College scholarship revoked days before tuition is due. Now what? - So my son is entering college as a freshman in the fall. He was awarded a need-based opportunity scholarship for $8,500 for the school year, or $4,250 per semester. In June, we received a bill for ~$8,019 for the fall semester. When I logged on last week to pay the bill that is due on the 9th, I was shocked to find that the balance due was $12,269 and there was no longer any information regarding the scholarship on his account. We received no correspondence that the scholarship was being revoked.
I spoke to the school’s financial aid office who told me that the removal of the scholarship was due to a rule change in how the state (NJ) calculates awards. They couldn’t give me details at the time; I had to request an appointment with a counselor, which takes place on Tuesday.
Does anyone have any experience with being awarded a scholarship, only to have it taken away without warning? It seems unfair/unethical to hand someone thousands of dollars, only to rescind it weeks later. Do I have any recourse?Personal Finance
College scholarship revoked days before tuition is due. Now what? - So my son is entering college as a freshman in the fall. He was awarded a need-based opportunity scholarship for $8,500 for the school year, or $4,250 per semester. In June, we received a bill for ~$8,019 for the fall semester. When I logged on last week to pay the bill that is due on the 9th, I was shocked to find that the balance due was $12,269 and there was no longer any information regarding the scholarship on his account. We received no correspondence that the scholarship was being revoked.
I spoke to the school’s financial aid office who told me that the removal of the scholarship was due to a rule change in how the state (NJ) calculates awards. They couldn’t give me details at the time; I had to request an appointment with a counselor, which takes place on Tuesday.
Does anyone have any experience with being awarded a scholarship, only to have it taken away without warning? It seems unfair/unethical to hand someone thousands of dollars, only to rescind it weeks later. Do I have any recourse?
Buffet indicator is showing some wild times ahead perhaps, combine that with Berkshires record high cash hoard of 30%... chart via barchart.com / Longtermtrends
🔺 Student Loan Delinquencies Hit Record 12.9%... The spike in red reflects financial strain returning fast. Credit card delinquencies are rising too, hinting that lower-income consumers might be nearing a breaking point. What's going on...