They will backpay you for any covered costs, even if it is on a loan, back to July 1st (prorated for the summer term if it started before July 1st). I was told that once it is switched from "In Final Review" to "Participant," it will be 60 days until they disburse the funds. So, I'm planning on continuing on with the loans as they pay back the covered costs, but NOT the interest that has accrued.
Also, for everyone worrying about the credit check, I was offered the finalist spot and I have yet to be credit checked. Makes me a little nervous, but perhaps they use credit as a final determination? I don't know, totally speculating there as I did not inquire over the phone.
It looks like if you are offered the finalist spot, and then all of your paperwork is submitted in the timeframe, and it all checks out after they look back through everything (that you crossed all your t's and dotted all your i's), the secretary will sign it by the end of September and then funds are disbursed 60 days later. I was "advised" by HRSA that once finalists submit their documents, it usually takes between 1 and 3 weeks for it to be reviewed, signed, and our status to change on the website! At that time, count down your 60 day's for all your monies, including back payments for stipends, tuition, ORC, books, fees, etc.
Also, when looking through the previous years posts on all nurses, people were being offered scholarships up to the end of September AND BEYOND sometimes. They just keep moving down the list one name at a time as money is available. Schools certify specific amounts for what we will receive, which then can free up the allocated funds for additional scholarships! DON'T become despondent! Don't give up! Don't drop out! You might have to deal with loans for this first two months of school, but you might still get funded! Plus, then you'll already be on your way to becoming a nurse!! Imagine how devastated you would be if you got offered the money a day after the school processed your drop papers!
Feel free to message me if you want specific details too!
Best of luck.