Loan process

Published

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.

Correct me on this one.....................

Isn't Sallie Mae and Stafford loans one in the same entity?

-Brenda

Pretty much...Sallie Mae is a provider of Stafford Loans as well as other student loans.

Up Vote Up Vote ×

Do any of you take out unsubsidized? Everyone (outside of the nursing program) is telling me not to take them out, but I heard you get more if you do and I need money to live off of! For whatever reason, the Sallie Mae website is not offering me to apply for a Stafford loan. It goes straight to "Apply for a Private Loan." I've done this for the past 2 years and have yet to have a problem. I hate this!!

Up Vote Up Vote ×

My son took out a private loan when he was at VU a few years ago.

He needed that plus the Stafford loan to live, eat and such.

He had to make the payments each month to the tune of 175.00. His interest rate was 8.75%

He said that it was better than nothing but wouldn't do it again if he had a choice.

He had 17 credit hours for 2 years plus had to work to pay his loan. It was a very stressful time for him.

If you need the money to live, I don;t think we have a choice.

I still have not gotten my financial award notice from Ivy tech yet and they are supposed to be out by tomorrow.

Good luck! Its a hard go to work, go to school full time, pay bills, raise a family.........

-Brenda

Up Vote Up Vote ×

I am going to lose it. Okay, so I tried to apply for my Stafford loan and the opennet website didn't give me the option; it would only allow me to apply for a private loan. It also kept saying it couldn't find my account when I tried to manage my loans. I called Sallie Mae and was told that my first loan in 06 was never disbursed to the school and was withdrawn. That caused my two later loans not to be disbursed to the school. That makes absolutely no sense what so ever. Why would the school allow me to use loan money that was apparently never disbursed to pay for all of my books for the past 2 years? And why would they cut me a check for the remainder of the loan? Also, why would Ivy Tech let me attend classes for 2 years if my loans were never disbursed and I owed them money??

I also looked at my loans on the FAFSA website after clicking some link on Campus Connect and it gives me the exact dates that the money was disbursed to Ivy Tech.

This guy really upset me. He said I probably owe Ivy Tech thousands of dollars and until I pay them everything, I can't take out any Stafford loans and I would have to take out a private loan to pay all of the "undisbursed loans" I've already taken out.

I'm so freakin' aggravated. Guess I'll be at the financial aid office first thing tomorrow.

Up Vote Up Vote ×

I also tried to apply for my fall loan on Opennet and it only gave the option of taking out a private loan. I have been looking for the deadline to apply for fall loan. Havent found one. Anyone have any idea.

On that note. My sister who is a transfer in from Purdue tried the Opennet application and also got only the option of a private loan.

What is UP????

Up Vote Up Vote ×

Okay, I just called my financial aid office. The lady told me that there is a new procedure to apply for Stafford loans this year and there would be an announcement on Campus Connect telling everyone how to do it. I asked when we could apply, since it's getting awfully close to the first day of classes, and she told me that I would just have to keep checking on the Campus Connect website because the loan site is not ready yet. :banghead:

Up Vote Up Vote ×

I spoke just spoke with the financial aid office and they said there have been some problems getting the eletronic calculations to transfer into the new computer system.

They said they are working on it and hopefully we will have awards notices by the middle of next week.

Opennet will no longer show that you can apply for a Stafford Loan, just a private loan.

We just have to be patient and wait till they get their %7%% together with the new system.

-Brenda

Up Vote Up Vote ×

You do not have the choice to apply for subsidized or unsubsidized. Its up to the school I believe to determine it. Based on your financial need. As for taking out more in unsubsidized...thats not totally correct.

Usually what happens:

You apply for a stafford loan, based on financial need, I BELIEVE they give you subsidized until you have maxed it out, any loans after that become unsubsidized. EITHER WAY, you do not have to start repaying stafford loans until you graduate from school and there is usually a 6 month grace period following graduation.

Up Vote Up Vote ×
Specializes in DD, HHC, Med Surg, PCU, Resource.

At my nursing O on Wed the financial aid said the new procedure is all on paper. You need to fill out the paper that she gave us and they needed to be done in two weeks.

I am really worred about taking out a loan and what makes it so difficult is I don't know what grants or scholarships I'm going to get. Except for the Frank O'Bannon. So if I don't apply I take the chance of not having any money.

I'm also taking 10 credits, so I'm not sure I will get that (Frank O'bannon) money either.

Why, Why, Why does it have to be so complicated?!?

Up Vote Up Vote ×

What I have heard about it from financial aid is this:

In the email, they should be offering you an amount that they have determined you need. I would assume its somewhere close to the max amount. You can either accept that or lower the offer and ask for less money. Where they go from there, whether they have automatically approved the amount they offer you, or if they just offer you the max and have to approve it after I have no clue. I DO know they were supposed to have this done at the beginning of the week though...and it sucks that because of their problems we might end up getting the loans even later.

Up Vote Up Vote ×

Its actually not as complicated as it seems. It just seems that way to new students. :)

Since you are a new student, you will need to do a loan app that they gave you.

Usually pell grants, Frank O'Bannon grants etc will be shown on your Campus Connect later in the semester. Sometimes they don't show up until after you get the Stafford loan amount. My advice, take all the Stafford loan awards you can get then if you get a lot of scholarships, grants etc, you can always just bank that loan money and pay it back in a lump sum.

Don't count on Pell grants or Frank O'Bannon grants or scholarships just incase you don't get them.

Worst scenerio--- you get loans, grants and scholarships and are able to pay for tuition, books, live on the scholarships and then just pay back the loan immediatly.

Stafford loans are completely open, meaning they can be paid back before the due date.

If you refuse the Stafford loan, you won't be able to reapply for it until the next semester!

Good luck. Breathe deep. Its scary but by 2nd year, you will be a pro at this stuff.

-Brenda

Up Vote Up Vote ×
+ Join the Discussion