<p>I just signed my MPN for my loans and say it is split into 2 payments. does this mean i pay by semester not year? </p>
<p>If i do pay be semester and not yearly then how is my financial aid given to me? do they just split it in half?</p>
<p>The reason I am so worried is because i have been planning like i have to pay for the full year by Aug 1st when fees are due and I have already withdrew my EFC from saving and was planning on submiting it all at once. Do i have to submit it in 2 payments or can i just pay all fees at once. </p>
<p>Idno if the breakdown of my fees will help with what im trying to explain:</p>
<p>Tuition for the Year (Not including books and misc. personal costs): $53,808
Financial Aid for the Year (Pell Grant, loans, ect., but not including $3000 for W/S): $40,655
Out of pocket I owe: $13,153</p>
<p>I already have the check prepared for the $13,153 and was going to submit it for the Sug 1st deadline for fees. Can i still do that even though it is calculated based on yearly costs?</p>
<p>Thank you in advance and sorry for so many questions!</p>
<p>Every school I know of charges by the semester, and financial aid is split 50-50 between semesters. Stafford loans are released by the government by the semester, not by the year. My kid’s school divides two of her private scholarships 50-50 (the other one doesn’t arrive at the school until January).</p>
<p>You can ask the school to keep the excess you’ve withdrawn on your account and see what they say. The difficulty in doing this (especially if you have scholarships) is that the two semesters of an academic year fall into different tax years - so this can have some tax ramifications, especially if you end up with more scholarship money than you have tuition expense. And it may not make the school accountants happy, either. My daughter’s school refuses to keep excess money in her account other than the scholarship money.</p>