My husband was just pre-approved for a ,000 subsidized student loan. They still need to check with the university he is attending to verify the loan amount….can the university tell them not to give my husband that much money? Tuition is only about 2,000 dollars. What do you think? Will they just give us the ,000 he qualified for even though tuition is less? We really need this money to pay off credit card debt..plus he WILL use 2,000 of it for school.
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Tue, Jan 20, 2009
January 20th, 2009 at 8:19 pm
If you do get that much approved, the previous person is correct, the money goes to school first..Then after they apply it to your bill and maybe a book deferrment they will send you what we in NY call a "refund check"… This usually takes 1-3 months depending on your school, and the best and fastest way to get it is direct deposited to your bank account. I hope he succeeds in everything.
January 20th, 2009 at 8:19 pm
The money is paid DIRECTLY to the university to discourage cheating. This is fraud, a federal offense. Furthermore, you are depriving other needy students from getting subsidized loans.
Education in jail is free! Cut up your cards and see a free credit counselor.
BTW, it is against the federal law to renege on student loans. The loans follow you to your death. If delinquent, the loans plus interest can be deducted from SS payments, disability checks, tax refunds, and your estate when you die. When you sign the loan papers, these facts are stated clearly on the form.
The government will come after you. They deducted loan payment from an older man who lost his job and went to college to find new employment. He became ill and was unable to work again. Since student loans are NEVER forgiven, the federal government deducted his payments from his SS check.
January 20th, 2009 at 8:19 pm
You can request however much you want. The school will reduce that amount to reflect their estimated cost of living. Then they will subtract the cost of tuition… The rest of the money will be given to you in a refund check. You can spend it on whatever you want. I am guessing you have a job, you say that that money went to your rent or mortgage and your job money went to the credit card. You are allowed this money so that you can live a modest existance. The money can be used to pay for room, board, food, transportation, books, computers etc.. Since the money goes into your checking account it is indistinguishable from your other money. There is absolutely nothing wrong with using this money to pay off your credit cards because in reality it is your other money paying the credit cards and the school money paying your rent.
January 20th, 2009 at 8:19 pm
Bad credit is one of the worst problems to have… however there exists a solution.
I will hereby talk from my personal experience.
I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :
http://umgarticles.atspace.com/debt-consolidation.htm
if it helps kindly remember me in your voting!.. cheers!
January 20th, 2009 at 8:19 pm
Like one of the responses said, after the school applies the money to the tuition, you will be refunded the remaining amount. The remaining amount is used to cover any expenses that yo may have while attending school for that semester. That is why you are approved for so much money. Many college students do not work or work only part time so the financial aid money may be used to cover the cost of living throughout the year.
Also you should understand that usually the financial aid money that you recieve is meant to pay expenses for the year, let's say 2007-2008. Generally, colleges split the accepted money in two parts. So instead of getting 12,000 at once, you will recieve 6,000 of the money. This means that 2,000 will pay for your tuition and 2,000 for your husband's and then 2,000 may be apllied towards your living expenses. You will recieve the remaining 6,000 once you have enrolled for the next semester.
January 20th, 2009 at 8:19 pm
I'm sure you weren't looking for a lecture as from the previous response. The info is correct, government subsidized loans go directly to the school and then you get the remaining as a refund. If that amount is not enough to help out your situation, try a private student loan. Rates are slightly higher, but in most cases they have similar grace periods following graduation. I wouldn't suggest using them frivolously but if the interest rate is lower, then give it a shot. I would suggest trying http://www.thinkfinancial.com
The money is sent directly to you, and you can use it for whatever you want. Good Luck.
January 20th, 2009 at 8:19 pm
ur loans will go to the school to pay off all tuition and fees, etc. you will get a check for the leftover amount.. It is to be used to cover travel expenses, room/board, food, etc. They do not DEMAND to see where that money goes.. As far i figure, if you pay on your credit cards and then get the interest rate down, you will have more for other Necessary things… but I am not an official.. The university CAN change how much he gets.. They have a formula that they use where they take living costs , tranportation , school cost (each school allows different amts).. then u can only borrow enough for those expenses per sem. GL