<p>I won't get my fall payout in loans until September but the bill for my school came and it's due on the 11th. And my mom wants to pay the fall semester all off in one payment. Which means I won't get to use my fall federal loan payment for the tuition/housing bill which I'm fine with I guess, as long as I can use it for other things or for my spring semester??</p>
<p>Generally you don’t get a ‘payout’ for loans. They are credited to your bill if you’ve completed the MPN and other requirements for the loan. Does the bill have the loan amount credited to it? If not and your payment plus the loan amount exceeds billable costs then you should get a refund of the excess. Different schools have different time frames when they refund any excess. I’ve read some as late as after the class drop period.</p>
<p>Most schools do not list the loan amount on the bill, because it cannot be released more than 10 days before the start of the term. Generally, you can just subtract the net amount of the loan from the bill. I send my students a notice that lists their expected net loan disbursement for the term … if your school does not, you can figure it out by taking half your requested annual loan and multiplying it by (1-1.072)=0.9828, which accounts for the loan fee. If you borrowed $5500 for the year, you will receive ($2750*0.9828)= $2,702 for fall.</p>
<p>Some schools will allow you to defer the part of the bill that would be covered by the loans and scholarship. At my daughter’s school you need to request a deferral. It is not automatic. Try checking your school web site or call them.</p>
<p>Look at your bill. If you have accepted that loan and completed the MPN, some schools will list that loan as “pending” because it is not yet disbursed. My kids’ schools didn’t disburse the Direct Loan until well after the term started. But if the student had accepted the loan in their package, AND completed the MPN, they didnt expect us to pay that amount…</p>
<p>BUT…you need to check YOUR school. It looks like Kelsmom had a completely different experience than we did, so YMMV depending on the school.</p>
<p>I agree, if the school hasn’t already deducted the loan from the Amount Owed, then subtract it yourself. My S gets a private loan every year (lower rates than the subsidized fed loan) which isn’t dispersed until after school starts. We have been successful in getting the late fee waived by telling the fin aid office why we were late. </p>
<p>Contact the school. Some schools will cancel the class registration if the bill is not paid in full.</p>