<p>Hello everyone,
I'll try not to make this too long, but basically, I am completely clueless about financial aid. My financial aid office at school is not helpful at all.</p>
<p>I started taking classes at the community college here in May. I signed a paper requesting a loan for $2,250. My records that I can view on my school's website indicate that I received "Stafford Subsidized Loan" in the amount of $2,250. My classes were $1,200 and I spent $500 on books. When I applied, I knew that I would only spend about $1,700 on tuition and books, but the person in the financial aid office who helped me suggested that I ask for $2,250 so I would get a refund and have some extra money for gas/other expenses. So I did, and I was expecting a refund of about $500. Now I am being told that I am not owed a refund, but I can't figure out why. What happened to the rest of the loan that I got? I know it's probably difficult for anyone here to know for sure, since you're not my financial aid office, but does anyone have any ideas? The guy in the financial aid office basically said "Sorry, you're not getting a refund" and walked away. Yeah, not helpful. </p>
<p>Another silly question... my online account with my school states that I have the Stafford Subsidized loan for $2,250, but I got an e-mail the other day saying "Welcome to Sallie Mae." I logged in and apparently I have a Sallie Mae loan for $1,200. Is this the same thing as that Stafford loan? And why would it only be $1,200 if I spent an additional $500 on books? </p>
<p>Sorry, I have no idea what I'm doing with loans. Any help would be greatly appreciated =)</p>
<p>i’m so sorry that your financial aid office is being unresponsive. there are some people who work in customer service who don’t understand how stressful it can be to be kept in the dark about this sort of thing.</p>
<p>to answer your last question – a Sallie Mae loan is a private loan and a subsidized Stafford loan can only originate from the government. there’s no way you could have accidentally borrowed a Sallie Mae instead of a Stafford Loan – the processes are separate and require different documentation/paperwork (including a cosigner for the private loan, most likely). are you sure that the Sallie Mae email wasn’t just an advertisement and not an actual loan? If you’re sure that it’s really a loan, the only thing i can think of is to call people higher up in the college for clarification. They should have made absolutely sure that they offered you the loans that you wanted.</p>
<p>You definitely need to get back on the phone with fin aid. Any excess loan amounts have to be refunded to you. Make them explain where the loan amounts were dispersed. The only possibility where you wouldn’t have a refund is if the loan amount was decreased but that would have required you to request it in writing (i.e. e-mail or letter).</p>
<p>Thanks for your responses! You guys have already given me more answers than my school has. </p>
<p>
Yep. When I log into Sallie Mae’s website and click ‘Loan details’ it says:</p>
<p>Account number: xxxxxxxx
Program/Lender: Direct Loan-Sub US Department of Education
Status: In school
First disbursement date: 06/08/2011
Current principal balance: $1,125</p>
<p>But when I look at my online account on my school’s website it says:
STAFFORD SUBSIDIZED LOAN Year-term Summer 2011
Award amount: $2,250
Amount used: $1,120.00
So, there’s no way these can be the same thing? At first I was just concerned about my refund, now I really have no idea what’s going on. I guess I’ll go back to my financial aid office and hopefully get somebody helpful =) Thanks. I hate being so clueless about this stuff!</p>
<p>Oh, one last thing, I just noticed my online account with my school also says this…
Summer session fees
Total fees: $1,216.14
Balance owed: $0.00</p>
<p>So I owed $1,216, they’ve applied $1,120, but I owe them $0?? I feel like such an idiot but none of this seems to add up to me!</p>
<p>Yeah, I am really lost. I thought that private lenders couldn’t service the subsidized loans any more under the Stafford loan. I didn’t even know that Sallie Mae could get involved! The good news is that it’s apparently still a subsidized loan and not a private loan, which is great since you’re not paying interest while you’re in college.</p>
<p>Hopefully kelsmom or swimcatsmom or someone who understands this stuff more than me will be here soon!</p>
<p>Your assigned servicer for you Direct Loan is SallieMae. Your loan was certified by your school for $1125 and it paid $1100 (1125*0.005=1100 due to loan fees). </p>
<p>Your original award offer was probably based on full time enrollment & you are less than full time, or you were awarded for two terms & are receiving your aid now for one term. These are possible reasons for receiving a loan that is less than anticipated.</p>