<p>Hi, I have a question. I went to an out of state college in the beginning of this year and i have a remaining balance of $2000+ there. I left the school after 1 semester but they are holding my transcripts until my balance is payed off. I am currently attending a in state community college and I have a few questions.</p>
<p>1) If I apply for a student loan now, can I apply it towards my balance at the old school or would I need to pay them out of pocket.</p>
<p>2) Would my repayment period start after 6 months of leaving my old school or 6 months after leaving the community college?</p>
<p>If any other information is needed i will try to reply in a timely manner.</p>
<p>You will have to file FAFSA and apply for aid through the school you are currently attending. Total aid, including loans, WS, grants, and any scholarships, cannot exceed the COA of the school. If you do not have aid that exceeds the COA then you may be eligible for some loan money. Once the expenses at your current school are covered then the excess of any loan funds would be paid to you as a refund. Normally loans will be paid out in equal installments by semester but I am not sure what happens when you are applying so late in the year when the current semester is almost done.</p>
<p>Loans go into repayment 6 months after you drop below 1/2 time attendance at any school. It is not linked to a particular school.</p>
<p>Okay. I did apply for FAFSA and everything was covered and i was supposed to get back money but after the disbursement period, i guess financial aid was taken away because of my delinquencies at my old school. So now I owe my old school and current school. My current school said that if my balance was paid off at my old school then the financial aid would cover my classes again. However I am not sure if I will be able to pay the balance off at my old school within this year if I don’t get a loan.</p>
<p>So I owe both schools but I am focusing more on the old school because if paid off then financial aid will cover my current school.</p>
<p>Well the only way to get a student loan is through your current school. And they would obviously use it to pay of your balance there before they refund any remaining balance (if there is any) to you. </p>
<p>Did they say that the balance at your old school is the reason the aid was taken away?</p>
<p>i’m not absolutely sure but what else would stop it. I saw the funds online in my student profile of my school that i had financial aid. but then i recieve a letter saying that i owe them for all the classes i’m currently taking.</p>
<p>You need to go and ask them why the aid was taken away. </p>
<p>For instance, did you accept the aid? Normally you have to actively accept it - either online or by signing a form (depending on the school). And if you were awarded any loans you have to do entrance counseling and sign a master promissory note (all online). Not doing these things would cause your aid to not be processed.</p>
<p>Other things that might stop it is if you do not meet SAP (satisfactory academic progress) standards. These usually include things such as a certain GPA, satisfactorily having completed a certain % (it is 67% and 75% at my kids’ schools) of all classes attempted (ever, anywhere).</p>
<p>Only your school can tell you. You need to go in and talk to your FA people.</p>
<p>This is still the first semester of the year for most schools. Did you drop out of the first school before completing the semester & then enroll at the community college? If so, you probably “earned” a portion of your financial aid at the first school - and the new school will not give you a Pell grant if you have ANY Pell payment at any other school in the same term. In addition, there are annual limits for loans, and what you received at the other school will count toward the annual limit at the new school (which can result in aid being canceled at the new school). Finally, if you have a federal fund overpayment at the first school, you will not get a penny of federal aid until you have repaid the old school for the federal fund overpayment.</p>