What does it mean when a school "certifies" a loan?

It means that a school has approved your student loan. The school certifies that you are attending and that the loan is being used for education expenses.

By law, schools that receive federal student loan money must establish standards of satisfactory academic progress (SAP). If your school cannot certify that you are enrolled at least half time and are making satisfactory academic progress, you cannot receive federal funds.

How long does it take a school to certify a loan?

It depends on the school's volume. Certification can take as little as a few minutes or as long as several weeks. Ask your school's Financial Aid Office to find out for sure.

Does the student loan go to me (the borrower) or the school?

For federal loans and most private student loans, the money goes directly to the school. With Sallie Mae's Tuition Answer loan, the check is sent directly to you.

What happens to leftover student loan money?

You probably won't have any leftover federal money. If you do, the school can return this money to you and you can use it for education-related expenses.

Leftover private student loan money can be used for other education-related expenses like a new laptop or off-campus housing rent. It can even pay for gas for your car if you commute to school.

Can you use "extra" student loan money to pay off credit cards?

If you have any extra money from a student loan, it should be used for education-related expenses.