Monday, September 7th, 2009
Are Federal Loans used before Federal Grants to pay for classes?
I was awarded with a small Federal loan, and a greater Federal Grant.
I was wondering if the school will use the loan before the grant to cover the cost of classes.
It is combined and all of it goes into your student account. If you have any money left over after all your tuition and fees and charges are paid you will be issued the difference. It really doesn’t matter which is applied first in your case.
For example:
Cost of Tuition and fees 12 hrs full time: 2,500
Fin aid Award:
Grant 1,500
Loan 1,500
___________
TOTAL: 3,000
3,000 aid – 2,500 bill gets you a 500 refund check.
September 7th, 2009 at 8:32 am
It is combined and all of it goes into your student account. If you have any money left over after all your tuition and fees and charges are paid you will be issued the difference. It really doesn’t matter which is applied first in your case.
For example:
Cost of Tuition and fees 12 hrs full time: 2,500
Fin aid Award:
Grant 1,500
Loan 1,500
___________
TOTAL: 3,000
3,000 aid – 2,500 bill gets you a 500 refund check.
References :