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What is the average monthly cost of student loans?

What happens when your offered more student loans than the cost of tuition?

  • I was offered a large financial aid package for the 2008 - 2009 school year (its my sophomore year in college) because of good grades and stuff. Anyways what I have been offered in grants and loans is more than the cost of tuition. I accepted the grants first and then the loans (Stafford loans) and it's about $1100 more then what the cost of tuition is and they are paid directly to the college. What I am wondering is, what is going to happen to that $1100? Will the school issue me a refund for that amount or will they inform the company that issues my loan and send them back the $1100. I thought that since I'm the one who is responsible for the loan and since I accepted the full amount of the loan the $1100 would be sent from the college to me. I don't really care either way I was just wondering that's all.

  • Answer:

    The school will give you the extra amount, usually by check or direct deposit. Just be aware, cost of attendance and fin aid packages are usually totalled by the year so it is possible that the 1,100 will be divided up into TWO semesters. (just be sure you know which it is in your case) If it is for both semesters, the extra $550 will prob be just enough to buy your books each semester.

stikynot... at Yahoo! Answers Visit the source

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In addition to tuition, you have to pay fees, books, etc. After covering tuition, fees, and anything else paid directly to the college, you should get something back. Check with your school's financial aid office on how, exactly, they will handle it.

ibu guru

The school will return it to you in a check but you will still have to repay that portion of the loan even if it wasn't applied for tuition. If you don't mind repaying the 1100 then you can keep it or use some of it on books or whatever but if you don't want or need the money then cancel that portion of the loan and you won't have to worry about repaying that part of the money when you graduate.

Nao

Every financial aid department has there own policy but ask your financial aid office and they will tell you.

Susan N

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