When did you receive you Sallie Mae and/or other private student loan money?
How long did it take? Do you remember the exact date?
I took out a Sallie Mae private loan to cover my off campus housing rent and other such expenses. I am going to Onondaga Community College for reference if anyone currently goes there or if anyone knows someone who goes there. I need that check by the start of the semester on August 26, 2013.
Just for my own personal knowledge, reference and estimation? How long did it take for you to receive your Sallie Mae (or any private loan for that matter) check? PRIVATE LOAN NOT FEDERAL LOAN. Do you remember the exact date? When do you think I will receive mine? All my paper work is in they school just needs to "certify" it.
Any additional details would be appreciated pertaining to PRIVATE SALLIE MAE student loans.
LadiSweeney, private loans, federal loans, school loans, even outside scholarships, ANYTHING that is run through the bursar's office at a college goes under that college's poicies as to how and when they dispense the funds.
The way it works with most schools, is that until the school takes out its portion for the set tutiotn and fees, NOTHING is disbursed. I don't know a single school that doesn't work that way. They take theirs first.
Thereafter, it depends on the school's policy, and you can ask the bursars' office, ask for appeals if you need that money sooner. Some times it's just as simple that they only cut checks on Wednesdays, or they use some account or card that the school has a contract with. A lot of schools, I know will hold funds until after the drop date of classes, however. Because they do not want to get into issues that occur when kids drop too many courses, and the COA no longer covers the loans and it then becomes an onerous task to collect the money back from the student, if the school has to send it back. In such cases, sometimes a book allowance is given at the bookstore or a short term loan of sorts.
But it differs from school to school, so you need to call your school and ask what their timing and procedures are.
A lot of kids on a full ride, find to their shock, that they still have to come up with the money to get to the school, buy the items needed for a term, come up with book money, deposites supplies on their own, because though they might have gotten an award to cover those things, they don't get access to the funds until way after the semester starts.
In fact, I don't know a school that will give you the money until you are there physically at the school, so they do not have a situation where you take the money and run.
[quote]I need that check by the start of the semester on August 26, 2013.[/quote]
It is highly unlikely that this is going to happen as most funds will not be disbursed until you have actually started attending classes. The college will take what you owe them and then they will disburse the balance.
[quote]I took out a Sallie Mae private loan to cover ... I need that check by the start of the semester on August 26, 2013.[/quote]The loans will likely release for disbursement after the classes have started. I think you need to contact Sallie Mae if you want to receive the "check", not the school.
From what I can see, Sallie Mae funnels even the private loans through a school, though the student can ask. I know kids who have gone this route and the families were surprised to find out that they can't get penny one of the excess funds until well into the semester at times. Certainly not before classes, start, but some schools will hold onto the funds until after the drop date. It is a problem at a lot of the schools where it becomes a scheme to get the money and run.
If the school knows that the loan is approved and will be arriving, they will not press you for payment of your tuition and fees.
As for your living expenses and books, is there anyone to front you the money until the excess funds are given to you from the school?
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