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  1. #1
    OlReagan's Avatar
    OlReagan is offline Member 527 points
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    Conditional Acceptance and Financial Aid (last minute)

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    So I'm coming into the Jan 2011 class on a conditional acceptance. I have all my papers and my enrollment fee in but the problem is my conditional acceptance requires that I have proof of my degree, which I won't finish until late this December, the same time I plan on flying over there.
    So I won't get my financial aid/loan papers until the last minute.

    How long does it typically take to get the money (and how do they even give it to me)? I'm not even sure how I'm going to secure an apartment over there beforehand if I have no money. Do they expect me to wire them money asap (which I don't have)?

    My parents are lending me money for the flight but paying a deposit for an apartment would push them to their limit, I want to reimburse them immediately once I get my financial aid money. Ideally I would like to not involve them at all. I'm worried that I'm going to come to the island without having my financial aid settled.

    Anybody else been in the same situation? How did it work out for you?

  2. #2
    krs12 is offline Junior Member 510 points
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    I was accepted with even less time- just 2-3 weeks before school started. Are you sure you can't start your financial aid paperwork? I know mine was also "conditional" as long as I got all my papers in, but you should still be able to send in all the applications for financial aid (like the FAFSA and the actual loan apps) before its official - trust me, they want your tuition! As far as all of the other expenses, I had to rely heavily on my family. I know it was tough to get that much cash together for them also. I wrote a check for all the money I borrowed and left it with them so that as soon as the money came in and cleared they could be reimbursed. It took about 3 weeks into the semester for it to all go through. Good luck! It was all worth it, even if it seemed crazy and impossible at first

  3. #3
    OlReagan's Avatar
    OlReagan is offline Member 527 points
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    Well I have my FAFSA done at least. Thanks for the reply.

    Anyone else in a similar situation?

  4. #4
    southstar99 is offline Junior Member 510 points
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    I was accepted about 2 weeks before school started. I submitted the finaid stuff a few days before school started and I didnt get money until about month or so later. Tuition wise it was ok because AUC said they would just wait for the check to come in.

    As far as getting an apartment, I had to pay from my own finances. I was working before I came here so I had money. My apartment is $1000 a month which is about as cheap as you will find here and my initial payment for the apt including deposits and 1st and last and whatever else was about $3500.

    So you will need to borrow some money from somewhere but at least you WILL be able to pay it back as soon as your check comes in.

  5. #5
    OlReagan's Avatar
    OlReagan is offline Member 527 points
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    Quote Originally Posted by southstar99 View Post
    I was accepted about 2 weeks before school started. I submitted the finaid stuff a few days before school started and I didnt get money until about month or so later. Tuition wise it was ok because AUC said they would just wait for the check to come in.

    As far as getting an apartment, I had to pay from my own finances. I was working before I came here so I had money. My apartment is $1000 a month which is about as cheap as you will find here and my initial payment for the apt including deposits and 1st and last and whatever else was about $3500.

    So you will need to borrow some money from somewhere but at least you WILL be able to pay it back as soon as your check comes in.
    Was it the FAFSA that took so long?

    I've never dealt with financial aid during undergrad so the whole thing is new to me....prepare for noob question....how is the money given to you? Do I have to set up a bank account?

    -thanks

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    Phrenic's Avatar
    Phrenic is offline Junior Member 510 points
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    I started in Jan '10 and was in a similar situation as yourself. Make sure that whatever school you are graduating from overnights your transcript as soon as your grades officially post. With the holiday season some offices can be a bit slow so contact them early and often.

    Once MEAS gets your final paperwork plan on at least 3 weeks processing which means best case scenario your funds will be on the island around the 3rd week of January. Assuming you then overnight the check back home to be deposited in a US/Canadian account and a standard one week hold, plan on not having funds available till the first week of February. For reference, I had everything cleared and available the week after Block 1 (which the next term will be Jan 24).

    Are you sure you can't get into the dorms for your first term? The school would be much more understanding to your situation than most landlords.
    Taked baby. Meet at later bar, day night sometime.

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    Phrenic's Avatar
    Phrenic is offline Junior Member 510 points
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    Quote Originally Posted by OlReagan View Post
    Was it the FAFSA that took so long?

    I've never dealt with financial aid during undergrad so the whole thing is new to me....prepare for noob question....how is the money given to you? Do I have to set up a bank account?

    -thanks
    FAFSA doesn't take too long as long as you've filled out everything before hand (including MPNs). Like I said in the previous post, plan on about 3 weeks for all the paperwork.

    You will receive a check from the university in either local funds (for deposit into a local bank, ie RBTT) or in "american" funds to be more readily deposited into a US bank. I advise the latter route as most local institutions have a few hurdles to jump through to open an account. Once you have check in hand you will have to go to Mailbox (more or less the post office for students) and overnight it back to the states and have your wife/parents deposit this to a bank account in your name...

    Which brings us to your noob answer: assuming you are in fact over the age of 18 you should have a bank account. If you are just now opening one apparently Bank of America is the way to go as they are somehow affiliated with Scotiabank down here so you can withdraw from an ATM without additional fees. In my experience with banks just tell them your situation and where you are moving and they'll get you all the information you need.
    Taked baby. Meet at later bar, day night sometime.

  8. #8
    cms
    cms is offline Member 514 points
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    Quote Originally Posted by OlReagan View Post
    Well I have my FAFSA done at least. Thanks for the reply.

    Anyone else in a similar situation?
    You can have all the paperwork done they just cant process it until the acceptance is not conditional. I got them a transcript 2 weeks before I started (all finaid paperwork in a month before that) and was a couple days later than my classmates. I did only Stafford so Plus loans might be different but point is turnaround is fast and have everything done ready for them to pull the trigger on.

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