I just accept and submit the loan amount now and return it later when my HPSP comes through? Can I return the loans later? It's a
If you have documentation of the stipend you'll be receiving with HPSP, that may suffice (it does some places, but not others). If not, accept the loans and show the amount to get the approval. If you receive the HPSP stuff before disbursement, but you change the amount to 0 and save yourself a little hassle.
If the above don't happen in time and you DO receive the funds, you have 120 days (so 4 months) to return the loans with 0 interest and 0 fees (i.e. if you take out $10k, 1k of which is fees, so you RECEIVE 9k, and acquire say $100 interest in those 4 months....... if you return ONLY the $9k that was INITIALLY RECEIVED, the $100 (per the example) of interest is FORGIVEN, and the $1k fee that you paid and never received is thus already accounted for internally/forgiven). Again - you only return WHAT YOU RECEIVED.
^^^^ with that said, I did this for 1 semester a few years ago, and I could not figure out how to do it online without it counting as a regular payment (thus I was still being charged interest AND the fee), so I CALLED them.... the first person I spoke to actually had no idea that you can pay off the loans with the a 120-day period without penalty, fee, or interest, so after being transferred to their manager/supervisor/whoever, THAT person knew and took care of everything for me over the phone. I forget the specific method of how I paid the original amount back, but I vaguely remember it being from my checking out (and either used my debit card over the phone or may have done an electronic check or something).
