Do we lose the loan after acceptance if we drop?

[kami_us07]

Hey guys. I have a question about the loan.
I was fortunate to get accoted into 2 schools. But i am still waiting for the other 4 waitlists that i have including my state school.
Does anyone know if we start the school in July, and we get accepted to another school right after, can we drop the first school after start date? And whats going to happen to the loan that we got. so we would lose the money?
Thank you

---

Members don't see this ad.

 

[whaleofatale]

Yes. Your school will rescind all institutional aid, and any federal student loans that you have received will be returned to the Department of Education via the Return of Title IV Funding process. Basically, if you do not complete at least 60% of the days in a term, you are not determined to have earned all of your federal student aid funding.

Keep in mind that your school likely has a tuition refund policy as well, as you may wind up owing a balance to your school.

Basically, don't do this.

 

[kami_us07]

Yes. Your school will rescind all institutional aid, and any federal student loans that you have received will be returned to the Department of Education via the Return of Title IV Funding process. Basically, if you do not complete at least 60% of the days in a term, you are not determined to have earned all of your federal student aid funding.

Keep in mind that your school likely has a tuition refund policy as well, as you may wind up owing a balance to your school.

Basically, don't do this.

Im sorry im a little confused. So if they have a return policy and they can refund it, why is it a bad idea?

Do u think is it a good idea to wait a little more and then apply for the loan after a while ( to see my other options), or should i do it right now?

 

[whaleofatale]

Im sorry im a little confused. So if they have a return policy and they can refund it, why is it a bad idea?

Do u think is it a good idea to wait a little more and then apply for the loan after a while ( to see my other options), or should i do it right now?

Because if you drop after the term starts, your aid will be rescinded/returned, but you will still be charged a portion of that semester's tuition and fees, maybe even 20% of more.

 

[kami_us07]

I see.
Thank u for yr reply

 

[doc toothache]

You like living on the edge? You do understand that, should your dream come true, you will be cheating another student of a spot, right? Or is it: who cares?