Monday, August 14, 2006

I've always wondered why our loan money doesn't get sent to our personal bank accounts until a week after classes start? We have very real expenses related to school (notably the roughly $300-500 in textbooks) in the run-up to classes. Our Federal loans are disbursed generally around August 1. Our private loans -- around August 10. All of our fees must be paid to the University by August 15. Why can't the university wire the remainder (if any) on the 16th? Why do they wait another ten days after the fees are due to begin rendering unto us money that is rightfully ours (or at least that we, not they, are on the hook for for years down the line)? Are all of the briefly witheld aggregated student funds sitting in some university account generating interest for them or something? Anyone? Bueller?

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6 Comments:

Anonymous Anonymous said...

Wait, Tacitus, are you taking out big private loans? Shouldn't you have made some serious bank this summer such that you're not relying on private loans (at least in the fall)? DId you not get resident tuition?

8/14/2006 4:43 PM  
Anonymous Anonymous said...

yes tacitus, please share information regarding your personal finances on this blog. while you're at it, could you give me your social security number and your mother's maiden name??

8/14/2006 4:50 PM  
Blogger Tacitus said...

actually, this was not a personal lament. it is one of those weird boalt things that i've often wondered about, even if it didn't really upset my apple cart in any significant way (similar to the issue of why it takes two months for our grades to be posted in the summer). if there's a good reason for the lag, i'd like to hear it, that's all.

8/14/2006 6:02 PM  
Anonymous Anonymous said...

I don't know about the rest of you but I'm taking out all the private loans and taking the money to Vegas. I figure my only shot at getting out from under my educational debt before I'm over-the-hill is getting a hot hand at the craps table.

8/14/2006 9:44 PM  
Anonymous Anonymous said...

apparently there is some legal reason as to why we can't have our money until school starts. at least this is what i was told. i'm at WashU and we have to actually go wait in a long line with the undergrads and pick up checks.

8/15/2006 11:32 AM  
Blogger Armen said...

11:32, I'm actually really shocked to hear that. I sort of had the opposite impression when I visited. See here

8/15/2006 1:47 PM  

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