Just wanted to give a warning to everyone who has, or is thinking of applying for an EdAmerica or EdSouth loan. My classmates and I were scheduled for a disbursement On Sept. 22 but instead of money we received a letter from them. In it they stated it could be as late as the 26th before we saw any money.

Today we get an email from our financial aid office stating that EdAmerica is now saying it will be the week of Oct. 6th. I personally called EdAmerica and they claimed they could not give a date for the disbursement. They stated they get a letter each Tuesday listing the schools that week who would be getting money, so it obviously is affecting many people. When pressed as to why this was occurring she stated, "we had a rush in applicants from other banks closing". Unless I am missing something this does not explain why they are granting new loans while leaving their current customers high and dry.
FYI the remaining lenders on our list have not had any delays as of yet.
Some might think, "big deal just reapply for one of the other lenders". Keep in mind all of us in this position are now "unemployed" which makes it much more difficult to apply for another loan.