Anonymous
Anonymous asked in Business & FinancePersonal Finance · 2 months ago

Student Loans?

So I'm hoping not to get any backlash about this but I'm a newly single mother with 4 daughters, I'm a social worker and started back in school in September for my master's degree. However, between work, single mom life (and all this covid stuff that goes with it) it's just too much for me to continue in school with a 20hr a week internship, working full time as a case manager and my girls. I started my cohort on September 21 (the cohort really began on July 28th and we end January 24th, 2021. I think I know when the 60% mark is (but if anyone wants to do the math and tell me for sure I'd be very grateful!).

My other question (which is a tad embarrassing to me) is would I get back the student loan disbursement for the remainder of my loan for Fall AND Spring? I know after I reach the 60% mark I'll receive the rest of my unused student loan for my fall classes but since my award letter was for Fall and Spring I wasn't sure if I would get the Spring loan disbursed to me as well instead of going back to the loan holder? I know it's an awful thing to even care/think about, but I was off work almost all of November due to either my kids being ill or myself and all of the local resources are tapped out so this money would help tremendously with bills. Any help would be great!

2 Answers

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  • 2 months ago

    You don't have a "cohort".  A cohort is the number of students enrolled in the university's financial aid program on October 15th.

    You have a financial aid award.  The 60% rules is based on the dates of each semester/quarter, not when the financial aid was disbursed and not for the whole award year (only one semester/quarter).  I don't think you have given us the dates of the semester, so there is no way for us to calculate where you are in the timeline of the semester.

    - Most college semesters/quarters end in mid-December.  At this point, with a few weeks left, it seems silly to drop the program.  Yes, I understand the time commitment issues but the benefit of completing these courses seems to out way the cons. 

    Often financial aid is disbursed before the semester/quarter begins.  If the school does not know that you will not be attending, you may get your financial aid for spring.  However, it is immediately due back.  So if you aren't attending spring semester, it would be best to make sure the school knows so you don't have to deal with this pay back.

  • Anonymous
    2 months ago

    If you DO get your spring disbursement even though you dropped out in fall, there is something really, really wrong with the system. 

    The number of questions I see on here about people wanting to use student loan money for things that have nothing to do with getting an education is astonishing to me. 

    And this is one of the reasons I am totally against forgiveness of student debt.  

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