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Loan agreement

Discussion in 'Financial Aid' started by trouta, Apr 30, 2002.

  1. trouta

    trouta Senior Member 7+ Year Member

    502
    3
    Apr 3, 2002
    Seattle, WA
    So... i am on the waitlist at the school I really want to go to. However I am holding an acceptance at another school. That school has just sent me their aid package and is asking for my agreement to various loans.

    Anyone know what happens if I sign for these loans and then get in off the waitlist at the other school and want to go there?
     
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  3. trouta

    trouta Senior Member 7+ Year Member

    502
    3
    Apr 3, 2002
    Seattle, WA
    bump

    ANYONE KNOW ANYTHING ABOUT THIS???
     
  4. mpp

    mpp SDN Moderator Moderator Emeritus 10+ Year Member

    3,398
    15
    Jan 17, 2001
    Portland, OR
    I think you will be alright. Until you actually receive the money, you don't owe anything. Call the school's financial aid office and ask.
     
  5. electra

    electra SDN Moderator 7+ Year Member

    476
    0
    Apr 20, 2001
    Michigan
    If you get in off the waitlist, you will need to notify your other school IN WRITING as quickly as you can, because the loans that the FAO has ordered for you will have to be cancelled and reinstated at your new school. You might also make sure that your favored school already has your tax return/FAFSA, etc, as your processing may be held up. Make sure that you have two months of living expenses ready to start school with, as your loans may be late in getting in if you change at a late date.
     

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