Comments on: How Do Loans Work? Why Do I Have To Apply For A Federal Stafford Loan Note First? How Important Are Deadlines?

By: Nikki W

Nikki W — Sat, 05 Dec 2009 07:33:52 +0000

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.

By: timmytud

timmytud — Sat, 05 Dec 2009 07:24:20 +0000

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.

By: Nrassm

Nrassm — Sat, 05 Dec 2009 07:02:02 +0000

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.