[Eoscstudents] Status of Financial Aid and Student Loans

[Trish McBeath]

Dear students,

As many of you know, there have been delays in the disbursement of some
financial aid and student loans this semester. I understand there are
concerns and questions about the reason for the delays and when you can
expect your funds. I want to take this opportunity to improve communication
regarding these issues.

Last year, the U.S. Department of Education (DOE) conducted a program review
of Eastern Oklahoma State College for the first time in 26 years. As a
result of the review, Eastern's federal financial aid has been restricted to
a reimbursement system and the college has been required to change its
policies and procedures. This has resulted in increased documentation needs,
as well as a lengthy review process by DOE officials before financial aid
funds are provided to Eastern to be distributed to students. Depending on
the type of aid being reviewed, the funding has been delayed from the DOE
anywhere from 45-90 days or more. The extent of these delays was greatly
unexpected. 

Let me be clear. The college is not holding student financial aid in an
account or using it elsewhere for college expenses. The results of the
program review occurred from differences in interpretations of Eastern's
policies versus the DOE's policies. Eastern staff are working diligently
with the DOE to address these concerns and move through the new processes
put in place by the DOE as quickly as possible. 

There has been a systematic approach to distribute funding by the different
types of financial aid to our students. Our latest communication from the
DOE indicated that the remaining financial aid and student loan funds would
be made available for disbursement to students in the next 7-10 days.

If you do not receive your financial aid in the next 7-10 days, there may be
other issues delaying your disbursement. If you have questions about your
specific situation, please call 918.465.0175. Staff members are available to
research individual issues and provide updated information.

We hope to be removed from the DOE's reimbursement system soon so that these
restrictions and delays will not happen to our students in the future. Thank
you for your patience during this trying time. I apologize for any
inconveniences this situation has caused. Eastern is, and always has been,
committed to your education.   

Thank you,

Dr. Stephen E. Smith
President

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://lists.onenet.net/pipermail/eoscstudents/attachments/20150407/93d57222/attachment.html>