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Accepting finaid when you're still on waitlists?

Posted: Wed Jul 05, 2017 9:33 am
by honestlywhatever
Hi, sorry if this has already been asked, but the school where I'm deposited is asking me to fill out forms to receive my federal direct loans. I'm wondering what happens if I accept these loans and then end up going to a different school? Can they be transferred to a different school? Can I somehow decline loans at a later date if the schools where I'm waitlisted offer enough that I won't need it? I'd really appreciate some advice. Thanks!

Re: Accepting finaid when you're still on waitlists?

Posted: Wed Jul 05, 2017 9:01 pm
by j.chvd
Loans do not get disbursed until about a week before the start of school. Most schools have a policy where you can receive a full refund if you withdraw from all classes within the first week (or so) after classes start. So yes, if you're deposited at a school that starts in August, it may be beneficial for you to apply for the loans now so they can be processed in time, and if anything happens/you decide to withdraw from that school, you shouldn't be penalized.

Not too sure whether or not you have to reapply for loans at another school, if you decide to attend a school you're accepted off the waitlist from tho.

Re: Accepting finaid when you're still on waitlists?

Posted: Thu Jul 06, 2017 2:10 pm
by honestlywhatever
j.chvd wrote:Loans do not get disbursed until about a week before the start of school. Most schools have a policy where you can receive a full refund if you withdraw from all classes within the first week (or so) after classes start. So yes, if you're deposited at a school that starts in August, it may be beneficial for you to apply for the loans now so they can be processed in time, and if anything happens/you decide to withdraw from that school, you shouldn't be penalized.

Not too sure whether or not you have to reapply for loans at another school, if you decide to attend a school you're accepted off the waitlist from tho.


Helpful, thank you!