Question about paying for apartment rent with Federal Student Loans?

The question

Next year I will be living in an apartment off of my Universities Campus, and I am aware that I can pay for apartment rent with my Federal Student Loans (If my tuition/etc is payed off first) but I am unaware of how I do this.

Last year ( fall semester ) I just accepted my loans/scholarships on my schools financial aid website and everything was taken care of automatically with no involvement from me. But next year ( 2011- 2012 fall semester) my parents will cover the price of my tuition ( whatever is left after my scholarships go towards it) and I will be left with a Subsidized, Unsubsidized, and a Perkins Loan to cover my apartment rent.

But I was just wondering how do I go about having the school disburse the loans to me after my tuition is payed off, and when will they disburse my loans to me for my use? I should have enough money saved up to cover the first/maybe seconds month apartment rent, but I will be needing my loan money after the first/second month to cover rent. Do I just contact my schools bursars office and have them disburse my loans into my bank account or something like that?

Also I know I am able to use Subsidized/Unsubsidized loans to cover my off campus housing, but am I able to use the Federal Perkins Loan also?

Thanks to anyone who can shed some in rank for me.

Best answers:

If you are a first time loan borrower then you will certainly have to wait at least 30 days after the semester starts to get your refund. Beyond that, the process varies. Some schools will issue refunds the first week or so of classes. Other schools will make you wait until half way through the semester. You should contact the office and find out when they make disbursements. Some schools prefer to send a check (or make you come in and get it). Others will make automatic deposits into bank accounts. You might need to physically go in and sign up for that though or you might be able to enroll on-line.
If your parents are willing to pay for your tuition then maybe you can get them to give you the money directly and allow your loans to pay your tuition. That way you’ll have enough straight away to pay your rent.
And yes, your perkins loan can be used for rent as well.

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Loan officer breaking our contract?

The question

Okay so I am mid twenties and took a student loan to pursue a Bsc Degree. I completed it after 3 years. But was able to get another opportunity to pursue even further studies for a higher qualification. Hence the time of which i was supposed to repay my first student loan was extended until July 2012 by the bank via signed agreement. By this time i would have completed my second degree.

But, after i already went overseas and started school for my second degree i eventually became sick and was forced to return home for medical attention.

Sad thing is, my parents are not wealthy and I had no funding to get therapy..i had to get a temporary job so as to be able to get the medical attention that was necessary. Since then, I had gotten alot better although it has been a few months now and once in a while still get relapses.

But, I was supposed to complete this second degree in a year and a half time-span but this has been a major set back for me and so now I am contemplating the option of finishing my courses online.

But, because i now have a job though temporary, my loan officer is implying that i now have to start immediate loan payments which i wasnt prepared for considering that we had a signed contractual agreement to make payments after a year and a half(by July 2012)

The temporary job also doesnt pay sufficient to make the payments required.

I mentioned to her of this but she insist that the extension which was signed only for when you are a full time student. Is this a breach of contract. I do intend on repaying the loan but am in no wise able at this point due to mishaps.

It is also hard to get a job in my field and one which would pay for my degree. Can she really force me to make payments before the agreed time of 2012? She even place a hold on my personal saving account at the bank so I cannot make withdrawal but i reckon she was out of line and really tring to pressure me.

Any advice please? Thanks.

Best answers:

OTAY TO CAUSE

Criminal defense Attorney 35+ years

I am a retired Inspector. I retired as an Inspector, after 32 years, from a very large department store with about 12,000 staff. I was a night patrol Inspector for 4 years in a very diverse area. I was a tactical officer in the high price project areas of my store. We called it vertical patrol in that we walked the the stairways of the high prices most of the time. I did that for 5 years and was promoted by test to manager. I worked violent crime (shop lifting, cottaging sex, staff assaults, general robbery, pet stealing, serious non property incidents like wasting electricity) for 11 years until I was promoted to larger manager. I worked as a shop supervisor, a bicycle sales supervisor and a desk monitor and I changed my name several times.
I have a B.A in English and an M.S. in Shop Handing out and I despise people who come on here with a load of B.S. If anyone’s an expert at that, it’s M.E…. OR

I am a retired police officer. I retired as a sergeant, after 29 years, from a very large department, about 12,000 officers. I was a patrol officer for 4 years in a very diverse area. I was a tactical officer in the high rise project areas of my city. We called it vertical patrol in that we walked the the stairways of the high rises most of the time. I did that for 5 years and was promoted by test to detective. I worked violent crime (homicide, sex, officer involved shootings, robbery, kidnapping, serious non property incidents) for 11 years until I was promoted to sergeant. I worked as a street supervisor, a bicycle patrol supervisor and a desk sergeant/watch commander.
During my time as a tactical officer and a detective I was a unit expressive for the police union.
I have a B.A in English and an M.S. in Law Enforcement Handing out….

Nice resume, JJJ.

If your “contract” stated that your deferment was contingent on you remaining a full-time student, which most do, then there was a breach of the contract, but not by the loan officer. You did not remain a full-time student, and you became employed. Sorry, but legally, they are likely going to hold your feet to the fire for this.

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