Interim President Castell Bryant is ending FAMU's participation in the Federal Direct Student Loan Program, from which FAMU students received $26 million in loans last year.
FAMU will now steer students to just two lenders -- Regions Bank and Edamerica, each of which did about $27 million in lending business last year at FAMU.
The lending requirements at the schools two "perferred" banks are stiffer than the federal loan program and command higher interest rates.
Officials at Florida A&M, told the St. Petersburg Times yesterday that this made life easier for financial aid advisers, who have to process federal loans differently for each company.
Marcia Boyd, interim director of financial aid, the fourth Financial Aid Director under the Bryant administration, claimed FAMU doesn't earn any money from preferred lenders.
FAMU students from dire circumstances will pay higher interest rates and face stricter loan requirements.
The University of Florida is the only university in the state now participating in the federal direct student loan program. Florida State opted not to participate, but the Times revealed that its financial aid director sits on the board of the school's private loan grantor.
FAMU steering loans to "perferred" banks
How is that even possible? That's ludicrous (surprised I remember the correct way to spell that). I'm not believing this one. This was supposed to be posted on April 1st, right?
ReplyDeleteOk cassie! You have done more than enough damage to the morale of the student body, as well as the faculty and staff. Please, please get on your broom and ride the hell out. Don't even pack yo' stuff.....just go. I am tired of reading about the things you are doing (without getting the input of the BOT). I agree...you are a dictator and you could care less than a damn about FAMU. Just go, please!!!!! I don't care where you go....just get the hell out of Tally. Damn!!!
ReplyDeleteThis is stupid! FAMU was one of the first schools in the country to participate in the Federal Direct Loan program. The schools loan default rate could shoot sky high and give us a black eye.
ReplyDeletethis can't be good...
ReplyDeleteWonder what's really going on behind the scenes?
ReplyDeleteIt FAMU student can't qualify for commercial loans then they can't enroll in school and enrollment suffers. This is a no-brainer!
ReplyDeleteThis is another way for Castell to destroy the University!
This may pose a hardship for first generation students. Poverty and the high cost of education prevent 100 of students from attending FAMU/college each year. This is not good.
ReplyDeleteWhy is our BOT so weak? They have yet to call this heifer out!
FAMU has been using these lenders for over a year now. The majority of students that applied for said loans were approved. Unfortunately I don't have the greatest credit in the world, but my application wasn't denied for funding. To my knowledge the only loans a student may have trouble receiving is the alternative extra credit loan which is credit based.
ReplyDeleteSo is satisfactory academic progress still in effect? I was under the impression that that was a federal money thing. I may be wrong.
ReplyDeleteSo is this a good thing or a bad thing for students seeking a loan?
ReplyDeleteWhen you mess with a student's ability to finance their education, especially at an HBCU, you are directly affecting the ability to complete their education.
ReplyDeleteIt is no wonder why most of the alumni is suspicious that the Board would bring in someone to allegedly "fix" problems and never do anything when the problems started getting worse the minute this person appeared on the scene.
Cast-Hell needs to be stripped of anymore decisonmaking authority. When I was in school, 100% of my funds were from the federal direct student loan program. I did not qualify for any of the private loans b/c my single mother did not have good credit (hell, she didn't have time to worry about a credit score when she was trying to make sure I had food to eat and clothes to wear). My concern is that students will be forced to get a private loan at a higher interest rate, thus being more in debt upon graduation. Casthell, won't ya' go? PLEASE! You are making things so much worse for the average student. We understand....you hate FAMU and its mission! Your job is done. Is there a way to get an interim president for the interim? I can't take this anymore. This woman is crazy as hell and the trustees shoulda' held her feet to the fire A LONG time ago. Cast-Hell....take heed and haul ASS!!!!!
ReplyDeleteCastell’s decision to end FAMU’s participation in the Federal Student Loan Program does not appear to be the right thing to do. If a student can qualify for a lower interest rate Federal Loan and meets FAMU’s admission policy, that student should be admitted. Ammons should reinstate FAMU’s participation in the Federal Direct Student Loan Program, if its to FAMU‘s advantage. Castell should not be making any decisions now.
ReplyDelete"So is this a good thing or a bad thing for students seeking a loan?"
ReplyDeleteFrom my POV, the bad thing is that a loan option has been taken away. It was the loan system with the lowest interest rate and the loan that all students were able to get. Again, correct me if I'm wrong.
I don't understand what benefits could come of this.
How much more are we going to have to tolerate from this Bitch.
ReplyDeleteI cannot wait until this board starts cusin' Ammons. Ya'll are going to turn on him fast!
ReplyDeleteWhat the hell is she trying to do to our school!!
ReplyDeleteI agree with you 3:44p!! What about the single parents and today's medium income families!! The decisions made by her has to stop! How can she continue to make decisions as an Interim?? The BOT needs to stop her from decision making. What she needs to concentrate on is finding state monies and private sponsors to assist in renovating the residential facilities on campus!!! She has so much power with the Legislators, ask for assistance to improve the campus life for students!! Most importantly, have a heart for the struggling parents that are trying to send their kids to school!! Castell please don't forget where you came from! I think Al Lawson should hear about this!! I know it was hard for him to pose with her in a picture at the Graduation Ceremony!!! And she was so fake!
ReplyDeleteI hope the university will make a concerted effort to help students keep their amount of debt down.
ReplyDeleteIt's a terrible thing to send struggling graduates into the world with tens of thousands of dollars in student loan debt that might have been less.
As much as I love to go diving and snorkeling, I must say that this is toooo deep even for me.
ReplyDeleteBoard members--- please do something about this anti-student move!!!!! Isn't this a policy decision?
What other schools are doing this. What impact will this have on accreditation
As so one said in the irreplaceable remix (which is funny as heck) in the post about Darryl Parks, Castell needs to "go ahead and get gone."
ReplyDeletewait is not famu's student aid fiasco notoriously late and inefficient? also, why should a risky student get a loan. if you have bad credit that is your fault and not castell's. this board is too much. i went to school and worked, and received a loan for tuition. For 4 or 5 years of school your debt should be around 20 thousand including books. after graduation with a job earning money you can pay it off in no time. where are people's priorities? oh i know running up credit card debt on useless junk. quit bitchin', start studyin' and graduate within 5 years and things will be fine!
ReplyDeleteYou sound like one of those ignorant, i got mine, u get yours the best way u can folks.
ReplyDeleteThe national average for graduating from college is six years now.
Anonymous said...
ReplyDeleteI cannot wait until this board starts cusin' Ammons. Ya'll are going to turn on him fast!
5/08/2007 6:46 PM
You're obviously a CastHell flunkie. May God have mercy on your soul also.
11:49--excuse me, but everyone has not been as fortunate as you. Things come up in a student's life, like family problems, that might derail a student's academic progress. Apparently, you don't know anything about such crises, because you have--and have had--it so good for so long, all the time. Sometimes working, going to school and simply dealing with "life issues" are stacked against you, and things simply become difficult to maintain. But you wouldn't know a thing about such a thing as that. Oh, how condescending you are. Not to mention forgetful. You are sad.
ReplyDeleteBoard of Trustees:
ReplyDeleteDr. Spurgeon McWilliams- (850) 878-2171
Charlie Crist ag@oag.state.fl.us
William Jennings- willjen@aol.com
Leerie Jenkins- leerie.jenkins@rsandh.com
Pam Duncan- duncanhouse@comcast.net
Pam Duncan- pamela_duncan@fanniemae.com
Mary Diallo- mary.diallo@famu.edu
Al Cardenas- ac@tewlaw.com
RB Holmes- rcoljohnson@nettally.com
Phillip Agnew- phillipagnew@yahoo.com
Regina Benjamin- regina.benjamin@famu.edu
Laura Branker- lbranker@americhoice.com
albryamd@aol.com,
Anonymous said...
ReplyDelete11:49--excuse me, but everyone has not been as fortunate as you. Things come up in a student's life, like family problems, that might derail a student's academic progress. Apparently, you don't know anything about such crises, because you have--and have had--it so good for so long, all the time. Sometimes working, going to school and simply dealing with "life issues" are stacked against you, and things simply become difficult to maintain. But you wouldn't know a thing about such a thing as that. Oh, how condescending you are. Not to mention forgetful. You are sad.
5/09/2007 12:36 AM
Callin it sad is being way too nice!
reading this board is sad. you guys think ya'll are owed things in life. things are earned. and by the way, the state university system is about the change. the legislature is rewarding retention and graduation rates, not inflated enrollment numbers. with that famu's pathetic 6 year graduation rate and 40 percent retention rate will have to change or famu will further face budget shortfalls. this board is ridiculous, but what should i suspect from the laughing stock of the state.
ReplyDeleteso does that mean no more exit interview for those who took the perkins loan?
ReplyDeleteHey FSU-Criminole,
ReplyDeleteRead the article from the St. Pete Times. Looks like some hanky-panky with FSU, your financial aid department and these preferred lenders. Why don't you elaborate on that for a moment?
8:32-if this board is so sad, then why don't you quit reading and posting. Go help Cast-Hell pack her bags!
ReplyDelete8:32, No one thinks that anything's "owed" to anyone! Where do you get such a notion? Certainly, you've not surmised such a thing because people are voicing their opinion about certian issues. So what have you seen or experienced in your dismal life that would allow you to operate under the assumption that a group of people are looking for a handout? I bet that you have received some type of financial assistance in your collegiate career, and I'm sure your palms were upside in the recipient category (if you really want to go literal here).Support your argument with facts.
ReplyDeleteI've heard of this at other schools, such as Davidson,seeking to help students graduate debt free(therefore freeing them to chose careers they love instead of the ones with the most money) by eliminating federal loans, giving students more scholarships, work study, and grants instead. If this were the case at FAMU, that would be great, but replacing one lender with another is a terrible practice. But if this is the route they choose to go, they should also require financial literacy as a course for freshmen.
ReplyDeleteThat sounds good. It should be a requirement!!
ReplyDeleteOk, this is BEYOND old news. FAMU switched lenders last summer.
ReplyDeleteAlright RN - you kinda got this story messed up this go around. The University has not canceled the federal loan program, we just aren't a Direct Lending School. The Direct Loan program does not offer as many options as the FFELP loan program.
ReplyDeleteWith the program FAMU has been using for the past year, you can actually borrow your Stafford Loan through any bank you want to. FAMU only can suggest those two lenders (Regions and EdAmerica). It is against federal regulations for FAMU to deny processing a loan for a student because they didn't select the preferred lenders FAMU does business with.
Stafford loans are guaranteed, therefore students won't be denied those loans as long as they are maintaining Satisfactory Academic Progress and enrolled at least 1/2 time.
The back end benefits to students are much better than the Direct Loan Program. Meaning, the incentives the banks give you once you start repayment are better than what the government gives you under the DL Program.
This change was implemented under the last financial aid director, so its not new at all. It should be a benefit to both the University and the Students.
Don't ya'll remember the pizza party that was thrown last Spring on the Set to let everyone about the change?????
i remember not getting any pizza. that's about it.
ReplyDeleteThe Florida Attorney General has begun asking questions regarding the financial aid mess at state institutions. Other AGs are already in the process of their investigations.
ReplyDeleteStudents, get proactive: report problems to the federal and state agencies.
Remember, no one has your best interest at heart but you. Educate yourself about the federal and state laws that protect your rights.
Also, start looking for ways to fund your education:
EDUCATION FUNDING MATTERS:
http://www.personal.psu.edu/faculty/d/e/deh29/papers/WASFAA_slides.pdf
ALTERNATIVE EDUCATION FUNDING:
http://www.wasfaa.net/altloans/Grad.pdf
Anonymous said... Alright RN - you kinda got this story messed up this go around. The University has not canceled the federal loan program, we just aren't a Direct Lending School. The Direct Loan program does not offer as many options as the FFELP loan program. 5/09/2007 4:51 PM
ReplyDeleteIs that why the three other companies only processed a total of $10,300 last year. It is what it is Ms. June, don't try and spin it.
Go ahead RN with your bad self!