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Student Loans: Should I be concerned?
Sterica
YesRegistered User, Moderator mod
YesRegistered User, Moderator mod
As I said in a previous thread, my loan ended up going to the wrong school. So I had to contact the school and cancel it. My information was all accurate. The only possible way they could have really screwed up was because my FAFSA had multiple schools on it (MPN and everything else were correct). Two weeks ago I went through the process a second time after talking to my new school's financial aid office. They even got the information for the bad loan, which makes the whole thing weirder.
So anyways, the financial aid office tells me that, due to it being crunch time now, it'll take an average of 21 days to process (compared to the 3-4 four the old one took). That would be a week from now, which is after classes begin. On paper this isn't a big deal: my grant covers most of my classes and I can have the financial aid people prevent my one unpaid class from dropping. The problem is that I'm relying on this thing now. I leave my job this week, and managed to get myself an internship. My main concern is that the loan gets fucked up again. I guess the bright side is that the government was more than willing to meet my requested amount, so I'm not worried about getting denied or anything.
And it wouldn't be a disaster if the loan did somehow get screwed up a second time, but I'm not comfortable with my financial situation still being up in the air for this long.
But is this a typical wait? I know the loan request is now last minute, but I really hate committing to something uncertain as this.
So anyways, the financial aid office tells me that, due to it being crunch time now, it'll take an average of 21 days to process (compared to the 3-4 four the old one took). That would be a week from now, which is after classes begin. On paper this isn't a big deal: my grant covers most of my classes and I can have the financial aid people prevent my one unpaid class from dropping. The problem is that I'm relying on this thing now. I leave my job this week, and managed to get myself an internship. My main concern is that the loan gets fucked up again. I guess the bright side is that the government was more than willing to meet my requested amount, so I'm not worried about getting denied or anything.
And it wouldn't be a disaster if the loan did somehow get screwed up a second time, but I'm not comfortable with my financial situation still being up in the air for this long.
But is this a typical wait? I know the loan request is now last minute, but I really hate committing to something uncertain as this.
Sterica on
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Further, I believe (I have nothing to back this up, it's just the way I'm told it works) that the school is budgeted a certain amount of loan money. If they hit that cap before they process your application, you get no loan.
You should really be very proactive during the Financial Aid processing period. Always apply early, and follow up often. It can make a big difference, long term.