Richard S.: How long will it take to receive a Stafford loan disbursement?
I’m attending an accredited flight school starting November 5th, 2007 and plan to graduate end of March/beginning of April of ’08. I have already secured my financing through private loans (Sallie Mae / Wachovia). I know it’s too late to apply for federal aid this year. If I fill out the FAFSA on the 1st of the year, how long will it take to receive a Stafford loan disbursement? I believe my school will request the final disbursement from Sallie Mae sometime in Feb. I’d rather get the money from the Stafford loan as the interest rate is about half of what I’m paying for the private loan.
The school is ATP (Airline Transport Professionals) located in Ponte Vedra Beach, FL. I’m attending the Jacksonville location. I could not find their school code on the FAFSA website. I know they are nationally accredited. Does this mean stafford loans aren’t available?
Answers and Views:
Answer by closure
From experience it usually takes mine about a week or two after classes have started for the disbursements to take place. While you’re waiting on your disbursements you can go online and check the status and it will tell you the exact dates. I have Sallie Mae, too.
Did the school tell you its too late for you to apply for federal financial aid for this year or did you make this assumption? Because the CURRENT fafsa application is for an academic year, not a Jan-Dec year. Here is the description for when the current fafsa is good for.
The 2007-2008 School Year (July 1st, 2007 – June 30th, 2008): —this is directly off the application–I’m attaching the link below.
The next FAFSA that will be available (the one you are inquiring about to apply) in Jan would be good for the following academic year (July 1st, 2008- June 30th, 2009) and it sounds like you would be graduated by then!!!
At work, I am helping people NOW apply for financial aid/Stafford loans at who are starting in school this January. It is not too late for them… I don’t know why you think it would be too late for you?
Don’t take out private loans… fill out the fafsa, like tonight, and talk to your schools financial aid office- quick. Email me if you need more help. Be sure to include the schools website-sometimes those proprietary schools have weird academic calendars and deadlines.
Edit – more info
Hi Greg, I looked at your school. It’s not recognized by the Dept of Education to receive federal student aid so you can’t get a Stafford loan to go to this school. Are you borrowing 55,000 to go there? Well, it’s your business dude, but I would go to a school that you can get decent fin aid to go. One that would get you the pilots license and even a degree as well. Surely there is something close to you, but here are a couple of examples of real schools that will let you borrow on federal student loans.
Aviation – Professional Pilot Bachelor of Science Major–Minor
Cost of that school here.
AVIATION SCIENCES TECHNOLOGY – Professional Pilot Option
Cost of that school here.
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