1. Dismiss Notice
  2. Download free Tapatalk for iPhone or Tapatalk for Android for your phone and follow the SDN forums with push notifications.
    Dismiss Notice
  3. Hey Texans—join us for a DFW meetup! Click here to learn more.
    Dismiss Notice

Can your financial award be changed after they give you the award letter?

Discussion in 'Financial Aid' started by Adapt, Apr 9, 2004.

  1. Adapt

    Adapt 2K Member
    7+ Year Member

    Joined:
    Mar 18, 2003
    Messages:
    2,048
    Likes Received:
    6
    So my EFC was 0. I ended up getting all loans, 40K in stafford and 10K in private loans. My relatives are going to help pay for some so I don't need the 10K in private loans.

    If I decline that portion and only accept the 40K in stafford loans, do you think the school will ask where I am getting the extra money and upon finding out, change my award to give me less stafford loans? I'm curious if this happens.
     
  2. Note: SDN Members do not see this ad.

  3. that dr. jack

    that dr. jack Captain Bringdown
    7+ Year Member

    Joined:
    Aug 5, 2003
    Messages:
    577
    Likes Received:
    2
    Status:
    Resident [Any Field]
    your parents are helping? lucky bastard.


    go to banweb. when it asks you to accept or decline, under the alternative loans it will say that you don't have to accept them, because you just don't contact the lender. or call the aid office.
     
  4. Adapt

    Adapt 2K Member
    7+ Year Member

    Joined:
    Mar 18, 2003
    Messages:
    2,048
    Likes Received:
    6
    :laugh: Yea we can't decline the alternative because it doesn't let us. I guess I just won't contact the lender. I'm going to call them on Monday to see what the deal is.

    I'm just afraid that they'll change my award letter somehow if I decline a big portion of it.
     
  5. Amy B

    Amy B I miss my son so much
    Moderator Emeritus Lifetime Donor Classifieds Approved 10+ Year Member

    Joined:
    Aug 7, 2000
    Messages:
    4,304
    Likes Received:
    3
    Status:
    Resident [Any Field]
    I don't think that they would lessen your award. They would have no reason to do that. I remember as an undergrad, they send you the letter and ask if you want an or all of the amount they are offering. I wonder.. is it the same for med school?

    You are indeed lucky to have family paying some of your bill. Way cool [​IMG]
     
  6. Vincristine

    7+ Year Member

    Joined:
    Jan 29, 2004
    Messages:
    420
    Likes Received:
    0
    This is perfectly a reasonable thing to do. I declined large amounts of my award each year (like $10K) because I was living with my fiancee (we weren't married so his income wasn't factored into my FA, but I didn't need to take out loans for rent and other living expenses since he could support us). No one asked any questions and from what I understand it's a very common practice as I know many people who've done it. There were no ill effects the following years.
     
  7. Adapt

    Adapt 2K Member
    7+ Year Member

    Joined:
    Mar 18, 2003
    Messages:
    2,048
    Likes Received:
    6
    That sounds good then. Thanks for the responses people. :)
     

Share This Page