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    Gernald's Avatar
    Gernald Posts: 901, Reputation: 93
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    #1

    Sep 5, 2013, 11:46 AM
    Sallie Mae Loans
    This question is on behalf of my sister who is a junior in college:

    "How long can a university "wait" to give students their loan money after it's been sent to the school from sallie mae? Is there a legal time frame or are they pretty much just allowed to keep the money as long as they like? My loan was disbursed almost a month ago and I can't get them to speed the process up any despite the fact that I have $200 left to my name and need to pay my rent and buy groceries! The worst part is I am paying interest on money I don't even have yet!"
    N0help4u's Avatar
    N0help4u Posts: 19,823, Reputation: 2035
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    #2

    Sep 5, 2013, 11:51 AM
    You only get it so many times a year and Its usually around the end of the quarter. I think I only got it once or twice a year.
    Gernald's Avatar
    Gernald Posts: 901, Reputation: 93
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    #3

    Sep 5, 2013, 01:02 PM
    She did the same thing last year, the loans are disbursed twice per year once in the fall and once in the spring at the beginning of each semester. Classes started August 10th, but it hasn't taken this long in other years.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,304, Reputation: 7692
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    #4

    Sep 6, 2013, 02:29 AM
    Not sure about sallie mae loans, but the federal student loans are done at each semester. There are new rules starting this year, but the university has its own rules, what do they say when you talk to them.
    Gernald's Avatar
    Gernald Posts: 901, Reputation: 93
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    #5

    Sep 6, 2013, 07:18 AM
    They say that they're 'working on it.'

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