I'll start from the beginning. I am 19 years old and had quit high school and got my GED (Big Mistake). I am planning to attend a starter college during the summer and have already been accepted. I have acquired full Pell Grant ($2,155) and plan on attending full time. I have also gotten a Subsidized Loan ($1,274). The only way for me to go to this school is to stay in student housing since my parents live 60 miles away from the school and commuting isn't an option. You might ask well why go to this school. Well, since I have a GED and not a high school diploma and no SAT scores, I will not be accepted anywhere else. Recently after getting the Unsubsidized Loan I was informed that they would hold the loan for 30 days after I start since I was a first time borrower. This seems kind of pointless since the summer semester only lasts about 2 1/2 months. The Pell Grant will be released as quick as 10 days before school starts allowing me to pay for most cost but not all. The remainder that I would have to come up with is around $1,100 which I was planning to have from the Stafford Loan, but since they won't release it until 30 days after, I don't know what to do. I cannot come up with that because I have a lease going for my own apartment in which I pay and alot of other bills that I'll be done with before school were to starts. I can't get a loan through a private lender since my parents filed bankruptcy about 3 or 4 years ago. My Financial Aid Advisor saids he didn't know what to tell me, that I would have to come out of my pocket because all Federal Loans would be held for 30 days after classes start. I was shocked, and now somewhat depressed about the situation, worrying if I'm sill going to be able to turn my life around and get into school. Can someone please enlighten me on these circumstances?

Hi there- 2 things- first on the Stafford Loan- did the financial aid offie say they won't apply the payment for 30 days, or that there would be a hold on it for 30 days- meaning if you tuition was only $2000 there is an overpayment which they would send you a check for-- my school will apply the payment right away, but any "overpayment" there is a hold for.
Second, just because you got your GED doesn't mean you can only go to one school- you might want to look into taking the SAT or ACT on your own, it might open up other colleges for you.

Good luck!
T.

They said that there was a hold on it, that they wouldn't even get the money to disperse for 30 days after the first day of class because the actual federal government puts a hold on the money to see if I'm actually going to stay in school. Trust me, I've looked into other colleges, and i would say 80% of them here require a high school diploma with SAT scores. There might be some that require just SAT scores, but by the time I study for it and actually take it I would already be done with the whole summer semester, and then after the fall semester, depending on my GPA I can transfer where ever I want, but as of now I won't be going to school it seems unless I start robbing liqour stores....