<p>I am new to all of this. If you are relying on financial aid entirely to go to school as well as grants etc when are these funds received?</p>
<p>I am assuming that most tuition bills arrive in early August. If you meet all of the financial aid deadlines for your school does the money arrive in time to pay for the first semester? Do parents take out loans then get reimbursed?</p>
<p>The colleges that our kids have attended had online account management programs. I usually pay online, call in with a credit card number or bring a check depending on what's the most convenient. If you are attending this fall, you should have been given access to an online system where you can see the bill and financial aid awards applied to your bill.</p>
<p>At my daughters school her scholarships, grants, loans are credited to her bursars account at around the beginning of school and any charges are charged to the account. If the charges exceed the scholarships/grants etc then we can see what we owe online and are also billed at the end of the month. If the scholarships/grants etc exceed the charges then they are paid to her at the end of the month. </p>
<p>Some schools expect payment earlier (I Know my friend, whose daughter goes to a private school, had to make a payment in the June prior to school starting).</p>
<p>Student federal loans such as Stafford and Perkins are paid direct to the school (or are in our case). My daughter's school is a direct lender so the Stafford loan comes from them and is very speedy. My son's school you have to go through a bank for the Stafford and it seems to be a bit slower.</p>
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If you meet all of the financial aid deadlines for your school does the money arrive in time to pay for the first semester? Do parents take out loans then get reimbursed?
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<p>If you are awarded enough aid to meet full need (and remember need is calculated by the school and many schools do not meet full need) then remember part of the aid may consist of loans - parent and/or student.</p>
<p>Any gift aid that you are awarded by the school/federal government/state government (merit scholarships, need based grants, SEOG, Pell, ACG, state grants) is applied directly to your account, one-half of the total year award per semester. Stafford loans & Perkins loans, as well as any other student loans you get through the school (some schools have their own loan programs) are also awarded at one-half of total year award each semester ... and most schools will directly reduce what you owe by the loan amount, just as gift aid directly reduces what you owe.</p>
<p>If your parents take out a PLUS loan or if you get a private loan, I believe the full amount will be processed at once. However, you will want these loans to be completely processed in time for your bill so that you have the funds available to pay when the bill is due.</p>
<p>Work study money cannot simply be deducted from your bill. This money is not really "paid" to you. A work study award means that you can find yourself a part time work study job on campus (or nearby) and work in it, earning up to the amount of the award over the course of the year (if you work enough to make that much). You have to apply for & get your job (the school does give you a list of available jobs), and you get paid an hourly wage.</p>
<p>Outside scholarships vary. Some are sent to you, some to the school. Schools will often let you deduct the amount of the scholarship from your bill if the money is on its way ... you can send them a copy of the scholarship letter.</p>
<p>Most schools expect your bill to be paid before starting school, often a few weeks in advance. Your bill will be the tuition, room, board, and fees minus any aid that is processed for you (scholarships, grants, loans). Some schools let you pay the balance by credit card; many do not (or charge a 3% fee). Some schools let you pay online, and all will take a check. Some schools have payment plans available. My D's school has a 10 month plan, and I had to figure out the cost less aid, then break that amount into 10. The first payment started in May ... I could wait until mid-July, but I had to make up the May & June payments at the same time. Other schools have their own requirements for payment plans. Some don't have a payment plan; it's all due at once. Remember, you only have to pay for one semester at a time.</p>