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University of Phoenix Axia College Complaint - It's my money - Student loans overage debit memo

Review by debd on 2010-06-22
PHOENIX, ARIZONA -- The University of Phoenix's accounting office takes it time in returning any overages from student loans to the student.
When the sub and unsub student loans are released to the University, it takes less then a day for them to take out the amount of finances that are needed to pay for the courses, but it takes weeks before they release the overage to the student.
This money is a loan to the student, the student must pay back every dollar with interest, why should the university be able to use and draw interest on the overage until they get ready to draw up a debit memo? They must make quite a little bundle on the interest that they receive on this and everyone else's overages over a few weeks.
According to the Financial Advisor for the university, they have ever right to take their time with the disbursement of the funds, especially when the student is getting close to graduation. Why, I asked she stated there is more paperwork, doesn't make any sense to me.
It's my money and I want it! the small amount of overage will buy me a new printer and copy paper to print out my assignments, syllabus and texts.
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