Financial Aid Award

[Lisagk]

Hi, I've received an email with a financial aid award notice for a school from which I've received an acceptance. The school is giving me two weeks to accept it. However, I am still waiting to hear back on admission decisions from two more schools and won't be able to make a decision, myself, as to where I go until I hear back from the rest of the schools. However, if I do end up going to this school, I want to be able to have financial aid.

If I accept the financial aid, can I "reject" it later if I decide to go to a different school?

Thanks for the help!

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[Amburrito]

I was in a similar place last year; I was waitlisted at one school (Tufts) and I had been offered a scholarship at Penn. I emailed Tufts to let them know I had a deadline. They were very nice and gave me as much information as they could about the waitlist situation. I would suggest contacting the other schools to see if they can give you any more information, and maybe contacting the school that offered you aid to see if there is any way to extend the deadline until you hear back, especially if you only need a couple more days. When I accepted my scholarship, I had to accept my place in the class and pay my deposit, so you would likely have to forfeit your deposit at a minimum if you decided to rescind your spot.

 

[britzen]

In terms of loans, if you accept them and then don't need them later you should just need to contact the financial aid office to say that you no longer need the loans and that you would like to return them.

I always accept my full award for school and then end up cancelling part of the loan / returning some amount if/when I receive other scholarships.

 

[Lisagk]

In terms of loans, if you accept them and then don't need them later you should just need to contact the financial aid office to say that you no longer need the loans and that you would like to return them.

I always accept my full award for school and then end up cancelling part of the loan / returning some amount if/when I receive other scholarships.

Thanks! I think this is the most applicable to my situation. So even if I do not end up enrolling in that school I can still accept them now and return them later?

 

[britzen]

Thanks! I think this is the most applicable to my situation. So even if I do not end up enrolling in that school I can still accept them now and return them later?

I think they would just not process them at all if you decided not to attend! When you accept the award the money doesn't hit your account until the semester you need it for.

Best thing to do would be to email the financial aid office directly to ask about it, but I wouldn't stress.

 

[Lisagk]

I think they would just not process them at all if you decided not to attend! When you accept the award the money doesn't hit your account until the semester you need it for.

Best thing to do would be to email the financial aid office directly to ask about it, but I wouldn't stress.

Thanks so much! I will do that. I super appreciate the reassurance