Can someone direct me to a resource which explains the financial aid process for Grad students? I've completed my FAFSA and school has been passed the information to make a determination. As I studied at undergraduate level in the UK and paid my own way through school - I am not sure how things work here in the US. I'm interested in the process of how my course fees are handled if I am successful in getting a Loan. In my mind it goes something like this: 1.The school/loan company gives me a maxmimum amount I can borrow each term/quarter/year (to cover tuition and books etc. for a student enrolled at least half time) 2. I enrol for my courses, and the school sends me an invoice each quarter/term. 3. I tell the school/loan company how much I want for that term/quarter/year. 4. The school/loan company sends me a check for the amount I asked for, less a processing fee. 5. I pay my course fees to the school, and spend the rest on beer - sorry I meant to say books!
Management of financial aid (loans) differs by type of loan and school but, my experience is this order of events: 1) I apply for funding in a specified amount - in my case max funding. 2) I get approved for some amount that may or may not be max funding that is dispersed in equal payments per semester -- example, $16,000 to attend 2 semesters is dispursed in two $8000 payments. 3) I register for classes and school sends me a bill... 4) They know I'm loan approved so they don't worry about the bill. Classes start. 5) Loan payment is made directly to the school and the school then gives me a check with any overage. 6) I can then buy books about beer... but they have to be cheap books. I don't drink cheap beer...
