Returning Unused Loan Aid? Forum

[Bronck]

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?

[rinkrat19]

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.

[dextermorgan]

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

[Bronck]

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.

[A. Nony Mouse]

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]

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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[magp90]

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.