By boned - 27/01/2010 05:25 - United States
Add a comment - Reply to : #
No, if they want the money back, then there is nothing stopping them from taking it. My school credited everyone promised state scholarships and other state competitive scholarships even though it was very likely the state was going to do away with them. Well the state legislative did vote to remove the scholarships and guess what the University did? They billed everyone for the money half way through the semester. This affected some 7,000 students. All of the scholarships were worth a total of just over 12million dollars and some of my friends had to pay upwards of 3,000 dollars back to the school. Schools are pretty strict about how much money they give you. They calculate exactly how much you're expected to need based on your family income, tuition, housing, my university even accounts about 1500 for books and "Miscellaneous." You can get money back though, but only if you spend less than the "expected" amount.
It depends on the conditions of the loan, actually. They might be legally required to give him the allotted time to deal with it. Then again, they might not. It's all in the fine print. Since he didn't describe the details, the only thing you could probably generally assume to be true is that their lawyers are probably going to be better than his, which means he might just be screwed. Of course, he could get lucky and get fair terms on what was, in fact (or supposedly), their error and not his. *shrug* You never know. @OP: It sucks to be you. Good luck. You're gonna need it.
That's what I thought at first, but it's not so. You see, the contract only covers the money they were SUPPOSED to have given you. Any "extra" money they gave you was never legally yours in the first place, and therefore they have the right to do whatever they want with it.
I had something similar happen with my bank. The thing to do is to tell them politely but firmly that you will pay them back over an extended period. Look at it as an interest free loan. So long as you didn't blow the money on frivolities you are ahead of the game.
I'm pretty sure you can use student loan money for books and other school expenses. At least at my school, we can charge school supplies (including books) to our student accounts for the first 2 weeks of the semester and our loans take care of it. I guess this might depend on the type of loan you have, though.
Hmm. I'm going to have to say YDI. Why would you buy a laptop with the loan money? You shouldn't have spent your loan money so frivolously. If you're "rich" enough to waste money on a laptop, ask your parents to give you the money.