A few questions concerning disbursements

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zeth006
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A few questions concerning disbursements

Postby zeth006 » Thu May 13, 2010 9:17 pm

When I fill out my loan request form due June 1st with USD, am I supposed to request enough federal loans and financial aid for an entire year's worth so that the financial aid department can disburse it in halves once per semester, or do I ask for just what I need for first semester?

Also, I understand that the maximum Grad Plus loans I can borrow is total cost of attendance minus any need-based grants and Stafford loans. If I decide not to use the offered $4,000 work-study, can I subtract that from my total aid and borrow more Grad Plus, or will I need to seek alternative loans?

Also, if I borrow up to the max and need more, is there a bank/organization I should go to secure a second loan?

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chicagolaw2013
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Re: A few questions concerning disbursements

Postby chicagolaw2013 » Thu May 13, 2010 9:41 pm

zeth006 wrote:When I fill out my loan request form due June 1st with USD, am I supposed to request enough federal loans and financial aid for an entire year's worth so that the financial aid department can disburse it in halves once per semester, or do I ask for just what I need for first semester?

Also, I understand that the maximum Grad Plus loans I can borrow is total cost of attendance minus any need-based grants and Stafford loans. If I decide not to use the offered $4,000 work-study, can I subtract that from my total aid and borrow more Grad Plus, or will I need to seek alternative loans?

Also, if I borrow up to the max and need more, is there a bank/organization I should go to secure a second loan?


DePaul gave me my loan package as a whole year, then showed the breakout per semester (in case I forgot how to divide by two I guess haha). With the GradPlus app I had to fill out and send back I put the whole amount for the year I was offered, and said I wanted it split over two terms (Fall and Spring).

Can't help you on the work-study thing. I didn't know we could be offered that...hmm. Maybe it's a school-by-school thing.

I would definitely check with your financial aid office before sending anything to anyone. The last thing you wanna do is write something down incorrectly and be screwed out of loans you need.

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zeth006
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Re: A few questions concerning disbursements

Postby zeth006 » Thu May 13, 2010 9:49 pm

chicagolaw2013 wrote:
zeth006 wrote:When I fill out my loan request form due June 1st with USD, am I supposed to request enough federal loans and financial aid for an entire year's worth so that the financial aid department can disburse it in halves once per semester, or do I ask for just what I need for first semester?

Also, I understand that the maximum Grad Plus loans I can borrow is total cost of attendance minus any need-based grants and Stafford loans. If I decide not to use the offered $4,000 work-study, can I subtract that from my total aid and borrow more Grad Plus, or will I need to seek alternative loans?

Also, if I borrow up to the max and need more, is there a bank/organization I should go to secure a second loan?


DePaul gave me my loan package as a whole year, then showed the breakout per semester (in case I forgot how to divide by two I guess haha). With the GradPlus app I had to fill out and send back I put the whole amount for the year I was offered, and said I wanted it split over two terms (Fall and Spring).

Can't help you on the work-study thing. I didn't know we could be offered that...hmm. Maybe it's a school-by-school thing.

I would definitely check with your financial aid office before sending anything to anyone. The last thing you wanna do is write something down incorrectly and be screwed out of loans you need.



Done. I'm going to be doing more research on private loans. I've never had to take one out and I'm not all too enthused with their reputation.

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chicagolaw2013
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Re: A few questions concerning disbursements

Postby chicagolaw2013 » Thu May 13, 2010 9:50 pm

zeth006 wrote:
chicagolaw2013 wrote:
zeth006 wrote:When I fill out my loan request form due June 1st with USD, am I supposed to request enough federal loans and financial aid for an entire year's worth so that the financial aid department can disburse it in halves once per semester, or do I ask for just what I need for first semester?

Also, I understand that the maximum Grad Plus loans I can borrow is total cost of attendance minus any need-based grants and Stafford loans. If I decide not to use the offered $4,000 work-study, can I subtract that from my total aid and borrow more Grad Plus, or will I need to seek alternative loans?

Also, if I borrow up to the max and need more, is there a bank/organization I should go to secure a second loan?


DePaul gave me my loan package as a whole year, then showed the breakout per semester (in case I forgot how to divide by two I guess haha). With the GradPlus app I had to fill out and send back I put the whole amount for the year I was offered, and said I wanted it split over two terms (Fall and Spring).

Can't help you on the work-study thing. I didn't know we could be offered that...hmm. Maybe it's a school-by-school thing.

I would definitely check with your financial aid office before sending anything to anyone. The last thing you wanna do is write something down incorrectly and be screwed out of loans you need.



Done. I'm going to be doing more research on private loans. I've never had to take one out and I'm not all too enthused with their reputation.


GradPlus or private? Chances are you're going to be dealt a higher interest rate with private loans unless you have stellar credit.

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zeth006
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Re: A few questions concerning disbursements

Postby zeth006 » Thu May 13, 2010 9:59 pm

chicagolaw2013 wrote:
zeth006 wrote:
chicagolaw2013 wrote:
zeth006 wrote:When I fill out my loan request form due June 1st with USD, am I supposed to request enough federal loans and financial aid for an entire year's worth so that the financial aid department can disburse it in halves once per semester, or do I ask for just what I need for first semester?

Also, I understand that the maximum Grad Plus loans I can borrow is total cost of attendance minus any need-based grants and Stafford loans. If I decide not to use the offered $4,000 work-study, can I subtract that from my total aid and borrow more Grad Plus, or will I need to seek alternative loans?

Also, if I borrow up to the max and need more, is there a bank/organization I should go to secure a second loan?


DePaul gave me my loan package as a whole year, then showed the breakout per semester (in case I forgot how to divide by two I guess haha). With the GradPlus app I had to fill out and send back I put the whole amount for the year I was offered, and said I wanted it split over two terms (Fall and Spring).

Can't help you on the work-study thing. I didn't know we could be offered that...hmm. Maybe it's a school-by-school thing.

I would definitely check with your financial aid office before sending anything to anyone. The last thing you wanna do is write something down incorrectly and be screwed out of loans you need.



Done. I'm going to be doing more research on private loans. I've never had to take one out and I'm not all too enthused with their reputation.


GradPlus or private? Chances are you're going to be dealt a higher interest rate with private loans unless you have stellar credit.


Private. Judging from the skyhigh living costs in USD, I'm not 100% certain I'll have enough for the year. They offered $4,000 in work study for a year under the assumption that I'd be willing to work. I've sent an e-mail to the financial aid dept just to verify. I'll probably be asking them tons of questions concerning whether the living cost projections are realistic.

yabbadabbado
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Joined: Tue Aug 18, 2009 10:41 pm

Re: A few questions concerning disbursements

Postby yabbadabbado » Tue May 18, 2010 11:48 am

Try to do it without the private loans. Most schools will increase a grad plus loan and even have provisions for adjusting budgets during the school year once you start. I was able to borrow an additional grad plus loan during the middle of the semester, for example. Bottom line is that you need to talk to the fin. aid. office at your school and see what they say. Taking out private loans for your cost of attendance is a bad idea.

wreckem
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Re: A few questions concerning disbursements

Postby wreckem » Tue May 18, 2010 2:16 pm

They offered you work study because you checked the work study box on your FAFSA. I would try amending your FAFSA.

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zeth006
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Re: A few questions concerning disbursements

Postby zeth006 » Tue May 18, 2010 5:12 pm

wreckem wrote:They offered you work study because you checked the work study box on your FAFSA. I would try amending your FAFSA.


They've said they'll include a link to cancel work study some time this month.




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