New to student loans, a couple important questions.

[Anonymous]

I just took out some student loans, both government backed loans.

The first and most important question is, how do I know if they are deferred while im in school? Is this automatic?


The second one is I got a letter from the student loan "people" saying my school plans to disburse the new loan amount as follows:

Direct Subsidized Loans:

Date: 10/06/2008 $1742
01/29/2009 $1742

Direct Unsubsidized Loans:

Date: 10/06/2008 $2985
01/29/2008 $2985


I have no clue what this means? Does this mean I get that money on those dates?

Because I know there was money left over that I would get in checks, I'm so confused.

[BabyBlue]

I am new to student loans also, but I will try to answer your question. If I am wrong, I am sure someone with more knowledge will correct me.

Since the loans that you have are direct, you can set up an online account at Direct Loan Servicing's website https://www.dl.ed.gov/borrower/BorrowerWelcomePage.jsp. You should be able to see there a deferment status for each loan (until ...). It is my understanding that as long as you do not take a semester off, your school's financial aid office should report your "in-school" status to DLS. If you take a semester off, including a summer, then you need to fill out a form requesting a deferment.

As far as the disbursement of the loans is concerned, I would understand the letter that you got from your school's financial aid office as informing you of when you will receive the funds from them.

I am not sure if you have the same option; my financial aid office deposited the funds directly to my checking account but they have also mailed checks to those that did not want a direct deposit.

[Anonymous]

I was originally quoted a smaller payout from my school.


there is this little disclosure at the top of the letter. it states that actual amounts and dates may have been set by the school already. lol, I dont know who to believe! ahh lol

[Anonymous]

Looks like they split the total amount you were awarded for the year and put each half towards a semester.  This is the amount of money that your loan originator is disbursing to your school, and the approximate dates that it will happen.

Your school will have its own procedures for how they disburse any "extra" funds.  It is mostly electronic now, so it's not like you would have to go and sign the back, then they deposit the big check, then they cut you a check for the extra.  It's worth calling financial aid or the bursar's office to find out if they need anything else from you to make this happen, or if they will direct depoit or give you a check . . .

I have not had issues with deferments reporting improperly while in school, but I was never all that concerned about my credit while I was in school.  I would just continue to check my credit report every so often to make sure it was reporting properly, and fix it if it wasn't.  It's pretty automatic with their current systems.

Message Edited by jesslyn on 09-29-2008 07:51 AM

[Anonymous]

Well, My loans were way more than this. the school costs 12K a semester, and all of it was paid for in federal loans, well except for 4K in grants lol.

so these amounts confuse me.  

[LynnInMN]

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@Anonymous wrote:

Well, My loans were way more than this. the school costs 12K a semester, and all of it was paid for in federal loans, well except for 4K in grants lol.

so these amounts confuse me.  

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By my calculations, you were awarded $6000 unsub and $3500 sub for the entire year.   I went back and saw that your parents were taking out PLUS loans, right??

Did you ever do any further search on this school??  Did you read the reviews on San Joaquin Valley College? 

http://www4.studentsreview.com/CA/SJVC_comments.html?page=1&type=&d_school=San%20Joaquin%20Valley%20College,%20Inc.

IMHO, this is an insane amount for an 18 year old to be spending towards an education. 

[Anonymous]

Yeah, I did, I saw that page. But the thing is half the people that go to those sites are there to complain. You do have to realize that. The school has a great reputation if you ask anyone around here, I have even been into doctors offices and talked to people. I have no worry about that at all. 

My parents didnt qualify for the plus loan, I got my loan money because they didnt qualify so i was listed as an independent  student. I was awarded the max for everything. but the thing is the paper only listed like 4K per academic year going to them. lol my schooling ends december 2009. I just dont get it. 

but I also got grant money so I guess thats where its going? but it still doesnt add up.  because thats divided over the two academic years as well.