Later scholarship awards and finaid

[RoadRunner17]

I'm applying for a scholarship, of which the award decisions will be made in July. Does anyone know how the timeframe works for the award?

For example, if I'm going to Case Western, school begins in July. If the scholarship money is awarded to me in July, what happens? I'd have taken out loans otherwise, and is there an easy way to quickly replace the loans and pay off the small amount of interest that would have accumulated using the scholarship money? How would this work when the financial aid packages have already been issued back in April/May?

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[TMP-SMX]

I'm applying for a scholarship, of which the award decisions will be made in July. Does anyone know how the timeframe works for the award?

For example, if I'm going to Case Western, school begins in July. If the scholarship money is awarded to me in July, what happens? I'd have taken out loans otherwise, and is there an easy way to quickly replace the loans and pay off the small amount of interest that would have accumulated using the scholarship money? How would this work when the financial aid packages have already been issued back in April/May?

How large of a scholarship are we talking?

But yes you can always return money back to the school who returns it to the lender. Talk to the financial aid office. Keep in mind also that you get half of the loan money per semester so you don't want to end up with too little money when January rolls around and your loans are taking a long time to be disbursed to you.

 

[dragonfly99]

Don't worry...when you get your loan money at the beginning of the semester, there's a grace period type of time period where you can return the loan money (or part of it) and not have to pay the interest. I did that one semester...it was my last semester and I realized I wasn't going to need all the money so I just returned a couple thousand. I don't remember exactly how I did it but the financial aid office helped me, and it was easy.