Since most students will have several years before they graduate, interest accrual could add significantly to the amount they must repay. While this program is certainly an option for students who otherwise could not afford to purchase the computer, students and families who can afford to make monthly payments on a credit card or regular consumer loan to finance the computer without the student loan could save money in the long run by financing it that way. Please let us know so that we can take these costs out of your budget and prevent unnecessary borrowing. The annualized cost of a computer will be added to the student's budget each year. Students will not receive funds retroactively for the prior year, however.
Federal regulations prohibit advances of financial aid.
For students who have completed all the necessary paperwork and have no registration or financial flags on their records, disbursement usually takes place within the first week or two of the term. If we cannot meet a student's need, there are several sources of private loans through banks. A list of these lenders is available in our office. Each lender has different eligibility, interest, and repayment requirements, so students should evaluate these options very carefully. A. Undergraduate students who are considered financially dependent on their parents may need to fund some of these costs through the PLUS loan.