Infuriated and need feedback. - page 3

hello everyone! my college has set up a new "financial aid" policy within our college. the new policy applies out student loans/grants to the college bookstore. 15 days after the quarter begins,... Read More

  1. by   IShallWearPurple
    I still bristle at the thought that the school is withholding money from individual students to protect the institution from high default rates. Perhaps I should inform the school that I will be paying my tuition and fees only after attending 4 weeks of classes "to be sure the school is following through on their stated obligations" to provide me with quality learning experiences and adequate resources.

    Yeah, RIGHT!
  2. by   Eirene
    Quote from ishallwearpurple
    i still bristle at the thought that the school is withholding money from individual students to protect the institution from high default rates. perhaps i should inform the school that i will be paying my tuition and fees only after attending 4 weeks of classes "to be sure the school is following through on their stated obligations" to provide me with quality learning experiences and adequate resources.

    yeah, right!
    that's awesome! you are definitely a cool kid.

    seriously though. i still don't understand how they can withhold my unsubsidized student loans. i am paying the interest while i'm in school. that isn't free money, they are making money from the interest while it sits in their bank account and it ticks me off!

    as for paying with books on cc-- i'm not a traditional student. i have a family, and cc's are reserved for emergencies. as the class president, i wrote the letter for myself, and for other students who didn't want to cause a stir. some of my classmates barely get by and don't have the "luxury" of cc's. imho, none of this would be an issue if we were given our money like it's been done for several years. i personally don't know of anyone in the nursing program who would take the cash and run with it, but i'm positive it happens.

    edited to add:
    i just received a response from the vice president from student services:
    [qoute]
    danielle,
    i understand your concern over the changes that *** is implementing with the new management information system. colleges and students nationwide are experiencing frustrations with new systems and federal requirements for refunds/re-calculating, attendance, verification, documentation, etc.

    the system for delayed refund of excess financial aid that the college has implemented, is one used by the majority of colleges across the country. we realized this change could be a problem for some students, so we communicated the new process as early as possible so that students could be better prepared.

    you may still purchase your books online as usual. if you must use a debit card, rather than credit card, and need the funds to cover, *** is prepared to provide an emergency loan from the financial aid office for up to $150; there is a $15 service charge.

    the federal mandate is that the fafsa must be processed online. other federal regulations have forced colleges like *** to change disbursement procedures in order to reduce the risk with federal funds and comply with laws. by reducing the financial risk, we create a more stable environment for our students. we do not request grants/loans until after the funds are applied toward tuition/disbursed to the student. in the past, the funds students received from grants were not collected from the federal government for 4-6 weeks after the start of the quarter...so in fact, the college loaned students the money.

    i hope this answers your questions. [/quote]

    i still don't understand if "in the past, the college loaned students the money". if that were true, how come my student loan check came right from chase, with my name on the check?

    ah well. i'm glad i only have 4 quarters left of this.
    Last edit by Eirene on Jun 6, '07 : Reason: More information
  3. by   Wubbies
    I know how you feel! At my CC we have to wait three and a half weeks after classes start to receive our financial aid. It's just one of those things...

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