Financial aid- Loans when changing schools?

[pearlywhites9876]

Hi everyone. I had a question about loans. I do not know much of how they work but have been reading online. I have been accepted to a dental school and have been awarded two loans but have not accepted either yet. My questions is, if I accept the loans and say in a month my first choice school calls me and accepts me ( I am on the waiting list and would choose them if called) how will that work? Am I stuck paying the first loans to the first school and have to take out more loans for the second school? Or do those loans just transfer to the other school. I am asking mostly to know if I should hold out on accepting those loans. If given the chance for my first choice school, I would take it. But I am in the process of accepting loans and apartments , so would like to know how all that works if anyone has any idea or advice. Thank you.

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[MahiMahi]

Federal loan money can be returned.

However, if the loan money has already gone towards tuition for your school, you'll have to check with them about their tuition refund policy

 

[MahiMahi]

See the section entitled "Cancelling your Loan" - http://www.direct.ed.gov/dlplain.pdf