<p>Right now, my amount due to my university for the Fall semester is $6,000. My parents were denied the Parent PLUS loan last week, so within the next week I should be offered an additional $2,000 in Stafford loans toward this semesters costs. </p>
<p>If I pay the $6,000 today, and then accept the $2,000 additional stafford loans next week, will I receive a refund check for the $2,000 in stafford loans (yes, I know I'll still have to pay back that money).</p>
<p>Thank you.</p>
<p>How will you be paying the $6k? Will you be paying cash/debit card? If so, you should receive a refund.</p>
<p>If you pay by credit card, then you may not receive a refund. Often schools will then credit back the credit card.</p>
<p>If you are living on campus, it might go toward your housing.</p>
<p>You have to call the financial aid office AND the bursar’s office to find out exactly how your particular college works these things out, and what the timing is. The way it usually works is that the funds will go into your university account, and if your account does not have any other items on it, such as room charge, food charge, it is available to you in whatever way that university returns such funds. My son’s college would just draw a check payable to him if he nothing else owed on the account. Others will automatically mail the check to your home account, and others use a service. The timing can also vary as some colleges will not return the money until after the drop dates. So you need to know what the policies are.</p>
<p>Also, many colleges will make note that such funds from Staffords are on the way and give you credit for that amount with no late fees assessed, if you ask so that you don’t have to pay the full $6K, but $4K in anticipation of the loan proceeds.</p>