Apply for loans, then not attend?

[JennaB4MD]

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I just got my financial aid package from the school I am accepted at (wanted to laugh and cry when I saw the numbers...it's real!) and they say that I need to apply online for the Stafford and alternative loans they have hooked me up with. Thing is, I am considering deferring for a year or possibly attending a different med school if I get off their waitlist. Should I still apply for the loans now? Will the school I'm into just cancel them if I withdraw or defer?

Sorry if this is a dumb question, I just didn't really know.
Thanks!

 

[Brewster]

You should fill out the FAFSA sooner rather than later (I think there is actually a deadline). Have the information sent to any school you think you might attend (any you are accepted at and still considering and any you are on the waitlist at). This way, all you information is in and you will be able to get money for your education no matter where you end up.

 

[Desdemona]

I had a similar question when I was doing my forms. What you have to do is choose a lender for the stafford (northstar, nellie may, something like that) and sign this master promissory note. I called Northstar about this to ask what to do if you don't know where you're going. The lady said if you don't know yet, it's probably premature to apply for the loans becuase they will be processed for your specific school. She suggested waiting until at least May to even think about it. However, if you do apply for the loan at the school you are going to as of right now, and then end up going to a different school, they can be canceled and you reapply for new loans at the new school. I think you can keep the same master promissory note if you use the same lender. I also called the financial aid office at my school and she said not to apply for loans until you're SURE of where you're going. It's apparently a ton of paperwork and a huge hassle to cancel your loans and get new ones for a different school. She suggested applying as early as possible, as soon as you know for sure where you're going, and said not to wait until August to appy because they take a few weeks to get processed.

I hope that helps. This financial stuff is way more complicated than it should be...