Expecting waitlist responses, having to apply for loans

[Malina]

I've been already admitted and have put in my seat deposit, but I am still having hopes on several waitlists.   At the same time, financial aid deadlines are passing by and I am expected to file for loans right now. What if I apply for loans with school A now where admitted, then hear from school B and decide to actually accept the offer of School B in, say, early July? Is there a way to transfer my loans with A to B or should I just wait and postpone getting any loans with A, even as deadlines are passing? How does that work? It doesn't seem to be a good question for any financial aid office  Has anyone been in such situation or is familiar with this process?

Along the same lines, how do things work out in those scenarios where people get offers a few days before classes begin with getting the financial aid and the rest of administrative details worked out? Most schools have tuition due in july, well before mid-August and the start of classes. Does that mean lost loan money thrown on tuition not to be refunded...? 

Do you, guys, think there is any realistic chance for receiving waitlist offers past the end of June? Perhaps, a very small one, I would think... 

[lawfool]

i am interested in the same thing... if anyone has any experience with this, please share it. what happens if you arrange your loans for one school but get a last minute acceptance to another and decide to actually attend the latter??

[Jen2bJD]

tag.

[badgerlaw]

tag

[Jmart603]

don't have experience but i've read that when you notify the school your leaving, they cancel your loans there, and then you have to re-apply for the loans with the new school based on their financial statement for you. i wouldn't imagine you could just have one school send money to the other since theyre probably different costs.

[Last King of Edinburgh]

don't have experience but i've read that when you notify the school your leaving, they cancel your loans there, and then you have to re-apply for the loans with the new school based on their financial statement for you. i wouldn't imagine you could just have one school send money to the other since theyre probably different costs.

I figured it would be something like this, and it sounds very tedious.

[Jen2bJD]

I've never dealt with loans before. I'm wondering: how long does it usually take to get the student loans secure? From the time you apply until the time it gets settled so you'll have the money when school starts? I'm on WLs too, so I might be a last-minute applicant regarding loans and getting them settled with the school I end up attending.

Thanks so much! 

[Last King of Edinburgh]

Depending on your credit situation, it could be a walk in the park or a root canal. If your credit is good, applying and getting approved can take about an hour, the only thing you would be waiting on is for your school to certify the loan (in other words telling the lender the exact amount that you are entitled to, so you dont borrow more than you're allowed to). The certification process depends on the school. Some are really good, 2-3 days, some are snails, 7-14 days. After that, you can sleep tight, your money will be arriving at school and you'll probably get it the first week of classes.

If you have any blemish on your credit, you either have to reapply with a co-signer or prove that the dark spot on your credit has been corrected by providing documentation( I had to do that) and my loan approval took about a week to go through. Now thats a root canal considering that you've spent all this time applying to schools, getting rejected/accepted and you're now faced with this new hurdle. I didnt need a co-signer though, thank God!

[Jen2bJD]

Oh that's not bad at all! Thanks for the info

[Quail!]

Depending on your credit situation, it could be a walk in the park or a root canal. If your credit is good, applying and getting approved can take about an hour, the only thing you would be waiting on is for your school to certify the loan (in other words telling the lender the exact amount that you are entitled to, so you dont borrow more than you're allowed to). The certification process depends on the school. Some are really good, 2-3 days, some are snails, 7-14 days. After that, you can sleep tight, your money will be arriving at school and you'll probably get it the first week of classes.

If you have any blemish on your credit, you either have to reapply with a co-signer or prove that the dark spot on your credit has been corrected by providing documentation( I had to do that) and my loan approval took about a week to go through. Now thats a root canal considering that you've spent all this time applying to schools, getting rejected/accepted and you're now faced with this new hurdle. I didnt need a co-signer though, thank God!

That's pretty much for private loans, unless it's a major blemish, Grad PLUS won't require a cosigner.