Living off campus is no easy task especially when many students rely on financial aid to pay their rent. But many apartment complexes have started a new program called financial aid deferment that has made it easier for students to pay their monthly obligation. The program allows students to use their net checks to pay rent for the semester.
Charles Reed, a leasing agent for Lynd properties, thinks the program is useful for students.
“Many students have to wait for their refund check to arrive before they can pay and the check may arrive long after rent is due,” Reed said. “With the program they [students] don’t have to worry.”
Hillary George, a Student Housing Solution representative, also sees the program as valuable to students.
“The deferment helps students because they won’t have to pay late fees or risk getting evicted while waiting for their financial aid to come in,” said George.
For students to be eligible for deferment, they must pay the first month’s rent. Then they must sign an agreement stating that the semester the student is seeking to defer will be paid in full when the net check is disbursed. In addition, no late fees are added. For example, a student would pay rent for August then pay a fee and sign an agreement. Students who are interested in a deferment plan must sign up each semester and pay the semester in full once their net check arrives. But there is a deadline to sign up for the deferment; the deadlines differ depending on the apartment complex.
Melissa McKnight, a third-year, criminal justice student from West Palm, likes the idea.
“I’ve used deferment before and it has helped me a lot because I never know when my net check will be disbursed,” said McKnight.