The Financial Aid Guy

Sent from above to democratize financial aid

Archive for the ‘Federal Grants’ Category

The Golden Rule

Posted by financialaidguy on January 22, 2008

Last week I got a call from a local parent concerned about financial aid for their daughter.  The parent is pretty frustrated because they feel their daughter is not getting the quality service from the financial aid department that she deserves.  It bothered me to hear the parent make these comments because so much of what I see is parents and students who come in with a demanding attitude, and they leave mad because they aren’t satisfied with the information or level of service.

No matter what college or university a student attends, the financial aid department is put in place to process a students information and help them as much as possible get the aid they need, when they need it, so the student can focus on doing what they signed up to do..learn and get a degree.  Students and parents also have a responsibility though, to make sure they understand the process and get the financial aid folks the information they need to process the students package.  When that breakdown occurs, that’s usually when I get the mean phone calls

At the end of the day though, it’s all about customer service.

Posted in FAFSA, Federal Grants, Financial Aid, Free Money, Scholarships, Student Loans | 1 Comment »

Ethics and Student Loans

Posted by financialaidguy on January 22, 2008

The student loan industry has been viewed with much skepticism over the past few years due to the fact that the percentage of loans over grants and scholarships has increased drastically.  This is bad news by itself because many students will not graduate and find a job that enables them to pay off the loans, leaving them to either default or reduce their standard of living.  Some schools default rates are so high that federal loans are being removed from the financial aid package entirely.

I thought that default rates and ability to pay the loans back were the only issues.

A couple weeks ago a parent came into the financial aid office to show me a letter the person received from a bank.  It was a disclosure letter meant to inform the person of the $20,000.00 student loan they cosigned for.  The problem is that the person didn’t cosign for any loans.  Apparently, one of their children signed up for this loan, didn’t have the credit worthiness, and then forged the parents name on as a cosigner.  I’m not bashing the bank exclusively here because the child obviously has some ethical issues, but I do believe the bank should have controls in place to prevent children, or anyone for that matter, from randomly putting someones name on there to guarantee the loan.

Luckily, the parent called the bank in time and the check was never sent to the child.  If for some reason the parent never caught this fraudulent act, they would be liable for $260 a month for the next 20 years.

How’s that for someone on social security.

Posted in FAFSA, Federal Grants, Financial Aid, Free Money, Student Loans | Leave a Comment »

Ask Me

Posted by financialaidguy on December 19, 2007

To make this site as efficient and useful as possible, I have added an instant messaging feature to the right of the postings so that users can get instant answers to any questions they may have. I will always write about many different aspects of financial aid, scholarships, grants, and other forms of free money for college, but there is bound to be something I don’t cover in my posts.

Ask Me should help to narrow that gap of information.

Posted in Federal Grants, Financial Aid, Scholarships, Student Loans | Tagged: , , , , | Leave a Comment »

 
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