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

[Adapt]

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.

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[that dr. jack]

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.

 

[Adapt]

Originally posted by that dr. jack
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.

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.

 

[Amy B]

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

 

[Vincristine]

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.

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.

 

[Adapt]

That sounds good then. Thanks for the responses people.