I have a scholarship check from the state of Maryland that is worth about $35,000 made out to me AND to the loan servicer. They sent it to me to send to the loan servicer. Due to a delay in the state disbursing this check, I now have a current balance of $25,000 including principal and interest. My question is, what will happen with the balance? Will I receive a refund from the loan servicer or will the money be sent back to the state?
May 3, 2014
That is a really interesting question. I’d make two phone calls to investigate things a bit more.
1) I’d call whoever issued the check to see if you are allowed to cash it (because your name is on it). If so, you can cash it and then give the $25,000 to the loan servicer.
2) I’d call the loan servicer to ask about what happens with overpayment and the process or issuing a refund. They will be able to tell you their policy.
Finally, I don’t know the terms of your scholarship. Is the remaining $10,000 supposed to be for you or is the remainder supposed to go back to the state? Given that the money is from the state and how much is involved, I’d want to get things right by going directly to the source for details on how best to handle the situation.
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