Acceptance of Financial Aid

[CodeRedDew]

Quick question. My scenario involves an acceptance at one medical school for the upcoming fall and a waitlist position at another school. I have been offered financial aid for the school I have been accepted at (40K in direct unsubsidized stafford loans). My question is, if I were to accept these loans offered from this school and happen to get off of the other school's waitlist, are the loans transferable? Or am I committed to this school once I accept these loans? I am completely confused about this process.

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[CodeRedDew]

anyone?

 

[sinombre]

I don't think so, but I'm actually in the same situation. I'll see what I can find out...

 

[sector9]

Quick question. My scenario involves an acceptance at one medical school for the upcoming fall and a waitlist position at another school. I have been offered financial aid for the school I have been accepted at (40K in direct unsubsidized stafford loans). My question is, if I were to accept these loans offered from this school and happen to get off of the other school's waitlist, are the loans transferable? Or am I committed to this school once I accept these loans? I am completely confused about this process.

I'm not an expert on loans but I'm reasonably certain that this is correct info:

No your loans are not "transferable" to your new school. You would have to go through your new school's financial aid office after you've been accepted to receive loans from them.

You are not committed to the school by saying you want the loan money. They're not going to give you any money until school starts anyway. They'll just drop your name from their list when you withdraw from the school.