300.00.

If you attended in the summer, that counted as last years loan and does not effect the amount you get this year.

Hope this helped, but I would speak to the school and ask them why so little.

Good luck!

-Brenda