College Holding Money I'm Paying Interest On

[NightrainSrt4]

So basically Framingham State College has received my private loan money on October 1st. It is now midway through November and I have yet to receive that money, even though I am paying interest on it from the 1st of Oct. Doing some quick math here, that's already about $75 worth of interest I have to pay back on money I don't even have. This will compound over time though as well, so this 2 month delay pushes that number even higher over time.

I go to find out the reason over two weeks ago on why they haven't dispersed the check, and I am told, "Oh, I don't see ANY reason why it hasn't been sent to you, as there's no reason for us to have kept it. It will be sent out right away".

Go in today, still no check, and she tells me its because they sent a check for $0.50 too much over the stupid arbitrary number they decide each student can receive and its going to take a while to figure out how to fix that problem.

Flipping 50 cents has kept my money in their bank accounts for going on 2 months with me paying interest(to the tune of $70+), while they earn interest on the whole sum. WTF?

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If anyone lives in Mass, don't go to this school. Everything is completely disorganized. This is just one issue out of 7 I've had here that is significant. And it isn't just me either. And I've had this issues with getting my money for the past 3 semesters. And I feel like I can't transfer to another school as I just need to get this damn degree, and don't want any more credits lost in the transfer just like when I transferred here.
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These things frustrate me to the point where I feel like I would be better off with books and just teaching myself.

On top of the fact that the Computer Science-Software Engineering major is listed and pitched as a day major when you are interested in coming here and yet every class is a night class from 6-10PM. Ughhhh.

Anyone having any similar issues?

[SXRguyinMA]

I've got a few friends that go there and I've heard no complaints as of yet. FSC isnt too far from me, about 45mins or so, depending on traffic, let me know if you want to get together sometime :D

I'd be on their a$$ about the interest as well, see if theres something you can work out from you paying on money you never got. It'd be like buying a car, and making 2 months payments and not taking it from the dealer yet :mad:

[jdbnsn]

My medical school did the same thing. Their policy was to hold the financial aid deposits for 6 weeks before distributing them and collecting interest accrued while the money was in their possession. But of course as you pointed out, the lender charges interest from the day of their disbursement of the money which means you pay the lender interest while your school collects interest from the bank. It's a jacked up mess, and appears to be common practice. I'm no lawyer and I don't know the legality of it but its probably legal judging by how many institutions do it. I know of a medical training program in New York that paid their medical fellows (this is post residency or sub-specialty training such as cardiology or radiology) less than the first year interns and withheld their paychecks for 5 months into their training. The fellows were forced to earn a living after hours moonlighting for under the table money in clinic just to survive. Welcome to American business 101.

[NightrainSrt4]

From what I have talked to other people that go here the issue seems to be stemming from the way commuter students and resident students get treated.

Every person that I have talked to that lives on campus has had zero issues with funds and such, which makes sense as everything goes to the college. Each of my friends, including myself and my girlfriend, who are commuters have had the same issues.

There's a difference between the way the funds get handled between commuters and residents. I think the reason the residents don't notice any real difference is that everything for them is paid for and all important funds go directly to the school, so no issues. The issue is with the commuter students and how the extra funds need to be issued to them, not kept in cycle with the school.

The computer science department is pretty lame. The classes are okay, other than the false advertisement about when they take place, but I've had an issue with my current teacher as the class is in Java and revolves around java, yet the teacher doesn't know java and refuses to learn it. I would have been better off with just a book, but instead we get a teacher that has no clue how to implement the basic concepts in the language the class revolves around. Ughhh. Lol.

[SXRguyinMA]

what that seems kinda retarded lol

[xRyokenx]

*takes note to avoid this particular school and to watch out for crap like this when he goes to college*

[NightrainSrt4]

The school does have some good points its just that it is very disorganized, well aside from keeping money that isn't theirs.

I've gone to two other colleges, and this is by far the most disorganized and dysfunctional one of the bunch.

[Xpirate]

I dealt with some of the same problems here in Texas as well. Many colleges have these kind of problems. All of my CS classes were in the afternoon and evening.