Federal Loans and Waitlists

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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IamAskier
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Federal Loans and Waitlists

Postby IamAskier » Mon May 23, 2011 4:44 pm

I am attending law school in the fall, and I have received my loan package from school X, and I am set to attend. My question is, since I am on waitlists at schools Y an Z that I could potentially get off of a week before school, what happens to my federal loans? If I accept, apply for, and am all set to receive my loans to attend school X and at the last minute switch to school Y, does it affect my federal loans? Would I need to redo the loan process through my new school, or are federal loans just loans now matter where you attend?

jaydizzle
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Joined: Sat Jan 17, 2009 6:28 pm

Re: Federal Loans and Waitlists

Postby jaydizzle » Mon May 30, 2011 6:32 pm

Good question. I am in the same situation. Hopefully someone will know!

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Peace of Mind
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Re: Federal Loans and Waitlists

Postby Peace of Mind » Tue May 31, 2011 2:11 pm

Hey guys,

I called and was told that they can view your loan information as long as you put them down as one of your schools when filling out the FAFSA and that basically the loan "transfers over" so no need to worry. You have to fill out/sign the MPN for your new school though once you are in even if you already signed for another school. Just log onto studentloans.gov and fill it out if you havn't already or enter your new school. Everything is done online so it is really quick and easy. I got approved for my loans (grad plus included) in seconds. I hung up with the financial aid office and had eveything completed and approved in less than 5 minutes. They do run a credit check for the grad plus fyi. I'd call your school though to be sure, because my school also required a sperate form for financial aid.

Hope that helps! :)

Congrats and good luck in the fall! :)

jaydizzle
Posts: 714
Joined: Sat Jan 17, 2009 6:28 pm

Re: Federal Loans and Waitlists

Postby jaydizzle » Tue May 31, 2011 6:34 pm

Peace of Mind wrote:Hey guys,

I called and was told that they can view your loan information as long as you put them down as one of your schools when filling out the FAFSA and that basically the loan "transfers over" so no need to worry. You have to fill out/sign the MPN for your new school though once you are in even if you already signed for another school. Just log onto studentloans.gov and fill it out if you havn't already or enter your new school. Everything is done online so it is really quick and easy. I got approved for my loans (grad plus included) in seconds. I hung up with the financial aid office and had eveything completed and approved in less than 5 minutes. They do run a credit check for the grad plus fyi. I'd call your school though to be sure, because my school also required a sperate form for financial aid.

Hope that helps! :)

Congrats and good luck in the fall! :)



So, the loans transfer over to the new school no problem?

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Peace of Mind
Posts: 188
Joined: Thu Jan 27, 2011 10:44 pm

Re: Federal Loans and Waitlists

Postby Peace of Mind » Tue May 31, 2011 11:08 pm

jaydizzle wrote:
Peace of Mind wrote:Hey guys,

I called and was told that they can view your loan information as long as you put them down as one of your schools when filling out the FAFSA and that basically the loan "transfers over" so no need to worry. You have to fill out/sign the MPN for your new school though once you are in even if you already signed for another school. Just log onto studentloans.gov and fill it out if you havn't already or enter your new school. Everything is done online so it is really quick and easy. I got approved for my loans (grad plus included) in seconds. I hung up with the financial aid office and had eveything completed and approved in less than 5 minutes. They do run a credit check for the grad plus fyi. I'd call your school though to be sure, because my school also required a sperate form for financial aid.

Hope that helps! :)

Congrats and good luck in the fall! :)



So, the loans transfer over to the new school no problem?



That's what she said, if you listed the new school on your fafsa form and when you applied for the grad plus loan (if you didn't, you'll need to go back and add the new school) then it will transfer over but you still have to sign a new MPN for your new school.

jaydizzle
Posts: 714
Joined: Sat Jan 17, 2009 6:28 pm

Re: Federal Loans and Waitlists

Postby jaydizzle » Wed Jun 01, 2011 5:29 am

Peace of Mind wrote:
jaydizzle wrote:
Peace of Mind wrote:Hey guys,

I called and was told that they can view your loan information as long as you put them down as one of your schools when filling out the FAFSA and that basically the loan "transfers over" so no need to worry. You have to fill out/sign the MPN for your new school though once you are in even if you already signed for another school. Just log onto studentloans.gov and fill it out if you havn't already or enter your new school. Everything is done online so it is really quick and easy. I got approved for my loans (grad plus included) in seconds. I hung up with the financial aid office and had eveything completed and approved in less than 5 minutes. They do run a credit check for the grad plus fyi. I'd call your school though to be sure, because my school also required a sperate form for financial aid.

Hope that helps! :)

Congrats and good luck in the fall! :)



So, the loans transfer over to the new school no problem?



That's what she said, if you listed the new school on your fafsa form and when you applied for the grad plus loan (if you didn't, you'll need to go back and add the new school) then it will transfer over but you still have to sign a new MPN for your new school.


When does one apply for gradplus?

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Peace of Mind
Posts: 188
Joined: Thu Jan 27, 2011 10:44 pm

Re: Federal Loans and Waitlists

Postby Peace of Mind » Wed Jun 01, 2011 11:40 am

jaydizzle wrote:
Peace of Mind wrote:
jaydizzle wrote:
Peace of Mind wrote:Hey guys,

I called and was told that they can view your loan information as long as you put them down as one of your schools when filling out the FAFSA and that basically the loan "transfers over" so no need to worry. You have to fill out/sign the MPN for your new school though once you are in even if you already signed for another school. Just log onto studentloans.gov and fill it out if you havn't already or enter your new school. Everything is done online so it is really quick and easy. I got approved for my loans (grad plus included) in seconds. I hung up with the financial aid office and had eveything completed and approved in less than 5 minutes. They do run a credit check for the grad plus fyi. I'd call your school though to be sure, because my school also required a sperate form for financial aid.

Hope that helps! :)

Congrats and good luck in the fall! :)



So, the loans transfer over to the new school no problem?



That's what she said, if you listed the new school on your fafsa form and when you applied for the grad plus loan (if you didn't, you'll need to go back and add the new school) then it will transfer over but you still have to sign a new MPN for your new school.


When does one apply for gradplus?


You should have already applied for gradplus if you're trying to get this type of federal loan(you get the most from this one). you should have applied for it when you applied for the fafsa earlier this year. You can still apply for it now, no worries. You don't have to apply for the gradplus loan when you fill out the fafsa, it's seperate. Go to studentloans.gov and click on where it says gradplus (i think it says "apply for gradplus") and follow the directions. I just applied for the gradplus because I want the most federal loans I can get and don't want to have to deal with applying for private loans if I don't need to.

You know when you fill out the fafsa and it has you list up to 10 schools that you want your information sent to or whatever? Well, you can do this same thing for the gradplus loan. There's a section where you have to pick a school to have your information sent and for them to determine how much you get based on the COA. You can pick up to 3 schools, so I picked my current school and my 2 top waitlist schools. However, if I get into one of my other choices I'll still have to go and sign(electronically) another MPN for the new school.

I hope that answers your question. :)

Good Luck!!!

clone22
Posts: 354
Joined: Sat Oct 23, 2010 3:38 pm

Re: Federal Loans and Waitlists

Postby clone22 » Mon Jun 06, 2011 12:05 am

A small correction to the above post: depending on the school you go, you may or may not have to apply for grad plus loans through studentloans.gov. Some schools do grad plus loans internally, so you fill out their specific paperwork instead of using the fafsa site.




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