Any experts on financial aid? Anyone work for a college?

[disbridemimi]

Hi there, I am trying to figure out how to make this work. I REALLY need some help here pleaaasseeeeee. I am going to pull my hair out. I am totally stressed over this mess. Last year I gave up, but this year I am not in a position to let it slide.

My company pays my tuition by sending the school a "Letter of Credit" at the start of the semester, and then issues a payment at the END of the semester. This leaves the bill in limbo, appearing "unpaid" for the semester even though it is a guranteed payment.

Now, my tuition is covered, but my books, uniforms, nursing shoes, liability insurance living expenses etc are NOT and I really NEED the student loans this year. My school says the only way to give me the student loan is by applying it to the unpaid school bill, and that they CAN NOT give it directly to me. BUT if they put it towards the bill, my company will then not pay my tuition, and I will end up having to pay back tuition I could ahve had for free. My company will not send the payment before the end of semester, I have begged all the way to the top. They have their policies, and they don't understand why the school cant just dispurse the loan to me directly.

Can anyone help? It is acceptable to use the student loan for living expenses correct? Room & board etc? How can i get the school to give the loan to me? Is there anyone else I can get a student loan through? it is so unfair that I can't get the loan money I was approved for because the account employees can't figure it out. I know there is a way to do this, can someone explain?

 

[kidzmom3]

my dh works at a private college in MA and he says that you have to work with the financial aide office. if they can't help you, no one can because at least at his school. they bend over backwards to help the students.

 

[disbridemimi]

Yeah, that is going nowhere fast. They told me its not really their problem and that I need to work it out on my own. I go to Community College and I get the feeling that no one in that office ever wants to actually be there. They always take my number and say they will look into it, then I have to hunt them down (I learned early to take their names) and then they say " We dont know", or " I never got a chance to look into it, here leave your name & number" its like a never ending cycle of frustration.

I appreciate your input. I think (against my nature) I may have to use the "annoy them until they find a way" strategy here. Being nice and begging is getting me nowhere. I am going to just keep on showing up until I find the one person that will help.

 

[kaytieeldr]

Can you go in and talk to them? Take a day off from work and refuse (politely) to leave until your issues are resolved? Otherwise, can you borrow the money from someone you know?

 

[luvsJack]

I work in the student services office of a community college which translates into a combo business office/financial aid/admissions office.

I hate that you are having to struggle with this and understand exactly what you are going through. The office in your college should be more helpful, after all they are supposed to be there for the student.

As for their policy, it is also our policy that if a student is getting tuition assistance from more than one place; we take the money that comes in first to pay their account. When any other money comes in it generates a refund check for the student. I don't know how much the tuition is at your college but generally student loans would more than pay your tuition so you would receive a small refund when it come in and then a bigger one when your company pays. And if you think about it, it makes sense. You have an outstanding bill, money comes in and is credited to your account. This money pays your account, any extra money coming in is refunded. Same as with any other type of bill you may have. Does that make sense?

My advice would be to go to the college's business office instead of financial aid. Ask to speak to the business manager or to the person in charge of student aid refund checks (depending on how refunds are handled in your school, they may send you to another office or even back to financial aid; but the person handling the refunds is the person you need to talk to). Explain your situation to this person. Bring to them the letter stating that your company will be paying your tuition in full and tell them you need the loan money for books and other necessities for your program. (DO NOT tell them you need to pay rent, buy a car or anything of that nature; by law the college cannot know that you are doing anything with the money except pay school expenses).

At the very least, they should be able to give you a voucher to go to the school bookstore and purchase your text books and other necessities. (our students are able to get all of their nursing school supplies through our bookstore)

I can't promise you they will work something out, but it won't hurt to try every way possible. If you can't get help through that avenue (and assuming that the person dealing with refunds is in the business office), go back and speak to the financial aid director. He/she may be able to suggest some kind of aid that doesn't have to come through the school.

Oh, and always make sure you are talking to a school employee (and the higher up the totem pole the better) not a work study student. Sometimes work studies over step their boundaries and act as though they can do things that is not within the scope of their job.


Now, what I do not understand is why your company will not pay your tuition if it is paid by a student loan? This doesn't seem fair. Its like they are punishing you for needing this money? It may ultimately be easier to get your company to change their policy.

Lots of luck to you.

 

[The Mystery Machine]

My company will not send the payment before the end of semester, I have begged all the way to the top. They have their policies, and they don't understand why the school cant just dispurse the loan to me directly.

The reason they will not dispurse the loan is because the PAYEE (your company) has not paid for the loan.

Unless the school gets the money they are not going to give you the money.

The school is like a broker and not a bank if that makes sense.

 

[luvsJack]

The reason they will not disburse the loan is because the PAYEE (your company) has not paid for the loan.

Unless the school gets the money they are not going to give you the money.

The school is like a broker and not a bank if that makes sense.

Exactly. They have to take the first money that comes in as payment. When the money actually comes in, it is a guaranteed payment; your company's money isn't guaranteed until the college actually receives it.

That's why I think the company may be more flexible than the school.

 

[The Mystery Machine]

Exactly. They have to take the first money that comes in as payment. When the money actually comes in, it is a guaranteed payment; your company's money isn't guaranteed until the college actually receives it.

That's why I think the company may be more flexible than the school.

And really she is wanting a seperate loan, right?

OP can you take out any other loan? How did you get a loan based on the company paying for it or was this loan not tied to it? I am confused but then again this stuff is greek to me.

My brother had to pay his tution upfront and then he was reimbursed by the company and it was based on his grades to the percentage of the reimbursment.

 

[luvsJack]

There are private student loans that may be processed differently from the lender and not have to come through the school at all. Students who come back to school for our technical programs but already have a bachelor's degree use these. I think the interest is a lot higher on them, though--so I would think long and hard before getting one.

OP, you really need to sit down and look at any options you may have that would not include a student loan.

 

[HM]

I hope you can find a way to work this out! Sounds like you've been given some good advice.


My DH gets reimbursed for his tuition. We have to pay the school first and then when he finishes a class, he gives them a copy of the final grade and they reimburse us. We have no loans, so everything else is out of pocket.

 

[disbridemimi]

Katieelder- I spent 4 hours there yesterday and they just seemed more annoyed. The kept telling me to wait, and no one even tried to speak to me or help me.

Luvsjack- i plan to take your advice asap, and head to see all of those other people. SOMEONE has to be able to help. My company cannot pay my tuition if the student loan pays it first, because the account will show a zero balance by the time they get to the payment part. The problem is the delay in payment from my company, if they would simply mail the check earlier then end of semester, the loan could then be put towards a zero balance and issued as a refund check. My company says they cannot pay earlier, and it is a huge nationwide company with very stern polices. They really try to make it hard to use the tuition benefit, I think that saves them a lot of money.

The reason they will not dispurse the loan is because the PAYEE (your company) has not paid for the loan.

Unless the school gets the money they are not going to give you the money.

The school is like a broker and not a bank if that makes sense.

The loan is in not from my company. I want to be able to ACCESS the student loan that the gov't says I am qualified for, to use for expenses other than tuition. I claimed my tuition assitance on the FAFSFA and they say I qualify for a loan IN ADDITION to the tuition assistance I have. It is not a loan from my employer. The loan is a regular student loan, the tuition is covered by my job, but their delay in payment (they send a letter of credit as a placeholder) is what is causing the issue. It is super confusing, I know. I tried to sort this all out last year, but I had enough in savings to be able to give up on it. Now I do not.

I am stuck, my company refuses to help, and the school refuses to help and trust me I would not be trying to sort this out if I thought I could make it any other way. I need this loan. I am going to end up taking out a loan at the bank I think with a ridiculous interest rate, or I will end up dropping out of school mid year to go back to work. I am literally one car problem/home repair issue away from disaster, and my car is 7 years old. We have already cancelled our wedding so I could go back to school, I really just need to get through this last year. Once I am an RN I will be able to make enough to pay the loans back.

Sorry, I am tired and whiny. I spent a lot of time on the phone today begging my company to help and just pay the bill sooner. I spoke with a handful of people, all very apologetic that they cant help. The school doesnt even answer the phone, you just leave a voicemail and they call you back in a few days. I spent so long in their office yesterday I have no hope.


I am considering going back to work for a year, and hoping I can get back into the nursing program to finish my last year after.