Graduate Stafford Loan Questions

[twocosmicfish]

Okay, for anyone familiar with the Stafford Loan process in grad school:

I am planning on taking out some amount of loans while in grad school - I will have some moving expenses to cover and would like to use the opportunity to consolidate some higher-interest debt while I have the chance. I am not anticipating using a huge amount, but it has been a while for me and I need to figure out how it all works now. Yes, I already have my tuition covered.

(1) Does the listed lifetime limit of $138,500 include consolidated undergraduate Stafford loans? I have a balance from my undergrad and am not sure if it counts against the limit.

(2) When are loans disbursed, and when do excess funds become available for withdrawal?

(3) Can I still apply for loans this year (I am currently a 1/2 time masters student) and get money before AY 2009-2010 money is disbursed?

Thanks all!

[Dreams]

(1) Does the listed lifetime limit of $138,500 include consolidated undergraduate Stafford loans? I have a balance from my undergrad and am not sure if it counts against the limit.

(2) When are loans disbursed, and when do excess funds become available for withdrawal?

(3) Can I still apply for loans this year (I am currently a 1/2 time masters student) and get money before AY 2009-2010 money is disbursed?

1. Yes

2. Beginning of the semester or right before the semester typically. You will need to check with your university's bursar office to find out when they release balances to students.

3. If you mean to cover you for this semester, then likely not.

[goose2009]

I would go to your financial aid office and ask about this semester. I just took some out because I'm going to quit my job so I can finish up my thesis, and it wasn't a struggle at all to get them.