MetaChat - Student loan question.

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21 September 2006

Student loan question. I just received a check and I'm not sure what to do with it. →[More:]I took out federal (Stafford)loans for grad school, and their upper limit for loans fell just short of what I was told tuition was. So I was expecting to have to pay a couple thousand dollars out of pocket for the year.

My first semester tuition bill came, saying it was paid in full by the loan disbursement. Fine and good. But I just recieved a check for a little over a thousand dollars, with a note saying it was the remainder of my aid.

post by: occhiblu at: 16:11 | 7 comments

I don't understand. It's obviously not the entirety of the rest of the year's loan; it's too small. So what is this check?

(I never had to deal with financial aid disbursement as an undergrad, my parents did that and now I'm just paying off the loans, so I'm just not used to dealing with all this. And yes, I can call the Financial Aid office, but I hate sounding this clueless when I call.)

posted by occhiblu 21 September | 16:11

Also, what god decided to send me an unexplained thousand-dollar check the day before I go to Vegas, I'd like to know.

posted by occhiblu 21 September | 16:12

Put it in the bank and sit on it. . .in case they want it back.

Or put it on red 23.

posted by danf 21 September | 16:24

Spend it on liquor and whores.

Actually, I may be misunderstanding what you're saying, but it sounds to me like your loan for the entire year was disbursed to your school, and they applied it to your semester's tuition, and sent you back the rest. So, next semester they are likely to say you owe the full semester's tuition. I'd hang onto the money for next semester. And you'll be expected to pony up for the remaining balance nexxt semester, so get ready.

posted by amro 21 September | 16:31

Put it in the bank and sit on it. . .in case they want it back.
Seconded.

But I'd be pulling up a chair to the baccarat table...

posted by getoffmylawn 21 September | 16:31

I'd talk to the financial aid dept at your school, but right now, I can see 2 possibilities:
1) What amro said.
2) The "amount needed to attend" quoted to you when you were applying for aid included room&board, travel expenses, books, and a tiny wee stipend. The loan didn't cover all of this, but it did cover your tuition, the rest going to you to pay out of pocket. This happened to me during my first year, and it was a pleasant surprise.

Although, upon rereading your question and seeing that you're attending grad school, I'm betting it's a). Most uni's disburse loans on a semester basis, but some may disburse on a yearly basis I guess. Talk to either fin. aid or student accounts.

posted by muddgirl 21 September | 17:36

But the amount I just got is not enough to cover next semester, even assuming I put in my couple thousand. That's why I'm confused.

Ah well. I'll call them next week and see what's going on.

posted by occhiblu 21 September | 18:19

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