At the beginning of this semester I was offered X amount for graduate plus loans. I only accepted enough for the tuition costs. I did this thinking I would get hired at a local hospital within a month and would be able to pay for my rent through that job. However my orientation for work has been delayed almost a month now due to TB tests being inconclusive, requiring more tests. Anyway I went to my Financial Aid office and requested to take a bigger portion of my loan out in order to pay bills… They were very helpful and allowed me to do this, however I’m in a time crunch with payments coming up, Does anybody know how long it would take from the time I accepted a bigger amount of the loan to the time it is in my bank account through direct deposit? Idk if it would be faster since I already have my tuition paid for? If knowing the school would make more accurate times, I’m currently attending UT Austin. Thank you for your help
How long it takes depends on the school’s processing timeline. Sometimes it can be quick, but other times it can take several weeks for a loan increase to be processed through to the refund stage. Even a school that is typically quick can sometimes take longer, so there is no way anyone can tell you. Sorry.
Contact the FA office again. Many will have temporary loans (with low or even no interest) that you can take out if you’re in a pinch.
Look here: https://financials.utexas.edu/sar/tuition-cash-institutional-loans
@kelsmom posted the other day in another thread that the Pell grant can now also be used for summer.
So instead of 50% of yearly Pell entitlement being disbursed in fall and 50% in spring, another 50% can be disbursed for summer, but I believe you have to take 12 credits in summer to do so.
But of course if you take 150% of your lifetime 600% entitlement of Pell in one year, you would run out of Pell in 4 years instead of 6.
The OP is a grad student, so no Pell in this case.
Oh yes I sorry, I missed that.