For at least the past year, Financial Services has caused unnecessary headaches for students at our school, so much so, that their tactics and practices would be considered unethical for anyone working in finance — that’s coming from a finance major.
For example, during last fall one of my friends was dropped from her classes three times over the course of the semester after financial services did not post her aid for three months, giving her no solution but to pay $1000 per month with interest. As a student who worked full-time, paid her own rent and attended school full-time, this was not an option for her.
Over the summer, I was asked to pay an unexpected $1300 a week before the payment deadline. Three weeks after payment, my scholarship was finally posted but my refund was delayed three and a half months.
Since I paid that $1300 on my credit card, interest was accrued, but I was never compensated for that interest. This resulted in a loss of $138 which I had to absorb.
All being said, that refund was not easy to get. I had to call Financial Services seven times over that period. I have friends who still have not received refunds from the summer.
Now, Financial Services has cut my HOPE Scholarship in half just days before payments are due on August 24 at 5 p.m. If they ask me to pay the difference and expect a refund, this is not an option for me. I will not absorb a loss through interest on my credit card.
I have one friend whose HOPE was entirely removed from their account and it has been this way for over a week with no answer from Financial Services. To get a fix, one must call Financial Services and wait on hold for up to an hour for many (I waited 55 minutes on my call), then wait for their ticket to be processed. Students I’ve talked to have said this has taken over a month and a half.
If our institution holds us to the level of professionals, shouldn’t we hold them to the same?
I’m calling for a third-party, professional audit of Georgia State’s Financial Services. This audit and its results should be public to all students, investors, and donors. Anyone responsible for this consistent mismanagement and shady collection tactics should be exposed and reviewed by the populace of our institution.
Begrudgingly,
Bryan Rodenstine
A Concerned Senior in Finance at Georgia State
