Financial Aid Reimbursements

Nursing Students Student Assist

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Specializes in Med-Tele, Internal Med PCU.

Hi All,

I'm writing to find out how long it takes schools to process financial aid reimbursements, here's the story.

On Thursday I had to endorse my FA check. When I asked about when I could expect the reimbursement to be processed I was told, "Six to eight weeks" and nearly blew a gasket. I worked in accounts payable for DoD (Navy) for 22 years and if it ever took me 6-8 weeks to process an invoice or reimbursement I'd have expected a congressional investigation. Typically invoices and reimbursements were made within 2-3 weeks, the occasional problem did exist with invoice-contract not matching or a claim for reimbursement of an unauthorized service/item.

Fortunately, I am not as cash strapped as many students, but this is totally unsatisfactory. I paid my tuition in July (deadline), the semester began the last week of August it is now October and my payment won't be made for another TWO MONTHS! That's +/- 5 months from the date of my payment until my reimbursement.

I don't expect to be reimbursed before the FA check arrives, but am wondering if others have been through this process and how long it takes for them? If a school administrator would care to chime in, maybe there is more to the school's responibility that meets the eye. Thanks.

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At my school, they reimburse no sooner than 4 weeks after the class start date -- reason being that a really significant number of students would sign up for classes, apply for financial aid, get their financial aid, and then drop the classes (thereby getting a refund of the original money the paid before the financial aid kicked in) before the "final drop date", thereby pocketing themselves a low-interest loan by getting loan money and getting a school refund without ever actually taking classes. Since the school ends up being out the money for the dropped classes and any grants they gave, they no longer release the financial aid money until after the "final drop class without a failing grade" date.

If you're getting a Stafford loan, they don't actually process out from the government-backed lenders until a couple of weeks after the start date (I believe -- at least that's how mine worked, you can look on Salliemae.com for your Stafford loan disbersements to the school). I don't know if the disbersement is triggered from the school though, so that may be why. They actually approve the loan within a few days of applying, but it takes a little longer to get the money.

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Took me 8 weeks to get mine. The financial aide office told me that it takes the longest your first semester and it will go faster afterwards. This is my second time in school and I don't remember it taking this long the first time I went, but that was quite a few years ago so things must have changed. It is hard to wait so long for the money especially when books cost so much.

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Specializes in Med-Tele, Internal Med PCU.

I understand the fraud that can occur, but the last day to drop with a refund was 9/8.

I've warned the Director of Nursing Education that I was going to make waves, she understood and referred me to the Dean of Student Affairs.

We'll see where this goes, although I'm not optimistic that much, if anything, will change.

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Have you met with the Financial Aid Department (your school may call it something different) yet on this? They'd be the ones in the best position to help you. Unfortunately, department directors really have no control over the financial aid process at a school.

I understand the fraud that can occur, but the last day to drop with a refund was 9/8.

I've warned the Director of Nursing Education that I was going to make waves, she understood and referred me to the Dean of Student Affairs.

We'll see where this goes, although I'm not optimistic that much, if anything, will change.

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Specializes in Med-Tele, Internal Med PCU.

The FA office has been just this side of worthless, I will admit they are probably the most busy office of the school (especially early in the semester). I made my Director aware of the situation (A) for advice, and (B) for advisement:there is nothing worse than being in the "morning meeting" and learn of or be asked about a problem with one of your employees (students) that has made it around you.

I've got an appointment with the Dean of Student Affairs, and am optimistic that though it may not be of any help for me, it will fix the problem for the future. Which is kind of my point, fortunately I've got the resources to absorb this excessive lag time; whereas the typical student isn't that fortunate.

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Mine takes close to 2 months after the beginning of the semester. I hate it because we can only charge to our financial aid in the bookstore for 2 weeks or so but the bookstore doesn't have all of the supplies I need (like printer paper, ink, etc) so I have a hard time getting that kind of stuff.

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