CTC Grant/Loan Question

[Wolfe]

Does anyone know how long a college can hold grant and loan money before getting it out to the student? My child won't get the grant or loan money until a full month after being in college. The result, not enough money to buy all the required books which is already resulting in the inability to do the work, thus, failing the class because of this. Funny thing is they already took their portion for the classes so why didn't they send the remainder to the student already?


Any guidance would be appreciated. That money is the students money and why the college holds it so long is questionable to me.

[AllyMay]

They usually hold half of the grant/loan until about October of the first semester while subtracting the tuition from the first half given out at the beginning of the semester. The books can be purchased on a CTC voucher for the semester and then deducted or the student can take out a loan from the school to get the books. The reason for the delay is that there is a great number of students who don't make it through the first semester of college.

[Wolfe]

Interesting, they held the entire amount! The classes were already paid for. They didn't take any money from the grant or loan to pay for classes.

How much money do they make on interest by keeping all these students money for a month? In the meantime, they are causing a hardship for those students who don't have the extra money to buy the books without that grant and/or loan money.

No one at the school or main campus told us anything about anything you mentioned. I have found the school to be VERY lacking in giving information throughout this whole process so far. I find them less than professional with all that we have dealt with. And trust me, you wouldn't believe a few of the "oops" they made. Quite serious mistakes that should never have happened. Those issues are what caused me to ask about them holding the money, I simply don't trust that they truly know what they are doing some of the time.