Officials said the school was required to submit a letter of credit to the U.S. Department of Education before it would release federal student loans to the Jacksonville institution.
Florida Coastal School of Law’s federal student loans are back on track.
The school announced Thursday that it had resolved a delay in the disbursement of loan funds from the U.S. Department of Education, and that students should expect to see those funds deposited into their accounts on Sept. 16. The U.S. Department of Education confirmed that the funds are forthcoming.
The fall semester began on Aug. 26 and the loan funds for the fall were more than a week late, sparking concern and confusion among students about how to pay for their living expenses, as well as what the delay could mean for the school’s status with the education department.
“Please know Florida Coastal leadership takes very seriously the delay in disbursement of student federal financial aid funds, and we understand this delay created undue hardship and stress for our students,” the school said in a statement. “Florida Coastal is dedicated to serving its student needs and has been working directly with the [Education] Department to resolve the issue as quickly as possible.”