I’m a freshman in college, it’s my first semester.
I found out recently that I needed to update my mailing information in order for my loans to be disbursed to my school. My school had also notified me that I needed to have my loan disbursed by November 9, or else they would cancel it, and I would be responsible for the payment. However, the company I am taking a loan from said that it would take up to 20 days for the loan to be disbursed, and another 6 days for it to be completed.
What are my options here? My loan won’t be disbursed by the 9th, so I can only assume it will end up being cancelled. I don’t have the money to pay the school, and I can’t register for classes until I make my payment. Am I just screwed?
Is this a private loan?
Yea
Checking for clarity.
Are you saying that you don’t have sufficient funds to pay your FALL bill?
I’m having trouble understanding how a college can have a part in “cancelling” a private student loan. This is a transaction between the student and the loan company. Given that the college is the ultimate beneficiary that will be receiving the loan proceeds, you would think that the college would be doing whatever it can to make sure that the loan is completed, as opposed to being an obstacle in the process.
Yes, I don’t have the funds to pay my fall bill.
And in regards to what BelknapPoint said, I’m only saying what I know. I have no idea why the school is threatening to cancel my loan instead of trying to get the payment through as soon as possible. I’ve tried contacting the school about this and haven’t been given any sufficient answers. I’m going to try talking to the Student Account office in person to see if this can be worked out at all.
Even for a private loan the school has to verify that the student is in school. If the loan doesn’t come through by Nov 9 then maybe the student will be dropped from registration and can no longer be verified.
GO to the FA office and ask them to walk you through what is happening. Have them call the private lender. This can all be done in one day. If the loan is all set up and you just need to update the address, it should be ready to be disbursed.