<p>I was wondering, if you might get a scholarship or assistantship that would pay for most of your education, can you take a stafford loan out and then just have it taken back?
I never thought about it before, but my son doesn't know if he will get an assistantship yet and I told him to take it out just in case. I also thought it would stay on his account if he needed it in further years if the slight chance, but wished for, assistantship came. (decisions are made in the summer)</p>
<p>do we get assistantships for ug too??
how do u apply for them>???</p>
<p>Stafford loans can be paid back anytime. But, if he’s applying for fall semester, they won’t be disbursed until the end of summer anyway. You could just wait to apply until after he receives the decision.</p>
<p>He called today for the deadline, every school is different although the loan company doesn’t disperse, as mentioned until the fall. I think he has too within the next few weeks. They said, they give a credit to the student to use to pay off the loan or for other things…either way, it has to get paid off by the student at some point.</p>
<p>Loan company? I thought all Staffords were now direct loans! In my experience, direct loans take 2 weeks or less!</p>
<p>Well, he just quoted what he was told. I know it also said on the school website, to accept loans within 45 days from the day it was sent, why I’m not sure.</p>
<p>Hmmm…maybe not all of the FFEL schools have made the change? I wasn’t doubting that your son knew what he’d been told, it just sounded odd! Well, At least he can apply and then cancel the loan if it’s not needed. Fingers crossed that he’ll get that nice opportunity!</p>
<p>Thanks, the more I think I know about college related things, especially aid, I realize the less I know. : )</p>
<p>Here’s a relatively current link to the info on changing from FFEL to Direct…looks like it will be effective 7/1:</p>
<p>[Questions</a> & Answers on the Transition to 100 Percent Direct Lending](<a href=“http://www2.ed.gov/about/overview/budget/budget10/finaid/faq-ffel-dl.html]Questions”>Questions & Answers on the Transition to 100 Percent Direct Lending)</p>
<p>From the Q & A: “Currently, Direct Loan servicing can also assume significant more volume, including increased customer service activity. The Department is in the process of developing even more capacity over the next several months.” That’s because they are hiring companies (including Sallie Mae) to service the loans. The consumer will be assigned a servicer.</p>