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+--- Thread: TESC Financial Aid Disbursement - 45 DAYS!?!! (/Thread-TESC-Financial-Aid-Disbursement-45-DAYS)
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TESC Financial Aid Disbursement - 45 DAYS!?!! - alexiarnps - 06-05-2013
Short part - my husband and I are both unemployed, so we went back to school. We qualify for full Pell grants and loans. We're using these to supplement our income. Not ideal, but we both got laid off at the same time in a high unemployment state and we have a small child not in school yet.
I was going over my budget and looking at what needs to be taken care of over the next three months. After manually changing the dates on the '13-14 Financial Aid Handbook URL (the embedded link is down...joy) it says that residual Financial Aid funds won't be disbursed until 45 days after the semester starts.
Do any of you have experience with this? Are they serious? How am I supposed to buy books (paying bills aside)?
TESC Financial Aid Disbursement - 45 DAYS!?!! - Westerner - 06-05-2013
If you got the Pell Grant, you'll get it in time to register for the semester for which you were awarded the Grant. "Residual funds" must be what's left over after you pay for all the classes you'll take that semester. (I have some of those coming to me, and the TESC person I talked to said the check would be mailed out after the classes start.) So the extra (if any) is what'll be given you 45 days after the classes start.
As for books, I'm not sure what options you have other than buying used, since those residual finds won't get to you till after the classes you need them for have started.
TESC Financial Aid Disbursement - 45 DAYS!?!! - alexiarnps - 06-05-2013
Westerner Wrote:If you got the Pell Grant, you'll get it in time to register for the semester for which you were awarded the Grant. "Residual funds" must be what's left over after you pay for all the classes you'll take that semester. (I have some of those coming to me, and the TESC person I talked to said the check would be mailed out after the classes start.) So the extra (if any) is what'll be given you 45 days after the classes start.
Thanks Steve!
I went further in on the handbook and I'm likely going to set an early alarm and call them (I'm PST). It's also saying that for the comprehensive tuition plan that they won't distribute any residual funds until enough funds have been disbursed from FAFSA on your behalf to cover the whole tuition plan, meaning that my husband and I wouldn't be seeing any additional funding from our Financial Aid until the second quater we're enrolled there. I specifically mentioned this when talking with admissions when doing research and they ensured me that funds were disbursed to them quarterly, but if we didn't finish the 36 credits we would be liable for the remaining balance for having signed up for the comprehensive plan. They didn't say that the funds would be withheld (can they even do that?) until they've collected enough from FAFSA on our behalf.
I'm finding this all very disturbing because I'm so fall into the process of enrolling there that I'm not sure I can find a school that I would be able to start at in July. Because of the way Financial Aid works in traditional schools I was expecting residual funds to be sent to me by the school in July...and quite honestly I'm not sure how to cover living expenses and bills past our regular cushion if they seriously won't disburse residual funds until 45 days into my second quarter. A couple of months I have. 4.5 months? Not so much.
TESC Financial Aid Disbursement - 45 DAYS!?!! - rebel100 - 06-05-2013
If the goal is to maximize F/A TESC is the wrong school for you. In fact, depending on exactly where you are in your studies none of the Big 3 are ideal for maximizing the cash return in regards to aid.
Do you have more than 60-90 credits?
Are you pursuing degree's that are unique to TESC like Airplane Mechanics or Nuclear Engineering?
Are you willing to be flexible, ask questions, push people along?
What is the end goal? What degree? What job?
We need to know a little more in order to give you the best advice.
All of the Big 3 have an enrollment fee of some kind....that's the biggest reason we generally advise people to get all their testing and other credits done before they enroll. TESC has the highest upfront fee of all. That fee and my need to utilize aid to finish are the biggest reasons I didn't pursue my own degree there. But we're really getting the cart before the horse...
You can use F/A at a CC so long as your under 90 credits earned....this is going to be the cheapest way to go to school, and so it will also offer the best return on residual aid. Explore your local CC, or attend via distance at New Mexico Junior College or Clovis CC. Tuition and fee's at NMJC total about $1400/semester (12-24 credits), if you have a full PELL that means you would see about $1400/semester in return....that's maximizing your financial aid. New Mexico Junior College - Distance Learning Think hard on this, especially for the fall (you might be too late for summer), going this route offers a far better return than taking distance courses from TESC.
TESC Financial Aid Disbursement - 45 DAYS!?!! - rebel100 - 06-05-2013
Note too that summer 2013 F/A is based on what you received in the 2012/13 year....it won't be the full amount you qualify for in the regular semester. Federal Aid is still based on the traditional school year.
Books: If your on F/A the bookstore will usually front you the materials and just seize the money from your aid package...you still get books on time. But I loathe paying retail for anything...and I NEVER buy a book from the college bookstore unless I exhaust every other avenue to secure that book elsewhere. Amazon will likely have a cheap copy...or better yet have an option for the same book just an edition or 2 older....BUY THE OLD BOOK AND SAVE THE CASH!!! My last but in seat course was at Valencia CC for Psychology (I took it in 4 week minimester Saturday only format) The Psych book was $133.00 at the bookstore!!! I found same edition in softback online for $1 plus $3.99 in shipping, I purchased two because there wern't enough in the bookstore to go around they were backordered. I sold my second $5 book to a classmate very publicly...and her's the real rub. We read the 1st chapter then never cracked the book again during the entire class. Most of my classmates were hosed $128 for a book they never really needed. I wish this were the exception, but my experience is that this is more the norm. I follow a few rules regarding textbooks now:
1. Confirm with the Professor or T/A that you really need the book, tell them your on a tight budget and ask if its crucial to have.
2. If you gotta have the book see if an older edition will do (I have only had one professor say this was required)
3. Shop for the book online....the college bookstore is where I buy t-shirts not books! Amazon, E-bay, Chugg, Abe Books, Google are your friends.
4. If you absolutely have to have the newest version hit e-bay up for an international version of your text. They are usually 1/3 the cost. Did this for the one required text, chemistry 101, mentioned in #2 above.
5. you can rent texts now as well, never done it but the price looks pretty good.
6. SHOP SHOP SHOP
TESC Financial Aid Disbursement - 45 DAYS!?!! - rebel100 - 06-05-2013
Oh, and 45 days is about right for disbursement...the school gets the money, takes their share of the top, and distributes the rest to you. It's takes a little time.
Are loans really your best option? Student loans can be a real drag on your personal finances for YEARS to come. I have no doubt your a little panicked right now, but the goal is to get through school and get back in the workforce....crippling debt loads can have serious adverse consequences. Where do you want to be in 5 years? I bet it's not graduated with a mediocre job, and a mountain of non dischargeable debt to pay off.
Can either of you find part time work to help you get along without student loans? You'll be glad you did one day!
TESC Financial Aid Disbursement - 45 DAYS!?!! - mrs.b - 06-05-2013
Here is how it worked for me, and I was also on the Comprehensive Tution plan. Numbers below are just vague to illustrate:
Enrolled with Comprehensive Tuition and signed up for first classes
- First term begins - 7/1/11, balance due $7,500.00
- First Fin Aid payment - 8/12/11 i/a/o $3,000.00...applied to balance, no payout; balance remaining $3,500.00
- Second term begins - 10/1/11
- Second Fin Aid payment - 11/12/11 i/a/o $3,000.00...applied to balance, no payout; balance remaining $500.00
- Third term begins - 1/1/12
- Third Fin Aid payment - 2/12/12 i/a/o $3,000.00...$500 applied to balance to pay in full, disbursement to me i/a/o $2,500 happened around 3/1/12
- Fourth term begins - 4/1/12
- Fourth Fin aid payment - 5/12/12 i/a/o $3,000.00 (if I'd accepted it, but declined the loans and only accepted the grant portion which was about $700...that $700 disbursed to me about a month later)
The Feds wait to disburse the money for the enrolled term until a few weeks into the semester, after the initial withdrawal period has passed, because if they disbursed funds and then you withdrew from the course, it creates an accounting mess no one wants to manage.
It is very legal for TESC to apply the Fin Aid payments in full to your balance until your balance is paid. On day 1 of Comprehensive Tuition, you owe the full amount, regardless of whether you take one class or all twelve allowed (though if you take less than ~20 credits, don't do Comprehensive or you're wasting money). The balance is due them, so they keep every dime until the balance reaches zero.
TESC Financial Aid Disbursement - 45 DAYS!?!! - alleycat - 06-05-2013
Sometimes people just have to do things to survive. I agree TESC might not be the best beat to use one's aid. Possible a local CC in your area that is a little more cost effective.
I know a couple that went back to school and actually lived on campus with their children because of unemployment issues and lack of jobs in their area.
They had to use fin aid just to survive.
TESC Financial Aid Disbursement - 45 DAYS!?!! - mrs.b - 06-05-2013
PS - TESC's book store does NOT allow you to purchase books on account, so you will need to come out of pocket for books. It's a horrible arrangement they have going. Your most cost-effective means of getting books is to use the bookstore only to note the ISBN numbers, then shop those out to discount book resellers to find used, or rent. I liked Cengagebrain.com if I was going to rent, or ABEBooks to shop used...but tons of other used booksellers are on the net to get them for a few hundred cheaper than you would pay TESC's bookstore.
If money is a factor, and it sounds like it is, take down the ISBNs and call your local library. Form a solid relationship with your library's Resource Librarian and see if s/he can get the specific books you need on loan for your semester.
TESC Financial Aid Disbursement - 45 DAYS!?!! - cookderosa - 06-05-2013
alexiarnps Wrote:Thanks Steve!
I went further in on the handbook and I'm likely going to set an early alarm and call them (I'm PST). It's also saying that for the comprehensive tuition plan that they won't distribute any residual funds until enough funds have been disbursed from FAFSA on your behalf to cover the whole tuition plan, meaning that my husband and I wouldn't be seeing any additional funding from our Financial Aid until the second quater we're enrolled there. I specifically mentioned this when talking with admissions when doing research and they ensured me that funds were disbursed to them quarterly, but if we didn't finish the 36 credits we would be liable for the remaining balance for having signed up for the comprehensive plan. They didn't say that the funds would be withheld (can they even do that?) until they've collected enough from FAFSA on our behalf.
I'm finding this all very disturbing because I'm so fall into the process of enrolling there that I'm not sure I can find a school that I would be able to start at in July. Because of the way Financial Aid works in traditional schools I was expecting residual funds to be sent to me by the school in July...and quite honestly I'm not sure how to cover living expenses and bills past our regular cushion if they seriously won't disburse residual funds until 45 days into my second quarter. A couple of months I have. 4.5 months? Not so much.
You have to calm down.
Overage is just that, overage. So, once you are registered, they process you (and the other 12,000 students) which takes some amount of time (45 days?) and then they can send out the overage checks. Without this safety measure, there is nothing to stop the average Joe from simply enrolling and walking away with a free Pell Grant and never setting foot in a classroom.
My suggestion is to have a yard sale, get everything non-essential cancelled (keep the lights on and food in the frig) and pick up side work mowing lawns, delivering pizza, babysitting, and waiting tables. You should also file for unemployment and maybe public assistance if you have small children. If you have 2 cars, sell 1, and get tighter than tight. If you are looking at school as an "instead of" work, then you're in for a long ride and will have to plan accordingly. In my humble opinion, school (as an adult) is an "in addition to" work, but that's just me.