Loan Money Late

1 decade 1 year 2 months ago Wednesday, September 12 2007 Sep 12, 2007 Wednesday, September 12, 2007 11:21:56 PM CDT September 12, 2007 in News

It's not who's responsible, but what's responsible in this case.The financial aid office blames "MYzou", the new campus-wide computer system and its inability to process parent loans fast enough.

Myzou combines every service needed by students, ranging from demographic information to class schedules.

But a special kind of loan is giving the new system fits.

"The PLUS loans are parent loans for undergraduate students, and the plus loans are the most complicated and difficult to process of any type of financial aid," said Director of Student Financial aid Joseph Camille.

Parents, not students, are the borrowers on plus loans.

The loan amount is then placed in the student's account.

All 2,000 plus loan borrowers, both old and new, have to be moved to the new system, making the aid office start from scratch.

"We had an old system that had everyone in there, and then we switched to the MyZou financial aid system this year," said Camille.

Combined, they're missing more than eight million dollars in aid, some which could go into their pockets.

After students finish the financial aid process in the basement of Jesse Hall, they can walk right down to the Cashier's Office, where they pick up a refund check that can be spent on anything students need.

The university is allowing whatever the PLUS loan would've covered to go unpaid for now, but some students expect the loans surplus money.

"I pay for it out of my checking and savings accounts. I work so I can pay for school, and my parents don't really send me money for anything, so I just pay for it basically," said MU student Lyndsey Riley.

So students will have to be patient while the system's kinks are worked out.

Camille says he hopes to have the problem cleared up by the end of the month, and with hindsight being 20/20, he says he wishes they would have started the process earlier.

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