Fed Financial - I took out a Sallie Mae Student Loan for more than my tuition?

I took out a Sallie Mae Student Loan for more than my tuition?

I recently took out a Sallie Mae student loan to cover my tuition of $18,000 dollars. I took out an extra $4,000 for personal expenses during the year. What happens after they send my school the 18k for tuition? Do I 1. Get a check for the extra? 2. If so, is it from the school, or from sallie mae? 3. Or are they going to give the extra back to Sallie Mae and have it decreased from my loan? I need the damn money and I am paying it back anyway after graduation soo... What will happen? Dont say "Contact your financial aid office"...

Public Comments

In reality, school cost more than your tuition. The reason Sallie Mae has allowed you to take out more is because you are not at the total cost of attendance (COA). You cannot take out more than the estimated COA unless you get approval from the finanical aid office. Room and board, transportation, tuition, books, and any fees go into the estimated COA. If tuition was 18K, most likely your total COA would be at least 30K. The school will take out the 18K and give you a refund check for the 4K- or remaining balance. Also, the check goes through the school and the school gives you the rest- it will be a check through the school
The college will receive the money and apply the loan amount towards your tuition. If you have any money left the school will mail you a check. If it didn't cover tuition the school will charge you and you will have to go online to the registar's site and enter your credit card for additional money. If you drop classes the school will mail you a check.
Yes you still would receive the check for the extra cash. It should be coming from Sallie Mae straight to your address not from the school. Did you read Sallie Mae's Terms and Conditions. It answers this very question in there. Oh and did you already have credit established or did you get a Cosigner for this loan? Im asking because I'm thinking about taking out a Sallie Mae loan
Hi! Okay, breathe a bit. Here's what will happen: You will get the money you need! Sallie Mae will send a check to your educational institution. Your educational institution will take the money it needs to cover your tuition, etc. Then, you will receive a check for the remainder of the money from your school. Your school shouldn't give any money back to Sallie Mae at all. I hope that answers your question. You should be fine. A word of advice about Sallie Mae, however; when it comes time for you to repay your loans, I cannot stress enough how important it is for you to keep on top of what you owe them and when you owe them. They are TERRIBLE accountants. They overcharged me several times throughout my years of paying back my college loans through them. They would have computer "errors" that miscalculated my monthly payments, people would input the amount paid by check incorrectly, and they would attempt to charge me late fees when I had paid EARLY!! Just call them and raise hell when you feel like you've been mistreated by them. They know they screw up, but they wait for YOU to say something to THEM! It's a screwy business, but they know they can get away with it because college is expensive and people rely on them. Anyway, just a word to the wise--keep track of what you owe and stand up for yourself, and you'll be fine! Good luck with school! :)
That would depend on how your school handles accounts. Since I don't know which school or their policies I can only tell you what happens from experience. Sallie Mae sends the school the entire amount. It sounds like you are paying for all of your classes up front instead of by quarter or semester. Payment by quarter or semester are governed by the number of credit hours you are registered for. In your case I would assume you do not have to worry. Your education also has fees some per quarter, some per class and some per subject. The school will put the money in your account and deduct the fees from it and you will be given a credit voucher for books. The remainder will be given to you by the school at the schools discretion. For example, in my school a portion of the loan is paid every quarter as long as the student applies for at least six credit hours. The school deducts the amount for the class itself and any fees. If any money is left over it is put on a voucher for the bookstore to purchase the books. If any money is left from that the student gets a check mid quarter for the remainder after the time of changing classes or dropping classes and getting a refund has expired. Hope that helps.
at my school there is 3 options. they can a.) deposit it into your school account. b.) send you a paper check c.) transfer the money to your savings. but that 18,000 is only an estimate. well that is how it is at my school. it is based on a estimate of credits you are taking so don't expect that money to come to you and especially on time.