Hey guys,
I have a question about my financial aid/loans.
So my financial aid award (federal subsidized, direct plus, and a small grant) package is ~57k. That amount includes everything for the entire 2017-18 school year (tuition, fees, books, equipment, a computer, insurance, and living expenses).
From what I understand, financial aid is disbursed in two equal payments, that means I'll be getting roughly 28.5k per semester. The problem is my current balance for the first semester is ~$29k (second semester will be roughly ~$17k, since the first semester has many upfront costs/fees).
I fortunately will be living with my parents, so I will have little to no living expenses. With living expenses out, I really only need about ~43-45k for the entire school year (of course, I will borrow a little more just to have a safety buffer).
But with that said, something doesn't make sense to me. With the given aid, I'll still be short ~$500 (really isn't my concern) for the first semester and have too much for the second semester. I wanted to borrow as little as possible to save if possible, but because the way the loans are disbursed, I must accept all my loans in order to pay for the first semester.
1) Can I return a portion of my unused loans latter in the year (second semester) without a penalty (interest, etc)? (The FinAid office told me I can deposit the overpayment check and then write a check to my lender)
2) Why did this even happen? Let's say I needed living expenses, and from the scenario listed above, I won't have any for the first semester. Would I have to take out private loans for living expenses?
Before anyone tells me to contact my FinAid office, I already did. However, I didn't receive a clear answer as to if there would be a penalty for returning unused loans nor did I receive an adequate explanation on how I would fork up money to pay for the extra $500 and living expenses for the first semester if there was any. As for the latter question, all I was told was that once I borrow the given maximum amount the school estimated (~57k), I can't take out any more federal loans.
Thanks!
I have a question about my financial aid/loans.
So my financial aid award (federal subsidized, direct plus, and a small grant) package is ~57k. That amount includes everything for the entire 2017-18 school year (tuition, fees, books, equipment, a computer, insurance, and living expenses).
From what I understand, financial aid is disbursed in two equal payments, that means I'll be getting roughly 28.5k per semester. The problem is my current balance for the first semester is ~$29k (second semester will be roughly ~$17k, since the first semester has many upfront costs/fees).
I fortunately will be living with my parents, so I will have little to no living expenses. With living expenses out, I really only need about ~43-45k for the entire school year (of course, I will borrow a little more just to have a safety buffer).
But with that said, something doesn't make sense to me. With the given aid, I'll still be short ~$500 (really isn't my concern) for the first semester and have too much for the second semester. I wanted to borrow as little as possible to save if possible, but because the way the loans are disbursed, I must accept all my loans in order to pay for the first semester.
1) Can I return a portion of my unused loans latter in the year (second semester) without a penalty (interest, etc)? (The FinAid office told me I can deposit the overpayment check and then write a check to my lender)
2) Why did this even happen? Let's say I needed living expenses, and from the scenario listed above, I won't have any for the first semester. Would I have to take out private loans for living expenses?
Before anyone tells me to contact my FinAid office, I already did. However, I didn't receive a clear answer as to if there would be a penalty for returning unused loans nor did I receive an adequate explanation on how I would fork up money to pay for the extra $500 and living expenses for the first semester if there was any. As for the latter question, all I was told was that once I borrow the given maximum amount the school estimated (~57k), I can't take out any more federal loans.
Thanks!
