When is the first loan disbursement made?

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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magp90
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When is the first loan disbursement made?

Postby magp90 » Mon Mar 11, 2013 2:23 pm

I'm sure this varies, but when is the first federal loan disbursement typically made?

eerie_erie
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Re: When is the first loan disbursement made?

Postby eerie_erie » Wed Mar 13, 2013 1:45 pm

Really close to when school starts. Mine happened about 3 days before. I think it's typical for it to go straight into your account, unless you took out more than is required for payment, in which case you get a check.

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rinkrat19
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Re: When is the first loan disbursement made?

Postby rinkrat19 » Wed Mar 13, 2013 2:06 pm

I think a lot of schools don't disburse until a few days into the term (ours was 3 days, I think). Here at NU, the whole loan appears in our school account, where it pays off tuition and fees, and then you request a check or direct deposit transfer of what's left over, for your living expenses. That takes a few more days.

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magp90
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Re: When is the first loan disbursement made?

Postby magp90 » Wed Mar 13, 2013 4:51 pm

Thanks for your responses! So long as it is automatically applied to tuition before the starting date, then I'm fine with it. (Not that I would have a choice or anything, obviously)

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rinkrat19
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Re: When is the first loan disbursement made?

Postby rinkrat19 » Wed Mar 13, 2013 5:03 pm

magp90 wrote:Thanks for your responses! So long as it is automatically applied to tuition before the starting date, then I'm fine with it. (Not that I would have a choice or anything, obviously)

It might not be applied before the starting date, but obviously since schools are in charge of disbursing it, they allow tuition to ride on your account until they put the money in. It's not like you have to pay tuition on Day 1 and then you get your loan money on Day 5 and get penalized with late fees.

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magp90
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Re: When is the first loan disbursement made?

Postby magp90 » Wed Mar 13, 2013 5:05 pm

Hahaha yes, that's definitely logical, thanks

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Solistus
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Re: When is the first loan disbursement made?

Postby Solistus » Fri Mar 15, 2013 8:34 am

To piggyback on this related thread: any advice for someone who is basically starting school flat broke, and relying on loans to cover living expenses, for rent deposit and other initial moving/living expenses before those federal loans disburse? Having a couple grand squirreled away to cover those expenses would obviously be ideal, but if I don't, should I look into taking out a small private loan and paying it back out of my federal loans later, or is there a better option I'm overlooking?

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magp90
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Re: When is the first loan disbursement made?

Postby magp90 » Fri Mar 15, 2013 11:04 am

Solistus wrote:To piggyback on this related thread: any advice for someone who is basically starting school flat broke, and relying on loans to cover living expenses, for rent deposit and other initial moving/living expenses before those federal loans disburse? Having a couple grand squirreled away to cover those expenses would obviously be ideal, but if I don't, should I look into taking out a small private loan and paying it back out of my federal loans later, or is there a better option I'm overlooking?


Do you have an idea for how much you could need?

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rinkrat19
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Re: When is the first loan disbursement made?

Postby rinkrat19 » Fri Mar 15, 2013 11:24 am

Solistus wrote:To piggyback on this related thread: any advice for someone who is basically starting school flat broke, and relying on loans to cover living expenses, for rent deposit and other initial moving/living expenses before those federal loans disburse? Having a couple grand squirreled away to cover those expenses would obviously be ideal, but if I don't, should I look into taking out a small private loan and paying it back out of my federal loans later, or is there a better option I'm overlooking?

If you don't already have a credit card, this is an ideal time to use one. (Not guaranteed you can GET one at this point, though.)

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magp90
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Re: When is the first loan disbursement made?

Postby magp90 » Fri Mar 15, 2013 11:36 am

rinkrat19 wrote:
Solistus wrote:To piggyback on this related thread: any advice for someone who is basically starting school flat broke, and relying on loans to cover living expenses, for rent deposit and other initial moving/living expenses before those federal loans disburse? Having a couple grand squirreled away to cover those expenses would obviously be ideal, but if I don't, should I look into taking out a small private loan and paying it back out of my federal loans later, or is there a better option I'm overlooking?

If you don't already have a credit card, this is an ideal time to use one. (Not guaranteed you can GET one at this point, though.)


I agree with this. In fact, I just got a credit card for the first time this week... If you have a job, you would be able to get one if you apply with certain banks, etc., but there is a serious possibility that the limit may not be high enough for you to really live off of until school starts.

It would be nearly impossible to get a private loan from a bank without a credit card or established credit of some kind. If you already have good credit, it might be worth a shot, but I hear that private loans are not a good idea.

I wish I could provide more ideas off the top of my head, but I could be in somewhat of a similar boat, so...

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Homelandsagreatshow
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Re: When is the first loan disbursement made?

Postby Homelandsagreatshow » Fri Mar 15, 2013 11:47 am

Ask your parents to loan you the money and pay them a reduced return then you would have to do at a bank maybe? This way its more professional, but you can avoid the hassle of bringing some random third party into it. I don't know how everyone else's parents would react to this, but I've done this a couple of times. Those disbursements are pretty reliable.

God, I need to build some credit....

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rinkrat19
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Re: When is the first loan disbursement made?

Postby rinkrat19 » Fri Mar 15, 2013 11:52 am

Homelandsagreatshow wrote:Ask your parents to loan you the money and pay them a reduced return then you would have to do at a bank maybe? This way its more professional, but you can avoid the hassle of bringing some random third party into it. I don't know how everyone else's parents would react to this, but I've done this a couple of times. Those disbursements are pretty reliable.

God, I need to build some credit....

Obviously not all parents can afford this...

...but your parents can afford it and would charge you interest for a 2-month(?) loan of a couple thousand bucks? Yeesh.

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cinephile
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Re: When is the first loan disbursement made?

Postby cinephile » Fri Mar 15, 2013 12:28 pm

Solistus wrote:To piggyback on this related thread: any advice for someone who is basically starting school flat broke, and relying on loans to cover living expenses, for rent deposit and other initial moving/living expenses before those federal loans disburse? Having a couple grand squirreled away to cover those expenses would obviously be ideal, but if I don't, should I look into taking out a small private loan and paying it back out of my federal loans later, or is there a better option I'm overlooking?


It'll be essentially impossible. I've never heard of a place that'll allow you to pay deposits, etc. with a credit card. Besides, we had to pay first, last, security, and realtor fee up front - which was about 4,000. That's pretty close to my limit on my Visa and that doesn't even include moving expenses.

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Rory19
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Re: When is the first loan disbursement made?

Postby Rory19 » Fri Mar 15, 2013 6:47 pm

This is the exact reason why I am living in student housing which is billed to my account. This way I only have to come up with funds to get me there, feed me until the over payment check comes through, and for books which all pretty much means CREDIT CARD.

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jessicayaaay
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Re: When is the first loan disbursement made?

Postby jessicayaaay » Fri Apr 05, 2013 6:28 pm

If the first loan disbursement is given out only when school begins, what if our law school (GULC in my case) requires full payment to be due a month before?

I read this on Georgetown's ASW:

"To reserve your seat in the class, full payment of your account balance must be received no later than July 29, 2013." Am I understanding that correctly?

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A. Nony Mouse
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Re: When is the first loan disbursement made?

Postby A. Nony Mouse » Fri Apr 05, 2013 6:53 pm

jessicayaaay wrote:If the first loan disbursement is given out only when school begins, what if our law school (GULC in my case) requires full payment to be due a month before?

I read this on Georgetown's ASW:

"To reserve your seat in the class, full payment of your account balance must be received no later than July 29, 2013." Am I understanding that correctly?

Is that for your actual tuition, or is it for your seat deposit?

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jessicayaaay
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Re: When is the first loan disbursement made?

Postby jessicayaaay » Fri Apr 05, 2013 8:23 pm

A. Nony Mouse wrote:
jessicayaaay wrote:If the first loan disbursement is given out only when school begins, what if our law school (GULC in my case) requires full payment to be due a month before?

I read this on Georgetown's ASW:

"To reserve your seat in the class, full payment of your account balance must be received no later than July 29, 2013." Am I understanding that correctly?

Is that for your actual tuition, or is it for your seat deposit?


I'm assuming it's my actual tuition because my 1st and 2nd seat deposits are due on May 3rd and June 3rd respectively. Do law schools normally charge the full tuition amount before school starts?

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cinephile
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Re: When is the first loan disbursement made?

Postby cinephile » Fri Apr 05, 2013 8:32 pm

^ as far as actual tuition, my school was cool with not charging it to my account until loans were disbursed, but only because they had my stafford/plus forms filled in and on file




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