So, for any of you on pins and needles with me over the being “over paid” federal financial aid loan dollars here’s the update: all seems to be resolved.
Stickittoyou U, in a nearly unprecedented display of taking responsibility for their screw-ups, has given me (and presumably the others who they dumped in the same boat) a University Grant to cover the amount of funding that they over extended in my federal loan package. This grant will basically repay that $500 I wasn’t technically allowed to have but was allowed to borrow anyway.
As the university packages your financial aid by school year, it seems as though this grant will also cover spring semester. Even though spring loans haven’t technically been disbursed yet, I had already “accepted them” and those amounts would also have exceeded my lifetime undergraduate federal loan maximum. Way to be surprisingly pro-active in preventing a repeat of this debacle in February.
The long and the short of it all means, provided no additional screw-ups are discovered, I should be able to finance my last spring semester as originally planned. And, as this is grant money, I won’t have to pay it back. In this case, if you look at it from the silver lining perspective, their screw-up actually has saved me money.
Janie's Place 