Is it normal procedure to receive your student loan at the END of the semester? As it stands, I will probably receive my 2nd disbursement after the summer semester is over. Just wondering if this is what I should expect for the fall semester as well.
And also- 2 other questions. It has my graduation date set as may 2010, now if I get into the ASN program when I want to, I will obviously still be in school then. Will they recognize that and adjust the pay back period?
And also- there is the limit for the 1st yr and 2nd yr for total loans- what is considered the 1st year? the school year or the first full year of school (so summer to summer for me)? Since I am still in the 2007-2008 school year, is that the first year and is the second year 2008-2009? I am so confused.
A subsidized loan is where the government pays your accruing interest while you are in school, and you must start repaying 6 months after you graduate or stop attending school.
An unsubsidized loan is where the interest accrues while you are in school and continues after you graduate. Basically the government doesn't pay the interest on this one. You also must start repaying 6 months after you graduate or if you stop attending school.
I am pretty sure all student loans don't require you to start repayment until you graduate.
And I just asked for the max amount I thought I could get, to help me with added expenses for gas, school, etc. It got approved, but as Brenda said, its ultimately up to the school to decide how much you should get.
Also, I have been checking and sallie mae hasn't added the 08-09 school year yet, so you aren't able to apply now. I have also talked to financial aid and this year they are doing it different. They are going to automatically set you up for the max amount for a stafford loan, send you an email on your cc email account, and you can either accept or lower the offer they give you.
So I don't believe we will be using opennet this year.
To use this option on your FASFA, you had to check the box marked " you wanted student loans" also.
We should get notification by July 20th of our award amount.
If this is your 1st year attending school, you have to go to Opennet ( Sallie Mae) and apply on line still.
I don't know about you, but I will be SO glad when I am done school! No more worrying about loans........oh wait........then I have to pay them off. LOL!
Here's praying for that winning Hoosier Lotto ticket!
Thats one thing I never understood..............why does the school decide how much you get when its the gov't funding the loan?? If the max is 9300.00 for the school year, and you get offered 3000.00...........how do they know what bills you have to pay while in school, daycare, food!
To use this option on your FASFA, you had to check the box marked " you wanted student loans" also.
We should get notification by July 20th of our award amount.
If this is your 1st year attending school, you have to go to Opennet ( Sallie Mae) and apply on line still.
I don't know about you, but I will be SO glad when I am done school! No more worrying about loans........oh wait........then I have to pay them off. LOL!
Here's praying for that winning Hoosier Lotto ticket!
Thats one thing I never understood..............why does the school decide how much you get when its the gov't funding the loan?? If the max is 9300.00 for the school year, and you get offered 3000.00...........how do they know what bills you have to pay while in school, daycare, food!
-Brenda
Yikes. I hope I put that on my FAFSA. I am never approved for any kind of grant which is ridiculous because we're struggling. Anyway, now I'm nervous that I won't be able to get my Stafford loan if I didn't mark that. Gah, I need to call the financial aid office.
Yikes. I hope I put that on my FAFSA. I am never approved for any kind of grant which is ridiculous because we're struggling. Anyway, now I'm nervous that I won't be able to get my Stafford loan if I didn't mark that. Gah, I need to call the financial aid office.
Just go online to the fafsa site and change your form! You just have to sign in and make corrections. Super easy to do!
To use this option on your FASFA, you had to check the box marked " you wanted student loans" also.
We should get notification by July 20th of our award amount.
If this is your 1st year attending school, you have to go to Opennet ( Sallie Mae) and apply on line still.
I don't know about you, but I will be SO glad when I am done school! No more worrying about loans........oh wait........then I have to pay them off. LOL!
Here's praying for that winning Hoosier Lotto ticket!
Thats one thing I never understood..............why does the school decide how much you get when its the gov't funding the loan?? If the max is 9300.00 for the school year, and you get offered 3000.00...........how do they know what bills you have to pay while in school, daycare, food!
-Brenda
UGH that's what ****** me off the most. Especially that they have such stringent rules regarding them...like you can only pick up one check a semester...the late disbursement dates...etc. Its not JUST for tuition or books...so it drives me nuts that the school has a say so in a loan I am paying for!! I applied for an emergency loan because I am having major car problems that may keep me from getting to school and taking my son to daycare and they denied it. wth?
Luckily...they printed my check on the 8th and I get to pick it up tomorrow!
UGH that's what ****** me off the most. Especially that they have such stringent rules regarding them...like you can only pick up one check a semester...the late disbursement dates...etc. Its not JUST for tuition or books...so it drives me nuts that the school has a say so in a loan I am paying for!! I applied for an emergency loan because I am having major car problems that may keep me from getting to school and taking my son to daycare and they denied it. wth?
Luckily...they printed my check on the 8th and I get to pick it up tomorrow!
This is an incredibly helpful thread! I was told my check was printed on the 8th but still haven't recieved it in the mail. It's RIDICULOUS that I will get almost ALL of my summer loans after my summer classes end!!!! For those of you who have been @ Ivy Tech for awhile, is this what I can expect every semester?! I have a Bachelors and Masters from IU and always got my loans before the start of the semester!!
I was told that it would take about 7-10 business days for them to get the check and probably another 7-10 days to receive it in the mail. Of course, it may be shorter, but I would count on receiving it in a couple weeks.
Luckily I have a great aunt who wants to pay for my schooling...so if I ever need to cover expenses I have that, but I want to do this on my own and it would be nice to get it when the semester starts!
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.
It also factors in any amount you have in your 401K. I was told I didnt get any financial aide because my husband put so much in his 401k each year, I explained that was HIS retirement money. The response was if you have enough saved for retirement, you have enough to pay for school.
The next year I "accidently" left that box blank. I got audited.
This is an incredibly helpful thread! I was told my check was printed on the 8th but still haven't recieved it in the mail. It's RIDICULOUS that I will get almost ALL of my summer loans after my summer classes end!!!! For those of you who have been @ Ivy Tech for awhile, is this what I can expect every semester?! I have a Bachelors and Masters from IU and always got my loans before the start of the semester!!
I never took out loans when I went to IVY Tech, but when I transfered to a University I did. I got my overage check about 2 weeks after start of class. My school let us put loan money on our student ID card that we could use at the book store, so that we could get our books/supplies before we got any loan money back that was not used towards tuition.
Be careful with student loans and only take out what you need. I graduated with a lady who lived off her student loans for 4 years. She maintained her former life style including vacations and now has almost a 1000.00 student loan bill due every month!!! Yikes!!!
FYI Ivy Techs accounting system is way behind--my husband taught there a few years and his 1st pay check of the semester arrived 8 weeks after the start of classes. But once they arrived they were consistently Q2 weeks, just a huge delay in the begining.
I never took out loans when I went to IVY Tech, but when I transfered to a University I did. I got my overage check about 2 weeks after start of class. My school let us put loan money on our student ID card that we could use at the book store, so that we could get our books/supplies before we got any loan money back that was not used towards tuition.
Be careful with student loans and only take out what you need. I graduated with a lady who lived off her student loans for 4 years. She maintained her former life style including vacations and now has almost a 1000.00 student loan bill due every month!!! Yikes!!!
FYI Ivy Techs accounting system is way behind--my husband taught there a few years and his 1st pay check of the semester arrived 8 weeks after the start of classes. But once they arrived they were consistently Q2 weeks, just a huge delay in the begining.
I agree with being careful! Although I will have to live off of them if I don't get scholarships with stipends, I definitely do not have anywhere near a luxurious lifestyle. I will never qualify for a private loan, so at least I know there is a cap! lol. just kidding.
Anyway, that is dumb that they use your husbands 401k as consideration for a loan...especially since they try to drill it in our heads how important saving for a 401k is. I would have told them, my husbands retirement money isn't to pay for my schooling plus a few choice words.
kgle
554 Posts
Just to clear something up
A subsidized loan is where the government pays your accruing interest while you are in school, and you must start repaying 6 months after you graduate or stop attending school.
An unsubsidized loan is where the interest accrues while you are in school and continues after you graduate. Basically the government doesn't pay the interest on this one. You also must start repaying 6 months after you graduate or if you stop attending school.
I am pretty sure all student loans don't require you to start repayment until you graduate.
And I just asked for the max amount I thought I could get, to help me with added expenses for gas, school, etc. It got approved, but as Brenda said, its ultimately up to the school to decide how much you should get.