Accepting loans for one school ($$$) but waitlisted on another ($)

[Pigglyjuff]

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How does this process work? I have an acceptance to a school that costs 45k/yr and need to accept the loans eventually. However, I am waitlisted at TCOM which costs much less. If I borrow the 60k I need for my accepted school, but then get off the waitlist, how does that work? Is it easy to refund money because it would be before the first day of class? 😕

Thank you for any help.