Student loan question

[Root beer]

Anyone know of a bank giving out student loan in cash rather than paying school directly?

I do not have a single dime in student loan, but next year when I transfer school, I will need a small loan for an apartment. I would prefer to live off campus. If I cannot find a loan to pay me to live off campus in a complex that not associated with the school, I guess I end up on campus. My scholarship only paying books and tuition.

I was considering getting a job too, but I was going let the paycheck accrued during my lease, and get a subsidize loan.(assuming they will give me a subsidize loan) I use my paycheck for food, water, and electricity and the loan for actual rent. The money I do not spend on food and utility I was going put in a money market fund, or savings (depends which rate is higher) and used that to help pay my student loan off later.

[RobbyZ5001]

I know federal stafford loans and Wells Fargo don't give you cash. I will try to get in touch with my roommate tonight, he gets cash money from his loans.

[rondef]

You can take out student loans and have them deposit the money into your bank account, I di this for my daughter when she was going to Radford University.  She used the money to pay rent, utilities and groceries.

[KU_Bassmaster.]

Things could have changed but ...

I think all "student loans" will first go to the school on your behalf.  If your tuition is  paid and up to date, the school will release the excess funds to you.

[Root beer]

For those of you that have subsidize loan, is there a Federal Government requirement that must be met in order to obtain those? Or the Federal Government will subsidize them regardless of family income?

I'm make an appointment with two banks this week, but I was hoping if some of you with outstanding loan knew which banks doesn't, so I can eliminate them from my list, so I don't waste my time. I know Region banks pay directly to the school, but I didn't think about the school reimbursing money back to me that are excess.

[cart7t]

First you have to fill out a FAFSA loan form.  If you're considered a dependant of your parents they'll also have to file.  My son was eligible though he paid his own tuition this semester.  Next semester he'll have to take a loan.  Monies from the participating bank are deposited to the school with withdrawals made to pay for your tuition, books and misc. fees.  The remaining, if any is distributed to you. 

[Root beer]

Monies from the participating bank are deposited to the school with withdrawals made to pay for your tuition, books and misc. fees. The remaining, if any is distributed to you.

That takes forever, my scholarship pays everything except room and if bank deposited to the school, god knows how long it take for me get my entire loan amount I borrowed back and I will be extremely suspicious if my entire principle amount isn't distributed back to me... they be better off just depositing directly into my account, it just faster that way..Eh, I deal with them this week.  And I can prove to them before a paper is signed that I will have no outstanding fees with the school before semester even starts. Might as well cut the middleman and deposit it directly to me..I was going pay all 12 months of rent in advance.

I could just cheat my income tax return and get full ride scholarship, but it not worth the hassle with the IRS. :

[RobbyZ5001]

Penn State has 40k studnets at main campus alone and they didn't take long to send the excess amount of money back to me in a check. I would say it took a few weeks.. maybe 2 or 3 weeks.

[cart7t]

I'm afraid the banks have rules they must follow in order to be apart of the student loan program.  I'm also sure that the money going to the college so any outstanding debts owed are paid is a part of that.  Perhaps you can scrape up enough money between now and then (you've got at least 2 months) to at least make a deal with a renter to pay the up front rent with the remaining to follow.  You'll need to show proof of your Student loan monies along with proof that the entire amount of that loan will be dispersed to you. 

[CFFF 1.5]

My Fiance got a personal student loan through sallie mae and she got cash directly.

[RobbyZ5001]

I looked at sallie mae as an option and it had the worst interest rates out of all of them I looked at. I am sure it flucuates, but a few months ago when I looked for another loan that was very high.

[bocabasser]

have you checked into getting grants? i had several grants before i got my student loan. just a thought.

[VolFan]

Try EdAmerica or EdSouth and see what they have for your circumstances.  I always had mine within a week of class starting if not before, and mine was always driect deposit (after I set it up as direct deposit).

[preach4bass]

Just work two jobs, tighten your budget, and pay for everything with cash.

[Root beer]

have you checked into getting grants? i had several grants before i got my student loan. just a thought.

The Tennessee Lottery is one of my grants it paying my books and probably my meal card if I choose get one. They told me I should expect $4,000 from lottery at ETSU. That should cover books and meal card and rest I spend on whatever. My tuition through another scholarship. So, I probably already have excess money from grants anyhow, it just will not be enough to cover 12 months worth of lease, since I'm applying for intern program which requires me to live in Johnson City during summer months if I get an intern.