<p>Hi, a newbie mommie here. My D was accepted and will be receiving financial aid so she can attend the University.<br>
Today I went to her "MySlice" Account to check up on things and saw the Housing and Meals fees posted there. We had a refund and they applied it to the account but there is still a balance pending there. That is not including books or any other miscellaneous. </p>
<p>I don't see the financial aid applied. How does it work? I definitively know that I need to take a PLUS Loan, that is for sure. I just want to know if I qualify for such, or if a payment plan to the University is the way to go. I don't have that kind of money, so I am thinking on a Plus Loan, if I qualify. But, if I don't, then what happens next?</p>
<p>call the bursar (or better yet, email <a href=“mailto:bursar@syr.edu”>bursar@syr.edu</a>) and ask them for details if you don’t want to wait until everything is posted…</p>
<p>There are rules that prohibit the release of federal financial aid until a certain point - I think the earliest it can be is 10 days before the start of the term.</p>
<p>I’m assuming your D has sent in the FAFSA and any other documents your institution requires? She should receive an award letter from the school. You can also go to the school’s Financial Aid website and see if they offer payment plans.</p>
<p>OP, a call to the school on Monday should set your mind at ease. </p>
<p>I don’t know if this is standard, but here’s how my D’s school does it: They send out statements the first of every month. August 1st, we get the statement for housing and tuition. Underneath that is a section for “Credits Pending” – that includes her scholarship and grant as well as her federal loans. Then there’s the balance due, which is the amount we have to either send or borrow. I check the Credits Pending to make sure that everything is there that should be.</p>
<p>We send in the payment in the first week of August. School starts in very late August, around the 27th.</p>
<p>September 1st, we get a statement which reflects the payment we’ve made, so the balance due is zero. By then, the scholarship and school grant have been applied, but for some reason the federal loans aren’t applied until around the 5th of Sept, so those are still pending on the Sept statement.</p>
<p>October 1st is when everything has finally settled. </p>
<p>It’s a multi-step process; some things can’t be settled until other things have happened. As long as you meet the deadlines, then you should be fine.</p>
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<p>Payment plans aren’t loans and as far as I know, will need to be paid during the school year. PLUS loans are true loans, stretched out over multiple years.</p>
<p>From what I’ve read, the PLUS credit requirements aren’t stringent so if your credit is reasonably OK, you should qualify.</p>