[ QUOTE ]
The STUDENT sets up his payment schedule and disbursement schedule of loan funds from their funding source.
[/ QUOTE ]
WRONG !!! At least when I was there, I was NEVER given ANY type of control over when disbursements were payed to the school. It was already written into the contract that Key Bank would disburse 3 seperate payments at certain, preset dates regardless of what monies were spent or not spent. The STUDENT NEVER sets up his own payment schedule when he/she goes through Key Bank (it may be different through other sources), thats a preset thing that Pan Am arranged with Key Bank...always remember, at Pan Am the STUDENT NEVER has control over his own funds because they are payed up front, Pan Am can and does take and put back, at will, and it is up to the student to be vigilant to make sure Pan Am does not take advantage of the students available funds.
[ QUOTE ]
Pan Am at NO time has control over ANY scheduling of disbursement funds other then to remind the student when the funds are due as per their agreed upon schedule written in their contract ( signed copy given at time of enrollment)
[/ QUOTE ]
This statement is somewhat true but not completely. When students use the Key Bank loan, the contract is prewritten and the scheduled disbursements are already in the contract. I assume this was a prearranged agreement between Key Bank and Pan Am. Students are never given the opportunity to question or to change the contract in any way.
[ QUOTE ]
A student may get a copy of his account at ANY time from dispatch, Student Services, the Pilot Shop or from the accounting dept. All monies received are placed into the students flight account and deducted as they use the funds. This method allows the student to "see" how their funds are being used and for what purpose.
[/ QUOTE ]
This statement is true, however, when I was there a lot of mistakes and false charges were being deducted from students accounts, there were alot of complaints from the students and Pan Am implemented a policy that students were to check their accounts and any discrepancies were to be dealt with within two weeks or the charges were to stand....A student should NOT have to watch and guard their account so closely if they are attending a reputable and honest school...this only warns the student that Pan Am may charge their account some bogus charge and IF the student does not catch it in time then Pan Am gets away with the charge. Any reputable business will correct a mistake regardless of when it was made. I am not saying that this happens on purpose but it sure does look funny when alot of weird charges show up on various students accounts and it is up to the student to get Pan Am's mistake corrected....as everyone knows, some students will catch the "mistakes" and some will not, it IS possible for Pan Am to make money off of this bogus policy.
[ QUOTE ]
Also, all accounts are audited and any unused funds are returned within 60 days of disenrollment, NOT a "year" as you claim.
[/ QUOTE ]
This statement is also true...to a point. My funds were returned right at the 60 day limit. As we all know from statements from other former students this is NOT always the case. Again, as we all know, Pan Am will deduct from your account (which you have no control over) a disenrollment penalty up to $2000.00 depending. It will also take an ungodly and unnecessary amount of time for Pan Am to audit your account and send the remaining funds back to Key Bank. Remember, if you question the "accountant" about your funds at any time before the 60 day limit, more than likey she will fumble around for excuses and then get frustrated with your legit question and tell you it is none of your business what they do with YOUR money. This IS the way I was treated, I just hope it doesn't happen to other people too. All of the above statements are prime examples of the shady business practices at Pan Am. Certain things are clearly stated in contracts and policies but there is plently of room for Pan Am to manipulate and operate in between the lines in the grey area, thats how they get you and thats their SOP. Just avoid this school and your chances of getting screwed over will be greatly reduced.
