Overaward holding me back, how do I get rid of it?
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Topic: Overaward holding me back, how do I get rid of it?
Posted By: rraynes
Subject: Overaward holding me back, how do I get rid of it?
Date Posted: 31/July/2017 at 5:04pm
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Hey all, I'm a little confused and I'm hoping someone here might be able to help me out a bit. Back in 2013 I got a Canada-New Brunswick integrated student loan and went to college for a course I thought I would enjoy. I did, though I was 17 and living by myself quite a ways from home and after a few months of not managing to keep things together, I'd dropped out and moved back home. I have about $5300 left on that loan, I've been paying minimum payments on it since then and mainly just not having a good time with moving from dumpy job to dumpy job. This year, I decided to actually do something with my life and go back to university once I've figured out what I want to do with my life. I'm all enrolled, student loan ready to go, but I have this overaward here for $5002 and it's taking a massive chunk out of the funds I pretty much require in order to go back. Basically from what I'm understanding I've been assessed with a $15k need, but I'm only getting $10k after this overaward garbage. I have no idea what this really is or how I can get rid of it, but it mentions something about the Satisfactory Scholastic Standard and that I'm on SSS probation. Does that overaward go away? Is there something I can do about it? Obviously in my situation I'm in absolutely no way able to pay that money back, that would be ridiculous. I already owe them $5300, is that overaward an EXTRA $5k? If there's any way to get rid of this, it would be exceptionally helpful. I won't be able to afford to go back if I have to pay that $5k back before I can get my full assessed need out of a student loan again. First disbursement is only $4k, and my tuition is $6.6k so there's kind of an issue here. So basically, what exactly is this overaward thing, how do I get rid of it, and can I even do it?
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Replies:
Posted By: Royal-NCO
Date Posted: 01/August/2017 at 5:31am
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Unfortunately, because you withdrew early from your previous studies, you were not entitled to a portion of the money that you were awarded. They therefore want that money back. Technically, you weren't supposed to spend it because you were expected to IMMEDIATELY get a job after leaving your previous studies prematurely. Realistic? Not particularly, but that's how the rules work. What they're doing now is saying, ok, you don't have to give us the money back right now, but we're reducing your entitlement for the new term by the amount you previously were over-paid. Is there a way out? Other than paying it? Not likely. Maybe Johnny has some ideas or alternatives.
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Posted By: rraynes
Date Posted: 01/August/2017 at 10:02am
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Right, and that's what I figured. I only ever cashed the first disbursement however, which is where the $5300 existing loan comes from. I guess I'm more interested in where the even $5k comes from because again I never cashed the second disbursement because I left before the term ended. It just seems like this $5k was from nothing, I don't know. I tried calling NSLSC this afternoon but their systems were down, boo. If that is the case, would I essentially owe 10,300 and not the $5300 that shows on my existing student loan account? Thanks for the reply. |
Posted By: SolveStudentDebt
Date Posted: 02/August/2017 at 6:11pm
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What did you do with the second disbursement when you received it? ------------- Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting. http://www.solvestudentdebt.com" rel="nofollow - solvestudentdebt.com |
Posted By: rraynes
Date Posted: 02/August/2017 at 9:06pm
| I dropped out well before the time came for the second disbursement, I literally never received it. The only disbursements in my disbursement history on THE NSLSC website are on September 24 2012 doe $3988, and September 25 2012 for $3039. Totals $7027, and I have $5350 remaining. |
Posted By: Royal-NCO
Date Posted: 03/August/2017 at 8:11am
Sorry, I am confused. Did you leave before the end of the first term or the second term? Case 1: Term A gets a disbursement. Term B gets a disbursement. You completed term A, withdrew AFTER completion of term A, and your never received Term B disbursement ( or never cashed it ). In this case, they're making a mistake if they're claiming an over-award Case 2: Term A gets a disbursement. Term B gets a disbursement. You exited before completion of term A: you may owe money. |
rraynes wrote: