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Full Pay Bill When Student Can't Complete Form?

CC AdminCC Admin Administrator 29512 replies3010 threads Senior Member
17 replies
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Replies to: Full Pay Bill When Student Can't Complete Form?

  • JeJeJeJeJeJe 315 replies1 threads Member
    We received a bill from the college our son is attending from August (2019-2020). He is only child so we are going through everything first time. The amount of both federal student loans ($5500) weren’t subtracted from the bill. According to school, our son hasn’t completed a loan agreement in FAFSA yet (even though he clicked when he accepted an offer from the college) and he needs to do it before first semester starts in August. Since our son is out of the country for next 4 weeks, we need to pay in full to meet a deadline and should get a credit for first semester ($2750) in our student account. Does this sound right in general?
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  • happymomof1happymomof1 30836 replies198 threads Senior Member
    If you pay the full cost of the fall term, your kid can borrow the $5,500 for second semester and apply it toward that bill then.
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  • thumper1thumper1 78481 replies3537 threads Senior Member
    Your son has NO internet access? He needs to complete a master promissory note for his loan and do the entrance counseling. He can do this from any computer in the world.

    But yes...if you pay in full, and he later completes his loan application requirements, the money will be sent to his college...and could be refunded to him whenever the school processes those refunds.
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  • JeJeJeJeJeJe 315 replies1 threads Member
    Thank you! Well, he does have an internet access but he is in a very intensive summer program currently (not vacation kind) with very limited free time. Hope, he can complete it online within a week or so but if he can’t, he can complete when he returns but before fall semester starts, then we can get a credit eventually.
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  • mommdcmommdc 11907 replies31 threads Senior Member
    Your credit will only be around $2,721 as the origination fee will be subtracted first.
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  • JeJeJeJeJeJe 315 replies1 threads Member
    Oh, good to know. Thank you! Is my son going to complete federal loans process twice a year for two semester? Or only once for an academic year?
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  • thumper1thumper1 78481 replies3537 threads Senior Member
    Once for the academic year.
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  • twoinanddonetwoinanddone 24952 replies20 threads Senior Member
    He just needs to do the master promissory note (and pre-loan online program) once, and then he'll agree to the terms of the loan every semester when he accepts the loan. He'll probably accept the loans for both semesters every summer.

    None of this takes a long time. When he gets back from his program, he can do it. There may be other online pre-orientation forms he needs to complete too. My daugther had some on drug training before she could move into her dorm.

    It is likely the school will show the loan amounts as 'pending' and you won't have to pay upfront. My daughter had funds from the state that weren't actually paid to the school until a few weeks after the semester started, but they were always credited to the bill and we didn't have to pay those amounts to the school unless they never came in.
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  • garlandgarland 16538 replies206 threads Senior Member
    I, um, might know someone who clicked all these forms just to speed up a process....with student's consent...possibly. Not that I'd advocate that.
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  • Erin's DadErin's Dad 34139 replies4921 threads Super Moderator
    he is in a very intensive summer program currently (not vacation kind) with very limited free time. Hope, he can complete it online within a week or so
    Hopefully you and your child can talk about prioritizing time for more immediate/important items. My S did this in less than an hour which included entrance counseling about how much interest costs for loans.
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  • JeJeJeJeJeJe 315 replies1 threads Member
    An update—- As soon as my son came back from an intensive summer program, he completed required process for federal student loans so we got an credit back / refund (minus $28: like what mommdc mentioned). We just confirmed last night. He will need to do this every summer (June or July). Thank you, all!
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  • mommdcmommdc 11907 replies31 threads Senior Member
    Thanks for the update.

    My kids only had to do the entrance counseling and master promissory note the first year they took federal student loans.
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  • mommdcmommdc 11907 replies31 threads Senior Member
    edited September 2019
    They did however have to accept their loans in the student financial aid portal every year.
    edited September 2019
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  • kelsmomkelsmom 16157 replies99 threads Senior Member
    Some schools do multi- year MPNs while others may require them to be completed annually. Loan amounts need to be accepted annually.
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  • JeJeJeJeJeJe 315 replies1 threads Member
    It’s June. My son is going to be sophomore and his college will be sending us a bill in July. Is master promissory note for federal student loans only for entrance / freshman year?
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  • kelsmomkelsmom 16157 replies99 threads Senior Member
    It varies by school. Some are one-and-done, while others want a new MPN each year. He needs to check his school requirements. It should be on the financial aid instructions page of the website and/or in his final aid requirements in his online financial aid info.
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  • JeJeJeJeJeJe 315 replies1 threads Member
    kelsmom—

    An update. My son asked his college FA department about master promissory note for his second year federal students loans ($6500). He was told that he wouldn’t need to do. So, his college is one-and-done.
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