Returning Unused Loan Aid?

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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Bronck
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Returning Unused Loan Aid?

Postby Bronck » Fri Mar 15, 2013 10:09 pm

I played it safe and took out more loan money than I needed this year. By my estimations, however, I will have around $5k in unused loan money. Is there some process by which I can refund that amount so I don't have to pay interest on it?

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rinkrat19
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Re: Returning Unused Loan Aid?

Postby rinkrat19 » Fri Mar 15, 2013 10:10 pm

Bronck wrote:I played it safe and took out more loan money than I needed this year. By my estimations, however, I will have around $5k in unused loan money. Is there some process by which I can refund that amount so I don't have to pay interest on it?

I think only if you paid it back within the first 60 days or something.

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dextermorgan
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Re: Returning Unused Loan Aid?

Postby dextermorgan » Fri Mar 15, 2013 10:14 pm

Seems like a question that could be answered with a quick email to your school's financial aid office.

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Bronck
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Re: Returning Unused Loan Aid?

Postby Bronck » Fri Mar 15, 2013 10:18 pm

dextermorgan wrote:Seems like a question that could be answered with a quick email to your school's financial aid office.


Good call. I figured they'd maybe be out since it's Spring Break.

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A. Nony Mouse
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Re: Returning Unused Loan Aid?

Postby A. Nony Mouse » Fri Mar 15, 2013 10:33 pm

Honestly, if there are any fees involved in returning it (I don't know - just have seen this referred to), I'd keep it as a safety net and take out less for the next disbursement. (If you're a 3L that doesn't work, of course...)

gfd973
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Joined: Sat Dec 08, 2012 7:36 pm

Re: Returning Unused Loan Aid?

Postby gfd973 » Thu Mar 21, 2013 2:47 pm

rinkrat19 wrote:
Bronck wrote:I played it safe and took out more loan money than I needed this year. By my estimations, however, I will have around $5k in unused loan money. Is there some process by which I can refund that amount so I don't have to pay interest on it?

I think only if you paid it back within the first 60 days or something.


Only plebs don't negotiate voluntary prepayments up front

20141023
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Joined: Mon Jun 18, 2012 12:17 am

Re: Returning Unused Loan Aid?

Postby 20141023 » Thu Mar 28, 2013 7:59 am

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Last edited by 20141023 on Mon Feb 16, 2015 1:26 pm, edited 1 time in total.

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magp90
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Re: Returning Unused Loan Aid?

Postby magp90 » Fri Mar 29, 2013 11:47 am

At my school you can return loan money up until the last day of classes of the second semester. HOWEVER, you can only return money INTEREST FREE up until a month or so after the academic year begins.




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