Accepting a spot off the waitlist after loan disbursement

[Jabbed]

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Can I accept a spot off a waitlist after federal loan disbursement but before orientation? To clarify, I've already accepted a seat at one school, had the loans issued through that school. but received an acceptance off another school's waitlist. If I accept, will I still be able to receive federal funds through the second school?

 

[Ismet]

That would be something to ask the school (the 2nd school, not the 1st), but I'd assume that if loans have been disbursed, you're stuck at that school. Not 100% sure though, and it seems like it's a unique enough situation that calling the financial aid office would probably be your best bet.

 

[DermViser]

That would be something to ask the school (the 2nd school, not the 1st), but I'd assume that if loans have been disbursed, you're stuck at that school. Not 100% sure though, and it seems like it's a unique enough situation that calling the financial aid office would probably be your best bet.

I'm sure you can call the govt. and just cancel it.

 

[Ismet]

I'm sure you call the govt. and just cancel it.

Upon looking into it a bit more, I believe you can cancel and return the money within 120 days of disbursement. OP should still contact the 2nd school and see if/how this might affect going through financial aid again.

 

[Jabbed]

Upon looking into it a bit more, I believe you can cancel and return the money within 120 days of disbursement. OP should still contact the 2nd school and see if/how this might affect going through financial aid again.

Encouraging response, thank you.

 

[DermViser]

Upon looking into it a bit more, I believe you can cancel and return the money within 120 days of disbursement. OP should still contact the 2nd school and see if/how this might affect going through financial aid again.

LOL. Sorry, I didn't mean like call the govt. I mean who ever is disbursing out federal loans and just put a hold on it.

 

[operaman]

Yes you can definitely return the loan money minus whatever amount of your tuition is non-refundable at this point. If your school will refund all of your tuition, you can definitely return the loan money and have the loans reissued through the new school. Headache and paperwork will be involved, but shouldn't have any troubles.

 

[Ismet]

LOL. Sorry, I didn't mean like call the govt. I mean who ever is disbursing out federal loans and just put a hold on it.

Right but if it's already been disbursed to cover tuition and the remainder of the money going to his bank account, he would have to go through the process of returning it, and hopefully the tuition is refundable/cancelled upon withdrawal, since he hasn't actually matriculated yet.