<p>Ok so I'm getting an extra ~$1000 from a loan which I want to use to pay for my frat dues this semester and as spending money for throughout the semester. Problem is I owe exactly $924 in tuition, which my parents are paying, but if my loan is disbursed it'll go straight to paying those $900. I don't want to ask my parents for money instead because they won't pay for my frat. So is there a deadline for "accepting" loans? Can I accept the loan say after my parents pay off those $900 like mid semester? I go to UF btw it that helps.</p>
<p>Just tell your parents to send the check for $924 in now.</p>
<p>Schools can set their own loan deadlines that are earlier, but generally speaking … the deadline is “in time to get the loan originated before the last day of the term.” That would mean that you would have to get your loan request to the aid office in time for them to process the increase prior to the end of the term. The other caveat is that you have to be at least half time when the loan is originated (so no dropping classes then asking for that loan - and this is also why it has to be prior to the end of classes).</p>
<p>Ok I’m full time and I’m not waiting that long to accept the loan. Most likely I’d accept it by the end of February. Just right after my parents pay off the $924 which they’re doing in split payments over the course of January and February. I would not like to take the loan, but I’ve looking for a job since last semester and haven’t been called back from anything. This is my last resource.</p>
<p>You should be fine to get your loan. Have you ever borrowed at your school before? If not, make sure you do entrance counseling and an MPN. See your school’s financial aid website for instructions to complete these. </p>
<p>Is this an increase in an existing loan? If so, you will probably need to complete a loan revision request form to receive it. If not, is the amount on your student account, ready to be accepted? If this is the case, completing the entrance counseling & MPN (if you have never done so before) will speed things up - if you have completed those steps before, the loan should process through automatically once you accept it.</p>
<p>I already did the MPN and entrance counseling last semester, and it wouldn’t be my first loan. I’m freshmen, but credit-wise I’m a Junior. So my financial aid package was based as for a Freshmen $5500 per year. But This semester since I was tight on my money I told the Financial aid office I would like the Junior package which is $7500 per year. BUt since they’re semester split, I’m only getting the $1000 for spring. So I don’t really know if it’s an increase on an existing loan or just a new one. They did tell me that it would be posted on my account by Tuesday ready to “accept.” SO it might be a new one. I should’ve asked them right there and then if there was a deadline for accepting but it just slipped my mind lol.</p>