How do waitlists and federal loans work?

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yolkypolk

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If I'm holding an acceptance to a school now and accept their financial aid offer which includes the unsubsidized Stafford loan, what happens when I get off a waitlist in May/June? I've already submitted FAFSA to every school I interviewed at.

Also with GradPLUS loans, is there a deadline on when we have to apply? It seems that once you enter how much you want to take out, you are unable to modify this amount. What if the school I get off the waitlist to is a state school and has a much cheaper COA? Or is it best to wait until after May/June when I'll have a more definitive answer as to where I'll be matriculating to apply for gradPLUS?
 
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