ComplaintsforFunding University, Inc.
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Complaint Details
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Initial Complaint
05/03/2023
- Complaint Type:
- Order Issues
- Status:
- Answered
I have signed an agreement with Funding U back in November ********************************** the amount of $14000. They disbursed the first half of it, $7000 as expected, but the second half ended up modified to a reduced amount of $2873 that covered my spring semester but I still have a summer semester that was supposed to get covered by the remaining balance and they are not giving it to me. They keep telling me the school didn't request it but my agreement was signed with them not the school. I took out a loan and still am expected to pay for the summer semester out of pocket because they are refusing to give me the amount we agreed on and they have originally supposed to give me.Business response
05/11/2023
The student was approved by Funding U for a $14,000 loan that was disbursed over two disbursements. During the loan application process, Funding U may approve an amount higher than what the school determines. However, Funding U can only lend the amount certified and approved by the school, and sometimes this includes refunds requested by the institution which ultimately reduces the final loan amount.
On 2/23/22, the students school canceled a portion of the second disbursement. Funding U received the cancellation request from the school, adjusted the loan amount as requested by the school, and notified the student about the change.
After reviewing the loan amount and the student's financial needs, the school determined that an additional disbursement is necessary to cover the expenses for the summer session. Funding U is actively collaborating with the school to facilitate the release of funds for the summer term. Funding U is currently waiting for the school's official request for this change, which would enable them to assist the student in financing their summer term. As soon as the request is received, Funding U will process the loan for the additional third disbursement.Initial Complaint
09/12/2022
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
I applied for a loan, and signed the **** In the contract istwas suposed ot be given at the beginning of semester, and I have yet to receive the loan. And according to the lender, they stated that they sent the **** to the school for 07/21, and my school has no record of the loan at all.Business response
09/19/2022
Funding U sent the student's manual certification to their school and the school notified us that the student is not currently enrolled in the 2022-2023 Academic Year and has past due balances from a previous year. A student must be enrolled full-time in the current semester in order to apply for a Funding U loan. Funding U has closed the Loan Certification and notified the student and the school.Initial Complaint
09/06/2022
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
I am a returning customer and have paid my current private student loan with Funding U on time every month so, I naturally thought since they have all my info. it would be efficient to obtain my Fall semester student loan from them. However, I've been working with ****** (Underwriter) and we have been going back & forth regarding the interest rate and terms of the Fall 2022 loan. Originally they had quoted me ****% and now are changing it to *****% saying that they cannot take into consideration the Summer 2022 classes of taken, which makes no sense since those additional classes should be over the hours to qualify for that lower ****% rate? I do not believe that they understand that ****** University runs on quarters not semesters and I have gone the extra mile to work & pay for summer (full time) and am on track to graduate early in March 2022. I've tried to contact them and it is difficult to get a hold of anyone directly without an appointment. I've sent my most recent transcripts showing Summer's classes and I do not know what the problem is in funding this student loan with the ****% for the full amount for the Fall ************************************************************************************************************************************* weeks ago.... Thank you in advance for any assistance you can provide. As a returning, on-time paying customer this is so disheartening & stressful.Business response
09/12/2022
As part of Funding Us application process, the Loan Advisor and Underwriting Team will look at the applicant's credits earned from the last full term. When Funding U reviewed the 'credits earned' provided in the application and attempted to verify this information against the applicant's transcript, an adjustment was needed (the application combined credits earned from two separate terms). When the application was updated to reflect the most recent term only, their product eligibility and therefore interest rate was impacted. This application has been approved and currently has an offer for a Funding U Loan for the 2022-2023 Academic Year. We apologize for any confusion and hope that we can continue the relationship with this borrower.Initial Complaint
02/15/2022
- Complaint Type:
- Order Issues
- Status:
- Answered
Student Loans were taken out from Funding University to pay for my ****** University/ **** tuition in the amount of $15,000.00. ******'s billing runs differently than most schools' tuition due dates for the Winter term were 12/3/21. Upon which only $7500.00 was received by ****** from Funding U. I contacted a Funding University Rep. last week and they stated that they sent a 2nd payment for $7500.00 on Jan. 3, 2022. ****** University Financial Student ************** stated that they never received this second payment. There was a remaining balance for the WInter semester which I paid out of pocket and the $7500.00 needs to be applied to the Spring 2022 semester. It seems these $7500.00 of funds were not sent or if they were sent the proof of payment or canceled check needs to be emailed to myself and ****** University to track down this money. If it was never cashed then a new check for that $7500.00 needs to be paid to ****** for the upcoming Spring 2022 balance as the total balance of $15,000 loan shows up on my account for Funding U.Business response
02/21/2022
Funding U experienced a system error because the first and second loan disbursement dates were scheduled for the same day. This caused the disbursements to be delayed which was not reflected in our system. When the borrower called to request disbursement information on their delayed disbursement, our team shared the information available to them which was incorrect. We can confirm the students second disbursement in question was received by the school on 2/16/2022 (Confirmation has been provided to the student). To prevent this issue and system error in the future, we will schedule disbursements on different days while also making system updates to allow for this scenario in the future.
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Customer Complaints Summary
4 total complaints in the last 3 years.
0 complaints closed in the last 12 months.