School is requiring that I make first payment for tuition today. Only have FAFSA loan atm, will my payment be reimbursed ?

[Hamber_Gorl]

So I didn’t realize I would have to begin paying this early.

I only have 40k loan for fafsa and total tuition is 70k. First payment will be 3k and I just applied for GradPlus.

Once the loan from gradplus is offered and i accept, will I be reimbursed for the 3k that I will be paying today?

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[SigmaFS]

Is the 3k a deposit to save your seat?

 

[Hamber_Gorl]

Is the 3k a deposit to save your seat?

Hey sorry for late reply.

And no, I paid $1500 to save the seat. I learned more about loans and my school’s process since making my post and i was approved for the loans for the school’s COA but the disbursements won’t begin until august… the school requires that half the tuition be paid by 05/2023 or enroll in the payment plan which is 3k a month.. I’m dismayed I guess that my school required payments months before loan disbursements… i guess they expect every student to just have $9,000 sitting around to pay before loans kick in… my savings will cover it but I’m nontrad and can’t imagine how other students who haven’t been working have managed that.

 

[SigmaFS]

That's seem highly unusual. Are you sure they require payment several months in advance of the 1st day of classes? What school are you attending? What documentation do you have to support that payment schedule? Call/review the school Bursar's/Cashier's office for payment schedule? I would think that state regulations, whether a state or private school, edit "prohibit" edit advanced payments.

 

[RangerBob]

I agree this is highly unusual. I didn't have to make any payments until my loans were dispersed. The school just took the tuition payment from that and refunded me the remainder for my living expenses, so I didn't actually "make payments" per se.

As you point out, most folks don't have that kind of money laying around

 

[FutureInternist]

Touro Uni in NV had a “pay us $2K to save your seat” to show them you wouldn’t take a spot somewhere else… I think it was deemed illegal pretty soon after that & the class 2 years after us didn’t have to do that

 

[Hamber_Gorl]

That's seem highly unusual. Are you sure they require payment several months in advance of the 1st day of classes? What school are you attending? What documentation do you have to support that payment schedule? Call/review the school Bursar's/Cashier's office for payment schedule? I would think that state regulations, whether a state or private school, edit "prohibit" edit advanced payments.

i made previous posts on here which my school could easily identify me by if I state the school but it’s private DO.

The payment schedule is 3k a month beginning in April/May depending on when acceptance is offered. Payment schedule is found on the school’s website but I was unaware of it when applying which is my fault for not checking.

 

[SigmaFS]

Thanks for sharing those details. Makes me curious about the financial position of the school.

 

[Mr.Smile12]

What did your financial aid officer say?

 

[Hamber_Gorl]

What did your financial aid officer say?

He said that I will be refunded essentially after the loans are dispersed.

I didn’t ask if there were any other options or if I could hold off on making payments until the loans kick in. So there may have been other avenues available, I just didn’t explore them after the finaid officer said I would be refunded.

 

[Mad Jack]

Touro Uni in NV had a “pay us $2K to save your seat” to show them you wouldn’t take a spot somewhere else… I think it was deemed illegal pretty soon after that & the class 2 years after us didn’t have to do that

Interesting. Touro took a few grand from me back in the day, though it was Harlem

 

[Mad Jack]

I would honestly submit a report to the CFPB to have them look into whether this is kosher and leave it up to them. It feels like abuse of the student loan system and I'm curious if they are planning on people failing to make payments to get free money before the disbursements even happen.

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