Loan NIGHTMARE.

Paying for College
21

UPDATE:

It occurred to me that:

  1. The school denied my federal loan due to dropping out. Had I not, it would of been disbursed, (this is what they said).
  2. The loan I requested, privately, is almost the same dollar amount as this difference.

So I can’t fathom how the school denied my $2300 fed loan, would of gave it had I not dropped out, but insists a $2500 private loan would “Exceed budget”.

After books, my refund is only $850, and that is supposed to be for 2 months worth of expenses.

The budget, or COA for the college is $12,454 per year. This is in district, off campus.

For one semester, that is $6,227, my tuition was $1110, since I’m going half time.

If we change the tuition in the COA to one semester, half time, and halve the book cost for half time, this changes it to $4,855.

Total summer COA=4855

Grants disbursed= $1094

Remainder= $3761

So…explain how a $2500 student loan would “exceed my budget”?

What makes me further irritated is that the school said it would take TWO WEEKS to follow up. This s beyond ridiculous.

BTW…my state is broke, and as a result colleges are struggling.

I’m thinking this college is purposely trying to keep low income students out in order to remain more profitable.

I don’t know how the college thinks 850 is supposed to last me 2 months?!

I do live at home, if my parents kicked me out, that wouldn’t afford 2 months rent in a crackerbox here.

22

If you are only going half time, that limits the loan amounts further. You’d also need to know if the school considered the summer part of the 2016-17 school year or the 2017-18 school year. It makes a difference as to what they can offer.

The state being out of money wouldn’t change federal loans.

23

UPDATE:

I finally made progress!

The squeaky wheel gets the oil!

I called them EVERY DAY and demanded they looked into this RIGHT NOW.

They are gonna certify the loan…and they said they are even going to “revise our policies to make this process easier from now on”.

They even went as far as contacting other colleges and asking for their own policies, something I told them to do.

I told them my main beef with them was:

“It is idiotically redundant to purchase something, show a receipt, and apply for a loan to get paid back, if people had the money to fully pay out-of-pocket, they wouldn’t need the loan in the first place”.

If you had a million dollars and wanted a new $60,000 car, would you get a loan at 3% or pay in cash and probably get a discount for doing so?

It’s common sense…