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.
Well a coworker of mine found out why the late disbursement dates. Apparently they set the dates due to risk. She was on academic probation and this was my first year, so we had later disbursement dates than others. They don't want to take the chance on people applying for them I guess and then dropping out of school. Makes sense I guess! They said we should be receiving an email today regarding applying for loans for the Fall semester.
Well a coworker of mine found out why the late disbursement dates. Apparently they set the dates due to risk. She was on academic probation and this was my first year, so we had later disbursement dates than others. They don't want to take the chance on people applying for them I guess and then dropping out of school. Makes sense I guess! They said we should be receiving an email today regarding applying for loans for the Fall semester.
That makes complete sence---and come to think of it. I know when I went to IVY Tech you could drop almost till mid term adn still get some money back as in refund paid towards tuition. Where as at USF you could only drop the 1st week and get any refund towards tuition back and then it was 50%. So ....you dont want people taking out loans, getting overages then dropping. Yep, that is why Ivy Tech is so late.
Do the dummies not realize that if you take out your 401K there is a penalty??
Plus you can only remove funds from it for hardships or to buy a home.
-Brenda
Any one can take out a Loan against thier 401k. We took one out to paint our house one year and another year we took a loan against it to buy a truck. You pay interest back but it goes to yourself, so it was actually better deal.
If you take money out and not set up a loan repayment to pay it back then yes there is a penalty.
I worked my way through school by working a Baylor shift. I worked every Friday/Sat night 3rd shift, but I got paid for 36 hours vs the 24. That way I was free during the week, and by working 3rds we had moments of down time where I could study-write papers-work on care plans etc etc.
I also applied for and recieved many scholarships-I looked at it like a competition to see how much free money I could get each semester. I went to a private school and came out with a very small loan bill. I also dickered with my school. I got a transfer scholarship and an academic scholarship. I emailed the recruiter back and forth till I got enough scholarship money that it was about the same price for me to go there as it was for me to go to Ivy Tech. The school also put me in touch with other organizations that offered nursing scholarships. The money is out there, you just need to dig to find it!!!
That makes complete sence---and come to think of it. I know when I went to IVY Tech you could drop almost till mid term adn still get some money back as in refund paid towards tuition. Where as at USF you could only drop the 1st week and get any refund towards tuition back and then it was 50%. So ....you dont want people taking out loans, getting overages then dropping. Yep, that is why Ivy Tech is so late.
Oh yeah, the withdraw date for the summer semester, for the normal length classes (10 week I think) is July 18th! The semester ends August 4th! At least I think I am talking about the same thing you are...
Well thanks to indymom in another thread, I found I qualified for the Frank OBannon grant...which will help out a lot! Its gonna cost me about twice as much this semester as last semester...so anything I get helps. Although I know for that grant you have to be enrolled full time, and I am only taking 10 credits.
Almost every scholarship I got I had to be enrolled full time. So that meant if I wanted the free money I had to basically spend more money. It doesnt make sence, but if you do the math you actually come out ahead getting the free money and taking an extra class. Look at it as that extra class is totally free. I took classes towards my bachelors. I ended up getting almost all my BSN pre reqs done while completeing the ASN program. Everything but Stats that is, I put that one off!!
Do you have a community foundation in your city? Usually they have scholarships. Also ask the local hospitals if they have nursing scholarships, mine does and you dont even need to work there to get them. Ask your classmates what scholarships they may be getting, also ask the school what scholarships they see come through. I didnt know about the Frank Obannon thing---darn it. But see, there are TONS out there, you just have to dig to find them.
I worked at a place until last year. Had over 5 years in with them and asked many times to the financial officer for the company to take money out of my 401K beacuse we had financial hardship. She always told me that unless I was terminated, quit, buying a house or was an absolute emergency, that I could not withdraw from the fund. I told her.....um.............yeah......we need money for medical expenses but that was not deemed an urgent matter as she said we could get Patient Assistance from the pharm companies!
I had called the company that handled our 401K to get their take on this and they kept telling me to call this other person.
I don't work there any longer and it took 6 months to get my 401k dispursed to me.
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
Are you saying Stafford Loans don't check credit? I have horrible credit and was denied by Sallie Mae? Thanks for the posts on loans.
I worked at a place until last year. Had over 5 years in with them and asked many times to the financial officer for the company to take money out of my 401K beacuse we had financial hardship. She always told me that unless I was terminated, quit, buying a house or was an absolute emergency, that I could not withdraw from the fund. I told her.....um.............yeah......we need money for medical expenses but that was not deemed an urgent matter as she said we could get Patient Assistance from the pharm companies!
I had called the company that handled our 401K to get their take on this and they kept telling me to call this other person.
I don't work there any longer and it took 6 months to get my 401k dispursed to me.
Very interesting............
Brenda
Maybe you were not vested yet...I bet that is why you couldnt do it, some places require you to be an employee at least 5 years before your vested.
Are you saying Stafford Loans don't check credit? I have horrible credit and was denied by Sallie Mae? Thanks for the posts on loans.
Stafford loans do not check credit, unless you have either defaulted on a student loan before, and maybe they wont give it to you if you have had a drug conviction. Some one does not give you money with a drug conviction, I know I always had to check that box "no" but general credit score, they dont check.
Are you saying Stafford Loans don't check credit? I have horrible credit and was denied by Sallie Mae? Thanks for the posts on loans.
Stafford loans are need based loans, so no they do not check your credit. Let's just say my credit score is wayyyy under 500 and I got mine. The only ones that check your credit are private loans.
kgle
554 Posts
Well a coworker of mine found out why the late disbursement dates. Apparently they set the dates due to risk. She was on academic probation and this was my first year, so we had later disbursement dates than others. They don't want to take the chance on people applying for them I guess and then dropping out of school. Makes sense I guess! They said we should be receiving an email today regarding applying for loans for the Fall semester.