Financial aid award letter....when to accept?

[cmshopeful]

Advertisement - Members don't see this ad

Hey eveyone,

If I'm still waiting to be accepted to school school A, can I still accept an award from school B and attend school A if A accepts me? Once I accept financial aid from school B, am I no longer able to accept financial aid from school A?

In case that was confusing, I prefer A over B.
I've been accepted to B and am waiting to hear from A.

 

[3 little birds]

Generally speaking, you can accept the award from a given school without fear of being bound. The offer becomes null and void if you don't matriculate there. But I would call the financial aid and admissions offices just to be sure.

 

[mc4435]

Just be sure you don't sign any "promissory notes" until you are ready to commit to the loans and the school and legally agree to pay the loans back. "Accepting" loans from a school isn't really a big deal - it just gives the financial aid office a way of estimating how many loans/scholarships they are giving out.

 

[cmshopeful]

Ah IC.
So, I can safely accept the award and if I get accepted to the school I really want to go to, I can get financial aid there as well.

 

[scowdeva]

Uhhh, about promissory notes...I had to sign and return them for MSU (they start in barely over a month) if I wanted to keep my spot there. I just got accepted to Albany today, and am weighing my options, but am I legally required to borrow that money and then pay it back since they already have a signed promissory note from me, even if I go somewhere else? I guess if I have to I will (it's only for about 6k, which are the summer costs) and I would just use that money to pay to move and take a chunk out of my credit card debt.

Any insight to this would be appreciated...I feel weird calling a school and asking if I withdraw right before classes start if I am responsible for the loan money I haven't received yet (they send you the balance the few days before classes start).

 

[gobears2007]

so when do you usually have to have your promissory note in by to receive financial aid? and, same question as scowdeva, what do you do if you've already signed one and decide to attend a different school?

 

[BoxingTheStars]

so when do you usually have to have your promissory note in by to receive financial aid? and, same question as scowdeva, what do you do if you've already signed one and decide to attend a different school?

I'm wondering the same thing, cuz I signed one with a bank and the school I decided on actually does direct lending. My *guess* is that if they haven't been dispersed yet, which would somehow have to involve the FA office at the school you're no longer going to attend, then nothing happens.

Mods, can we maybe move this over to the fin aid forum? I'd bet someone over there would know.

 

[Bacchus]

This will fair better in the Financial Aid forum and will get more educated responses there.

 

[TMP-SMX]

I'm pretty sure with any loan you can return any or all of your loan even after it is disbursed. (Assuming your school doesn't already charge your student account for tuition and fees). Of course disbursement happens at the same time as your account charges. So canceling before disbursement shouldn't be a problem but you have to talk to the financial aid office.

 

[purplepower]

So, just to be clear. Can I accept the financial aid from one more than one school while I'm waiting to decide which one I'm going too?

 

[akpete]

So, just to be clear. Can I accept the financial aid from one more than one school while I'm waiting to decide which one I'm going too?

Yes. I had everything in at School A then got accepted off the waitlist in July at School B and it wasn't a problem at all. I just got everything done for School B and matriculated there and everything financial aid wise was voided out automatically in regards to School A. I didn't have to do anything. Just double-check everything at your financial aid office of the school you end up attending. And even if the system messes up and disburses money for both schools, just return the money ASAP and there's no penalty.

 

[dragonfly99]

I think AKPete is right.
I wouldn't worry much about getting screwed over by the banks...there is some sort of clause in student loans that you can cancel all or part of any student loan for X days after you get the loan (i.e. think it's 7 days, or 14 days, or something).

The only thing to worry about would be if the med school tries to charge you fees or tuition ahead of time, that they refuse to pay back if you don't matriculate.