Student loan funds returned

If you graduated, you’ll have to do exit counseling for your loans. Gather all your paperwork, and ask your employer for an accounting of what it has paid. Find out how much total was billed to you, how much the employer paid, and how much you owe in loans.

Print out all the bills and then take a highlighter and match up all the amounts billed and amounts paid.

My daughter only had 4-5 items on her bill, but the credits went on for pages.

For example, her tuition for one semester might have been $20, 000, but the bill would read:

Tuition $20,000
Paid $3,215 Florida bright futures
Paid $1,500 resident grant
Paid $ 500 alum grant
Paid $500 visit grant
Paid $500 SEOG
Paid $3000 Pell grant
Paid $10,800 merit grant

etc etc until that $20000 was paid. When one item was paid, next item, such as a $250 student fee, would do the same thing and apply the next grant or loan. At the end, any overage was refunded to her, and any balance we had to pay. If a check was cut to her, that would appear on the statement too.

My other daughter’s bill was much simpler. There were 4-5 charges (tuition, fees) and then she had 4-5 credits (scholarship, loan, grant). The added up the charges and got one big number, added up the credits, subtracted, and what was left was sent to her or billed to her. They did not go through and apply everything separately.

I think what happened was that when your employer paid, you had too much in financial aid so they applied the employer’s check and reduced your loan. For the $4000 balance, are they expecting an employer reimbursement?

See how much was charged, how much your employer reimbursed, and how much your loans are.You have to get out the sheets and match up the charges and payments.

You need to contact the Bursar’s Office to ask about your $41 refund. The financial aid office does not process refunds to students.

@twoinanddone thank you. I will do this and see if I can makes heads or tales of it all. It very well may be that I had too much in loans once they received my employers payment but I did call them and notify them. As did my employer, in May of 2018, that I was awarded this scholarship. Shouldn’t they have decreased my aid then instead of waiting until the end of my program? And no my employer is done paying, I have to pay this $4,000 balance out of pocket.

@sweetpee1980 please don’t take this the wrong way…but where is that loan money the college disbursed to you? If you didn’t use it for college expenses…then…what did you do with it?

Since the origination fee for student loan is around 1%, if the loans they returned total up to the $4,000 you now owe, then the $41 could be the fee refunded to you since part of the loan was cancelled.

No, the school both receives and returns only the net disbursement amount, so it’s not that. Even if an aid officer screwed up, the fee on $4000 is $42.

@thumper1 no worries, I understand your comment but let me say, I’m not your typical college student. I’m 38 and have 4 degrees under my belt. I am no stranger to student loans but have never had this issue. The refunds they sent me were returned to Nelnet ( and payed off one loan group… woohooo) I do not want to have to repay more than what I need for school.

Well guys here I am doing my exit counseling and it says I have now write a total of $24,639 but that’s not the case.why does the amount they have returned not show up? Specifically @twoinanddone

Nelnet is a loan servicer. They get information from the dept of education but don’t actually dispense the funds nor take them back. If a school cancels a loan, that information goes back to the source, NOT the servicer.

You need to get all the information on all the loans and match them up.

It can take some time for the funds that were returned to Direct Loans to show up in NSLDS. Go to nslds.ed.gov & look at your loans on that site. It will show the amount of loan you borrowed & the amount of interest on the loans to date, and each loan is listed separately. If you see the ones that were returned, it would be wise to contact Nelnet to ask about them. It might just be a matter of timing, but it’s always good to check. If they say it’s a timing issue, keep checking every couple weeks until you see the correct amount in NSLDS. (Mistakes can happen, and you want to make sure your account is correct.)