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January 14, 2009

Edamerica FFEL Disbursements Delayed "By a Few Days" (Update)

I have heard from a number of schools that Edamerica is pushing out their disbursement date for Federal loans by a few days due to the process of receiving funds through the Department of Education's loan purchase and participation program.  Schools seem to have been given about a week's notice to address this delay.  As posted earlier, Edamerica had more significant issues this fall with some schools seeing disbursements delayed by weeks.

Update (1/15/09):  I spoke to an Edamerica representative who made the following points:

  • Confirmed that several schools had seen their disbursements delayed by a few days or so but that it is NOT a widespread issue. 
    • In fact, most schools have received their disbursements on-time and some were even early (no specific data was available regarding percentages on-time vs. delayed). 
  • Attributed the delays to holiday schedule at Department of Education which impacted the timing of payments from the department to Edamerica. 
  • Believes that issue is now behind them and schools should anticipate timely disbursements from Edamerica going forward. 

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