I am sure this was discussed before but I am too lazy to search.
If the student did not have to take the Federal Loan at the beginning of school year X but expects financial shortfall during the next X+1 academic school year is it possible to request the loan some time in the late spring with the intention to bank it for the next year? If you request the loan in the Spring can you get the full amount allotted for the year?
Will you pay interest based on disbursement date?
Thank you.
If the loan is unsubsidized, yes,myour interest begins to accrue as of the date of disbursal.
You can apply for the Direct Loan any time before the end of your academic year in college. I believe you need to applynat least several,weeks before the term ends.
@kelsmom??
“at least several,weeks” for FAFSA, MPN, & Counseling (Entrance & Financial Awareness)
You can ask for the loan at any point in the year, although some schools may have a cut-off date before the end of the spring semester to allow everything to be in place before the loan is disbursed (you need to get all your ducks in a row before the semester ends). As long as you were eligible to borrow in fall (at least half time, meeting SAP, etc) and eligible to borrow at the time you borrow in spring (still enrolled at least half time), you can get the full year eligibility in spring.
Interest always begins on the date the loan is disbursed by the school to the student’s account.
Thank you very much for comprehensive reply.