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I attend Georgia Perimeter College with financial aid. I accept that I must wait until after classes begin before I receive my aid monies - I have to borrow privately in order to pay for the classes then Financial aid will allow me to repay the private loans.
What I do NOT accept is my specific college forces all students to receive their aid through a for-profit financial institute (Higher One) regardless of whether they want an account with that institute or not. I do not want to wait an extra week to receive my monies. I should not have to but if I submit forms for direct deposit into my existing bank account (not Higher One) then I must wait for the college to release the funds to HO, then HO releases the funds to the Federal Bank who then wires the funds to MY bank. This on top of the fact that Ga Perimeter College disburses my semester monies in two payments over the course of two weeks - which turns into four weeks from the time the funds are released to the college. I understand everyone wants to hold onto the money for a while in order to get interest on it all but this is MY money and *I* am the one who is responsible for repaying it. I should be able to direct how that money comes to me and where it goes. I should not be forced to open an account with a financial institute not of my choosing. Especially considering Higher One has nothing but complaints for their fees and lack of customer service. This is abominable.
What I do NOT accept is my specific college forces all students to receive their aid through a for-profit financial institute (Higher One) regardless of whether they want an account with that institute or not. I do not want to wait an extra week to receive my monies. I should not have to but if I submit forms for direct deposit into my existing bank account (not Higher One) then I must wait for the college to release the funds to HO, then HO releases the funds to the Federal Bank who then wires the funds to MY bank. This on top of the fact that Ga Perimeter College disburses my semester monies in two payments over the course of two weeks - which turns into four weeks from the time the funds are released to the college. I understand everyone wants to hold onto the money for a while in order to get interest on it all but this is MY money and *I* am the one who is responsible for repaying it. I should be able to direct how that money comes to me and where it goes. I should not be forced to open an account with a financial institute not of my choosing. Especially considering Higher One has nothing but complaints for their fees and lack of customer service. This is abominable.
