when a person applies for a stafford loan how long does it take too receive the funds?

The school can disburse the loan funds no earlier than 10 days before the start of your enrollment terms. Some schools will not disburse the funds until after your institution’s 100% drop and add period. Check with the financial aid office for the specific date.

Loan must go to pay institutional charges (tuition and fees) first. Then, whatever is left over will be refunded to you to use for other educational expenses, including living. It depends on how much you get in the refund whether you can completely live off of it or if you’ll have to have a part-time job to help.

You generally receive the money after classes close. Yes, you can live off this money as long as your tuition and fees are paid first. Where I went, all of my financial aid went to the school and then they issued me a check for whatever amount was left after tuition and fees.