Loans disbursed after classes start!?

cjungen · Dec 30, 2010

Talk to the bursars office. Usually if you have a loan through school they will allow late payment. I would check with the school bookstore and see what the policy is about books.

#1 MOMMY · Dec 30, 2010

@gatordez

At my college (Gordon), as long as you are approved for the loan, they will cover your classes. As far as the physical and other stuff, that will have to be paid out of pocket. The good thing for us is that the physical, CPR and background screening is not due until January 28, 2011. Also, you can get your books on credit from the bookstore and then it will be deducted from your loan upon disbursement. Good luck with everything!!!!!

gumby1411 · Dec 30, 2010

My school pays for my tuition via my student loans and then cuts me a check for the remaining money. And no, I don't get the check until a few weeks after classes start. It's weird how they do it, but I guess it's pretty common.

Future_Nurse_2_Be · Dec 30, 2010

My school pays for my tuition via my student loans and then cuts me a check for the remaining money. And no, I don't get the check until a few weeks after classes start. It's weird how they do it, but I guess it's pretty common.

This is how my school is as well, but we don't get our remaining money until the 2nd wk. of Feb.

Butterfly0328 · Dec 31, 2010

Yea, just like the others said, most schools want to make sure you plan to attend classes and not just get the financial and split, so to speak. I guess there have been problems with people going the 9 yards only to accept the money and then drop the classes. Just another way for dishonest people to beat the system. Really sucks for those of us who really need the money before school starts. As far as the due date on your payment for classes, as long as you have been approved for aid you have nothing to worry about, just like the others have said. So relax and enjoy the time off before classes begin.LOL

gatordez · Dec 31, 2010

Thank you all for the posts! I have been approved for the loans so my classes should be held. I went to college in Florida and things were a lot different. That is why I was getting nervous! #1Mommy I start at Gordon this Spring as well. Thanks again guys...this forum is always helpful :)

CrazierThanYou · Dec 31, 2010

I don't have loans but I do have a scholarship. Funny thing is, the scholarship doesn't disburse until a week after classes begin. So, I have to pay out of pocket and then get reimbursed.

Its no big deal for me but what if I didn't have the money? That would sort of defeat the purpose! One of my classmates is struggling to pay for school and he wanted to apply for the same scholarship I got but unfortunately, I guess it wouldn't help much.

Your school might be different but mine told me I had to pay up front or get dropped from my classes.

Kellie626 · Dec 31, 2010

This is pretty typical. I would also check with your FA office. At my school if you have a refund coming back from your loans, they will give you a book voucher for the bookstore to get books. Way more expensive there but an option if you don't want to start classes without them. (Although personally I think most of them are a huge waste of money anyway, but that's another topic :))

ImThatGuy, BSN, RN · Jan 1, 2011

Their business office should already know whether or not your loans have been aproved and issue a waiver. Once the school then receives the loan money they'll debit what they want to cover your account balance and credit the rest to you probably by electronic deposit.

One piece of advice you may not have considered; pay the interest as you go. Don't wait until the end. Pay it now. It won't be much if you pay it monthly, etc.

Also, you probably won't need all of those books right at the beginning so wait for your cue to get them.

I got a loan for this year. I'll never go through that B.S. again. I'd rather just pay out of pocket now. What a freaking nightmare. I got my first degree, back when college was cheap, primarily by means of an academic scholarship which was already in place so I never had to do anything but make a class schedule. The rest was automatic.

What I actually had to do this year was pay for the classes myself since there was some stupid form they said I hadn't signed despite the fact that every time I called up there to check the status of the loan I'd ask, "Is there any other paper work I need to fill out?" I'd get the "No, you look good to go" reply. Idiots. To save my schedule and start class the first day I called and paid by phone with my debit card because the element of paperwork was missing was some authorization to allow the school to draft my account balance from the loan. Once I got my refund, which was all of it, I reimbursed myself what I had paid the school and nested the rest. I work so I don't live off of the loans. I just didn't want to have to drop anything out of my checking or savings on school at this point since I relocated and took a lesser non-career track position to go back to school. This is why it's a plus to pay the interest as you go. You'll only have to pay back the principal later instead of the compounded interest on top of it.

CrazierThanYou · Jan 1, 2011

I got loans while working on my first degree. At that school, I could go online and accept or decline the loans and that was it. Everything else was automatic. Then, when I started working on my nursing degree, I applied for a small loan. The hassle involved was unbelievable. I finally just said forget it and decided to pay out of pocket. Then I got a scholarship.

My school does know that I have the scholarship but the financial aid director is a real witch so I'm not sure if the problem lies with her or not. But I always have to pay up front and then get reimbursed.

lifelearningrn, BSN, RN · Jan 1, 2011

Check with your school. At my school, if you have a pell grant, they automatically deduct that from your account and you can use it as credit in the bookstore. They do not give you the money until 1 month into classes for the rest. If you are only getting student loans, you have to come up with the money on your own until they pay you, again, 1 month into the semester. My school lets you enroll in payment plans where you pay 4 equal payments throughout the semester. When you have loans out there, you only have to pay the 1st payment and they will deduct the rest when the loans become available.

It sucks because it's based on the assumption that people will take the money and split.. unfortunately the few bad apples ruin the bunch.