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Is it legal for CFCC to hold student loan money, where is that money held and what happens to the interest?

Vicky Eckenrode
StarNews

Cape Fear Community College spokesman David Hardin said federal grant and loan awards are posted to student accounts before the funds are actually received as a courtesy to CFCC students, enabling them to cover tuition and fee expenses and charge textbooks and supplies against pending financial aid in the college bookstores.

“CFCC receives federal cash from the Department of Education through the Advanced Payment method. Schools participating in the advanced payment method must make disbursements as soon as administratively feasible, but no later than three business days after receiving funds from the department,” he said.

He said according to the school’s financial aid office, CFCC will finalize awards on or about Sept. 13 for the fall 2010 semester. The Business Services Office will request federal funding on Sept. 16, and funding will be received on Sept. 17. About 5,000 financial aid checks will be processed and mailed on Sept. 20, Hardin said.

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