Private College Student Loan

How and when do I get money from my federal student loans?

I took out a Federal Direct Student Subsidized Loan, Federal Direct Student Unsubsidized Loan, and the Federal Perkins Loan. I want to use the leftover money (the money not being used to pay for tuition and room and board) for books. When would I get that? Does the school give me a check or something? That's what I heard they do...

Public Comments

1. Financial aid goes directly from the school, but the problem with them giving you a check is that you can spend it anywhere, which you will because books are expensive in the bookstore. Thus the majority of colleges now take it out of your account at the bookstore (up to a certain amount) so that you can only buy books with your financial aid at the campus bookstore. But I imagine that there are a few stragglers that still give out book vouchers that can be spent anywhere. You need to call the financial aid office to get the details. Also ask about when, it it usually around 2 weeks before classes start that you can use financial aid to purchase books, but again, this can vary from school to school.
2. The school will either give you a check, do direct deposit, or a debit card with your refund on it. The school also controls when they give you the money. Some give out refunds right before school starts (my school sends them out 1 week before classes start so we can get our books), shortly after school starts, after the last drop date, mid semester, or at the end of the semester. Most of the time if the school has no way of you putting your books onto your account they will give out refunds earlier than later..