How Do Loans Work? Why Do I Have To Apply For A Federal Stafford Loan Note First? How Important Are Deadlines?
Posted by admin on December 5th, 2009 at 06:52am
I’m applying for a Loan. A federal Stafford Loan. Im concerned that I might not get it because the deadline passed since I had to reapply for a Pin number needed to apply which took 7 days to arrive at my house, 2 days past the deadline. Am I screwed? Why is it recommended that I use this kind of Loan. Does it matter?
Tags: Apply, Deadlines, Federal, First, Important, Loan, Loans, Note, Stafford, Work
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3 Comments for How Do Loans Work? Why Do I Have To Apply For A Federal Stafford Loan Note First? How Important Are Deadlines?
1. Nrassm | December 5th, 2009 at 7:02 am
Everything seems ok.
Deadlines are floating – if you miss one deadline, then you might just have to pay your tuition for that term, but your loan will still be processed and given to you as soon as possible. But usually a deadline means to get money by this date (say Aug 1rst), your file has to be completed by the due date (say July 1rst). But if you send it July 2, you will still get your money, just one day later than if you turned it in July 1rst.
Once I was a couple weeks late on my fafsa and had to pay the tuition, but a couple weeks after paying my tuition I got all my loan money, but it turns out I didn’t even have to pay my tuition if I didn’t want to cause the financial aid office knows if a loan disburstment is getting sent my account.
Just ask these questions to your financial aid office, my guess is you’ll get your money in time.
2. timmytud | December 5th, 2009 at 7:24 am
Try to stay away from all students loans if at ALL possible. Your future spouse will appreciate you for it. Student loan is something that doesn’t go away, and you do have to pay them back. Take lighter loads and work more. Try scholarships and grants. Exhaust all resources before you take out a student loan.
3. Nikki W | December 5th, 2009 at 7:33 am
No, if you really need the financial aid, you will probably still get it. The thing is, the colleges have a given amount of aid to allocate. If you get yours in later you get 2nd dibs not first. I believe the difference is that the federal stafford loan has a lower interest rate but i’m not exactly sure on that one. Hope this helped a bit.
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