Hello, I wanted to find out how long it takes to receive private loan money from Sallie Mae on average. I’m currently attending Saint Mary-of-the-Woods, and my tuition and room/board are covered, I just needed to cover some additional living costs. I’ve seen on other posts that the money should go through the Bursar’s office and be disbursed when classes start but since my costs are all covered the college wouldn’t need to take any of the loan money (unless i’m wrong).
So since all my costs are covered, and this loan is just for additional living costs, my questions are:
A) Does the loan need to go through the bursar’s office and thus have to be disbursed when classes start? If not…
B) How long should it take for the funds to be sent to me directly from Sallie Mae?
If you apply for a Stafford loan through the school, it will go through the financial aid office. It wouldmost like be cheaper as the interest rate is 3.75% this year. You’d have to contact Sallie my to see what the processing time is, but they probably can’t advance the funds until school starts.
it says you can borrow up to 100% of school-certified cost of attendance, but the footnote says that Sallie Mae reserves the right to approve a lower amount.
How much more money do you need? Have you already taken the full federal student loans?
Do you have a job now, could a campus job help with those expenses?
^ My school processes refunds as soon as your bill is settled…if they need to make adjustments later on, they’ll just charge you back. OP needs to check with the school.
The school will certify the loan with Sallie Mae, and the school will put release dates on the loan. The funds will be sent to the school … SM does not send funds to directly to students, to my knowledge. Because private loans don’t have the same rules as government loans, the refund may be ready earlier than it might be with a federal loan … but schools have their own schedules for refunds. Definitely check with your school.