How are COL loans paid out?

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JJDancer
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Joined: Sun Jul 26, 2009 7:41 pm

How are COL loans paid out?

Postby JJDancer » Mon Jan 17, 2011 4:42 pm

This might seem like a stupid question.

Although I had a LOT of loans for UG they were paid directly to my school for a) tuition b) housing and c) food.

For law school, my housing/food things will be off campus so I'm wondering how the non-tuition loans are disbursed? Do they divide the loans per month and send you a check? Or per semeter? or is there no check?

Thanks. Sorry if this is finaid 101.

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kjadkins
Posts: 648
Joined: Wed Dec 01, 2010 6:49 pm

Re: How are COL loans paid out?

Postby kjadkins » Mon Jan 17, 2011 4:47 pm

JJDancer wrote:This might seem like a stupid question.

Although I had a LOT of loans for UG they were paid directly to my school for a) tuition b) housing and c) food.

For law school, my housing/food things will be off campus so I'm wondering how the non-tuition loans are disbursed? Do they divide the loans per month and send you a check? Or per semeter? or is there no check?

Thanks. Sorry if this is finaid 101.


Someone correct me if I'm wrong, but I'm pretty sure I read somewhere that the loans you've gotten are paid directly to your school, they deduct tuition/fees/etc. and cut you a check for the rest, once a semester.

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patrickd139
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Joined: Wed Jan 14, 2009 8:53 pm

Re: How are COL loans paid out?

Postby patrickd139 » Mon Jan 17, 2011 5:58 pm

kjadkins wrote:
JJDancer wrote:This might seem like a stupid question.

Although I had a LOT of loans for UG they were paid directly to my school for a) tuition b) housing and c) food.

For law school, my housing/food things will be off campus so I'm wondering how the non-tuition loans are disbursed? Do they divide the loans per month and send you a check? Or per semeter? or is there no check?

Thanks. Sorry if this is finaid 101.


Someone correct me if I'm wrong, but I'm pretty sure I read somewhere that the loans you've gotten are paid directly to your school, they deduct tuition/fees/etc. and cut you a check for the rest, once a semester.

This has been my experience.

sidhesadie
Posts: 454
Joined: Mon Jul 12, 2010 4:54 pm

Re: How are COL loans paid out?

Postby sidhesadie » Tue Jan 18, 2011 5:10 pm

I've had it go 2 ways at 2 different institutions (both undergrad, but I live off campus in non university housing and had no meal plan or anything so I think the answer applies)

One school sent me a check each quarter for the FULL amount, out of which I then had to pay tuition, etc.

The other paid the school for tuition and then cut me a check (direct deposit, actually) for the leftover, which I then used like any other deposit in my checking account.

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pixytree
Posts: 175
Joined: Mon Dec 20, 2010 12:35 pm

Re: How are COL loans paid out?

Postby pixytree » Fri Jan 21, 2011 10:39 pm

JJDancer wrote:This might seem like a stupid question.

Although I had a LOT of loans for UG they were paid directly to my school for a) tuition b) housing and c) food.

For law school, my housing/food things will be off campus so I'm wondering how the non-tuition loans are disbursed? Do they divide the loans per month and send you a check? Or per semeter? or is there no check?

Thanks. Sorry if this is finaid 101.


Some schools will also let you take out a small loan directly from the school until you get your check.




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