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Question: i read something online sayin this "Generally, if you're a first-year undergraduate student and a first-time borrower, your school cannot disburse your first payment until 30 days after the first day of your enrollment period."... I am still a first year undergraduate i just transfered to another instution..but ive borrowed a loan before so does this 30 days disburse rule still apply to me?
There are so many factors involved. You have to find out if that rule only applied to a specific school (ie. private school, institution) and you need to define what type of loan? Are we talking a public loan from the state or federal government or a private loan? All Lenders have their own rules, etc. In addition, the state you are in will also reflect your load dispersement situation. Bottom line, you will still be considered an undergraduate working on 1st degree by any loan provider. The one who has the answer you need is your NEW school where you will be attending. Go directly to their financial aid office Idaho PERSON and get the facts and details from them. Your old school is basically out of the equation now. Remember, financial aid can be a long and drawn out process when first establishing it....so dont procrastinate!...once you get it all set up...it starts to flow to you easily and on time!!! There is nothing worse than starting a new semester/year and your financial aid check is late or not available as of yet! The books..the food...the gas...the rent...the supplies...YOU NEED THAT MONEY!!!!!! California Educator
I would say that it does not apply to you because it lists a first-year student AND a first-time borrower. If you're not a first-time borrower, then you won't apply. However, some schools hold all financial aid money for 30 days for all students... I'd find out when your school's disbursement date is for all students.
Not enough information, due to the generic and vague nature of your post, to give you a viable answer. Check with the financial aid office at your school.