For many of you, your search for Financial Aid for College at this time of year is complete. Now you are getting ready to send your child off to school. One of the big financial questions that many Students and Parents have when they arrive at college is, “When do I get my money?”

Many schools have different approaches to how they credit your grants, scholarships, or loans to your account. Then, once you have had them all credited to your account, you will usually have to wait a certain period of time before you will get a refund check, if you have one coming, for your other expenses.

Typically, most schools will wait until the semester’s drop/add date comes before they will begin to disperse any refund money. This date is usually about 2 weeks after the semester starts. Once this date comes a schools Business office will take 1 to 3 weeks to process refund checks. If a student needs money to purchase books, they can get an advance from the business office to use at the school book store.

Because of this delay, it is very important for students to have a good financial plan and some money in the bank when they arrive at school!

If you fall into any of these situations, you need to be aware of the dispersement timeline.

Pell Grants. Pell Grants will be credited to your account 1st Towards Tuition, room and board on the first day of the semester. However, if you are expecting to get some refund money from this grant, funds will not be released until mid semester.

Direct Stafford Loans. 1st time Stafford borrowers will have to wait 30 days from the first day of the semester, to get their funds released and then the 1 to 3 weeks it takes the business office to process a check. After your first semester of borrowing Stafford Loans, your money will be released after the drop/add date.

Parent Plus Loans. This money is typically released on the drop/add date also.

If you are a student who is living on campus and is part of a school meal plan, the dispersement of money should not be a problem for you except for incidental living and travel expenses.

However, if you are living off campus and paying for your own food and need this money for rent and food, you may have a challenge! If you fit in this category, you will need to have some of your own cash to get you started at the beginning of the semester until your refund for living expenses is dispersed. Typically, you should plan on having at least the 1st months expenses on hand to cover your self until you can get your refund check from the college.

For exact dates for release of Grant, Scholarship and Loan money you should contact you schools Financial Aid office.