<p>I applied for an external loan from Sallie Mae over 2 months ago, finished everything and it has for the past month said it is pending on the school. I went in Friday, and was told by the school they had no idea, even though its been pending for a month. My classes start on Monday, and I need the refund check to pay rent. Will I have to wait until they figure out my loan, or will my school just cut me the check knowing that the loan money will be coming in? The phones are busy every single time I call. 20x plus a day. Its absolutely ridiculous. </p>
<p>Thank You!</p>
<p>Your school will not give you any refund money just knowing a loan should be coming! They will wait until they have the money, have applied funds toward your bill, and then will give you a refund at some point.</p>
<p>Private loans are no picnic for schools to process. My students rarely borrow private loans, so I am not in any type of electronic service with lenders. I have no idea that a student has applied for and been approved for a private loan if he doesn’t tell me! On top of that, in order to process a private loan, a student would have to complete and submit a self-certification form. You need to go in and talk to your aid office about how the process works at your school.</p>