Accepting federal loans

[jwu061]

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I got into Stanbridge's MSOT program and they've offered me $70k in federal loans, and they're saying I have one week to accept it. However, I'm still waiting to interview for other schools, like West Coast. Will I be penalized if I take out those loans and then enroll in a different program? Would I still be able to take out loans for that other program? Would the old loan agreement just disappear?

 

[TMP-SMX]

Usually you have a certain timeframe that you can return the money without penalty. Take a look at the fine print before signing.

 

[RangerBob]

Are you actually signing something to take out a loan, or are you just accepting their financial aid packet? Aid doesn’t typically get distributed until maybe a week before classes start.