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School loan question?
I received an email from my college that I owe about $300 which I can pay but rather not. When I looked at my e bill it says they took 10500 of my loan for this semester. I have 22000 for the 2 semesters so why wouldn't they take the extra money from the loan because I know they accepted the full amount so there should be 110000 per semester. Any ideas?
3 Answers
- nancyLv 79 years agoFavorite Answer
There is an origination fee for your loans that is deducted before the money can be applied to your account.
Federal regulations require that schools pay out loans in at least two disbursements that correspond to pre-determined payment periods (usually the semester). In your case, the school can only use 1/2 of your total annual award for each semester, so they would not be able to dip into the second semester's aid to make up the shortage caused by the origination fee.
- Anonymous9 years ago
Yes, there's $1,100 per semester, if you get $2,200 annually But next semesters funds are saved for next semester, they can't go into that. Pay the $300 you owe.
- 하하Lv 79 years ago
They cannot take it out of next semesters disbursement. That would be illegal. Loans require an origination fee.
