loans/MPNs and waitlists

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supersplittysplitter
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loans/MPNs and waitlists

Postby supersplittysplitter » Mon Jun 15, 2015 5:05 pm

If I sign a master promissory note for one school, but then get accepted off a waitlist somewhere else and decide to go there, is it possible to cancel that MPN for the first school? Or should I hold off on signing MPNs until later in the summer when I'm sure I won't get off any waitlsits?

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MurdockLLP
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Re: loans/MPNs and waitlists

Postby MurdockLLP » Mon Jun 15, 2015 5:24 pm

supersplittysplitter wrote:If I sign a master promissory note for one school, but then get accepted off a waitlist somewhere else and decide to go there, is it possible to cancel that MPN for the first school? Or should I hold off on signing MPNs until later in the summer when I'm sure I won't get off any waitlsits [sic]?


+1 - wondering the same.

supersplittysplitter
Posts: 259
Joined: Wed Oct 29, 2014 11:55 pm

Re: loans/MPNs and waitlists

Postby supersplittysplitter » Tue Jun 23, 2015 2:11 am

bump. can anyone weigh in on this?

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beepboopbeep
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Re: loans/MPNs and waitlists

Postby beepboopbeep » Tue Jun 23, 2015 2:32 am

I don't want to give anyone misinformation as it was a couple years ago--I can't remember if I'd signed an MPN, but I did get off a very late waitlist and did not have any trouble getting the financial aid / loans stuff I had set up to transfer over to the new school. Sorry can't be of more help. Try calling the federal loan people and confirming.

supersplittysplitter
Posts: 259
Joined: Wed Oct 29, 2014 11:55 pm

Re: loans/MPNs and waitlists

Postby supersplittysplitter » Tue Jun 23, 2015 6:29 pm

i've called the federal loan people a couple of times and i've received conflicting information... this can't be that rare of a situation right? There's always stories about people getting off a WL in late- August, and presumably many of those people had already accepted loans at the first school right?

af0890
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Re: loans/MPNs and waitlists

Postby af0890 » Tue Jun 23, 2015 6:32 pm

Called about this today. If you withdraw from a school before the first disbursement (e.g. late August) the loans just won't come through and you won't have to pay them back. You can just leave the MPN be and sign a new one for your new school.

supersplittysplitter
Posts: 259
Joined: Wed Oct 29, 2014 11:55 pm

Re: loans/MPNs and waitlists

Postby supersplittysplitter » Tue Jun 23, 2015 6:57 pm

af0890 wrote:Called about this today. If you withdraw from a school before the first disbursement (e.g. late August) the loans just won't come through and you won't have to pay them back. You can just leave the MPN be and sign a new one for your new school.



That's what one lady I called seemed to say, but then I spoke to somebody else who was incredibly rude and she said it could cause delays because the first school needs to "put the money back." Honestly I'm still not sure what she meant and I don't think she really understood my question. It's always hit or miss when you're talking to customer service

af0890
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Re: loans/MPNs and waitlists

Postby af0890 » Tue Jun 23, 2015 10:45 pm

The person I talked to was at the first school's finaid office. couldn't even get through to FAFSA.




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