I took out a Sallie Mae Student Loan for more than my tuition?
I recently took out a Sallie Mae student loan to cover my tuition of $18,000 dollars. I took out an extra $4,000 for personal expenses during the year. What happens after they send my school the 18k for tuition? Do I
1. Get a check for the extra?
2. If so, is it from the school, or from sallie mae?
3. Or are they going to give the extra back to Sallie Mae and have it decreased from my loan?
I need the damn money and I am paying it back anyway after graduation soo… What will happen? Dont say “Contact your financial aid office”…
Hi! Okay, breathe a bit. Here’s what will happen: You will get the money you need! Sallie Mae will send a check to your educational institution. Your educational institution will take the money it needs to cover your tuition, etc. Then, you will receive a check for the remainder of the money from your school. Your school shouldn’t give any money back to Sallie Mae at all. I hope that answers your question. You should be fine.
A word of advice about Sallie Mae, however; when it comes time for you to repay your loans, I cannot stress enough how important it is for you to keep on top of what you owe them and when you owe them. They are TERRIBLE accountants. They overcharged me several times throughout my years of paying back my college loans through them. They would have computer “errors” that miscalculated my monthly payments, people would input the amount paid by check incorrectly, and they would attempt to charge me late fees when I had paid EARLY!! Just call them and raise hell when you feel like you’ve been mistreated by them. They know they screw up, but they wait for YOU to say something to THEM! It’s a screwy business, but they know they can get away with it because college is expensive and people rely on them. Anyway, just a word to the wise–keep track of what you owe and stand up for yourself, and you’ll be fine! Good luck with school! 
