When should i get my student loan money?
Most schools disburse student loan money close to the start of classes, so if you’re starting in the fall, it won’t happen until September. The money is first sent to the school, where it is applied to your account to pay the school’s charges such as tuition and fees. If there is any left over (i.e. a credit balance) the school must disburse it to you within 14 days. However, unless you are attending a very low cost school, most students do not have a credit balance because all their funding goes to pay the charges.
You can always choose the amount that you want to borrow (up to your eligibility). If you are receiving large credit balances, you may be borrowing too much. While it may seem great to get a big check, these “refunds” are usually loan money that you will have to pay back with interest. If you need it for school expenses like books, then it’s fine to keep it. But if you’re using it for casual spending money, you should think about asking your school to reduce your loans. Do you really want to be paying for a pizza you bought today 10 years from now–with interest? Most students will be better off if they can pay for everyday expenses with money from work-study or a part time job.