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A specific loan question

Posted: Wed Jun 14, 2017 12:51 am
by rush4334
I understand that the seat deposit I paid ($700) will be deducted from my first semester's tuition. I was just curious as to if the amount I put toward a seat deposit can still be borrowed against when I get my loan money late August. For example, if tuition is $20,000 a semester will they deduct that $700 from my loan amount so I can only borrow $19,300 or will I still be able to borrow the $20,000?

Re: A specific loan question

Posted: Wed Jun 14, 2017 12:03 pm
by mcmand
rush4334 wrote:I understand that the seat deposit I paid ($700) will be deducted from my first semester's tuition. I was just curious as to if the amount I put toward a seat deposit can still be borrowed against when I get my loan money late August. For example, if tuition is $20,000 a semester will they deduct that $700 from my loan amount so I can only borrow $19,300 or will I still be able to borrow the $20,000?


Sounds like a great question for your financial aid office at your university/law school. I would imagine they would deduct it, but they probably have a specific policy. I can't remember if my loan was less the amount of the deposit. I don't think it was. But if you want to know for sure, you'll have to ask them.

Re: A specific loan question

Posted: Fri Jun 16, 2017 12:55 pm
by guynourmin
rush4334 wrote:I understand that the seat deposit I paid ($700) will be deducted from my first semester's tuition. I was just curious as to if the amount I put toward a seat deposit can still be borrowed against when I get my loan money late August. For example, if tuition is $20,000 a semester will they deduct that $700 from my loan amount so I can only borrow $19,300 or will I still be able to borrow the $20,000?


I am pretty sure the answer is no, as if tuition is 20,000 and you receive a 20,000 scholarship you cannot borrow anything, but this is question is slightly different and I would ask the finaid office.

Re: A specific loan question

Posted: Sat Jun 17, 2017 12:07 pm
by rush4334
I talked to an AdCom and one can borrow the full amount tuition minus any scholarship regardless of seat deposit. So in my example, I can still borrow the $20,000 amount assuming no scholarship is involved - so I can still borrow against the seat deposit.