is it lawful for a online university to hold federal grant money for any reason?
sammy asked:
Universities have policies that hold federal grant money and they blame it on the finance department needs to certify the money, why? I feel these online universities hold the money to get more interest because the time from them receiving the funds to dispersing it to the student can be 3 weeks. If there is an outstanding balance that is different however the money is mine and no one pays it back but me so why can’t i receive the money directly to me and i can pay for the coarses myself.
Universities have policies that hold federal grant money and they blame it on the finance department needs to certify the money, why? I feel these online universities hold the money to get more interest because the time from them receiving the funds to dispersing it to the student can be 3 weeks. If there is an outstanding balance that is different however the money is mine and no one pays it back but me so why can’t i receive the money directly to me and i can pay for the coarses myself.
not sure, contact the financial aid dept. at your school if you feel they are not good, contact the department of education (they dispense the funds, and handle it all together) and find out your rights and rules…usually takes about one to two weeks depending on the size of the school to get the funds dispersed. there is a lot that goes into it. the funds comes from dept of ed., to financial aid which must certify it, student accounts must then cut a refund check and mail it..remember they do this for potentially thousands of students.
You can’t receive the money directly to you because the money is for your tuition and fees. any additional funds remaining you will receive a refund check. Schools don’t receive interest off of grants or loans that are not disburse to students. Interest accrues once the aid is disperse. In addition, if you don’t have any outstanding requirements to satisfy then you should have received part of you aid by now. Also, schools have different time schedules when it comes to certifing aid, especially if you asking for the funds later in the semester. I hope this helps.