Private Loans - How does the process actually work

I want to take out a private loan to pay for my son’s junior year of college. I want to borrow enough to cover tuition, room and board, but not sure about the details as my son is living off campus and cooking for himself.

I know the loan company (Discover/CollegeAve, etc) send the funds straight to the college, so how do I know how much to apply for? I am assuming I apply for the cost of attendance, which includes tuition, room, board, fees, etc. But the amount we owe the college is only the tuition and fees – the room costs will be paid to a private landlord while the food costs will be paid to various grocery stores.

I assume the college will keep their portion, and send us the overage to pay rent and food, but I can’t find this out for certain.

So three questions:

  1. Can anyone tell me how the loan process works for a student who lives off campus?
  2. Can I apply for the entire year, or just for the semester? I only have a bill for the semester, but I have a COA for the entire year?
  3. If the loan doesn’t get funded in time, do I pay the school directly and then they will refund the overage?

And yes… I know all about being careful about taking out private loans, so I’m fine with people not posting about the wisdom/lack thereof of this particular plan of action.

Thanks!

You have directed this question to the appropriate person at the college and you haven’t received a definitive answer?

Right now I can’t get through to them . They are swamped.