Answers:
Disbursement is a long process. Once the school has verification from the lender that you have a loan, they will "pre-credit" your account for the amount they are going to receive. If it is not enoughto cover your tuition you will get a bill for the balance. If you are entiteld to extra funds, it takes about 2 weeks from the time the school actually gets the money from the lender. The disbursement date is the day the school is scheduled to receive the funds from your lender.
yea they do things kind of confusing but you should go speak to a financial aid counselor in your school and you should call them to save you time from going to school, i'm sure they can help you with your problem because they helped me
Sallie Mae isn't going to give you a check - that would be crazy. You'd have a bunch of kids dropping out of school because they think they're rich with $10k in their pockets. The financial aid goes to the school and reduces your total bills.
If you're trying to pull a scam to keep the $, Sallie is a crafty byatch!
The school is reducing the amount that you have to pay out-of-pocket since you'll have a student loan (and/or other aid) coming to pay the balance. Even though the student loan is not disbursed until after the payment due date they know it's coming so are giving you a break and what you have to pay. If for some reason you cancel the loan then the school will bill you for that amount.
The school pre credits your loan to your account but the actual check doesn't get disbursed or send out until Oct which would be around the drop date of your school. they do this to avoid having funds sent back and forth.
Hi there... Ok, I got researched this for you!
Better check it out, I'm pretty sure you'll discover something...
More than likely, they are giving you credit for being approved, so you can get your books, classes, etc., without having you pay out of pocket. When the school actually receives the funds from the lender, they will mail you out the check.
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