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Loan agreement

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

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  1. trouta

    trouta Senior Member
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    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?
     
    #1 trouta, Apr 30, 2002
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    trouta

    trouta Senior Member
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    bump

    ANYONE KNOW ANYTHING ABOUT THIS???
     
    #2 trouta, May 1, 2002
  3. mpp

    mpp SDN Moderator
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    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.
     
    #3 mpp, May 1, 2002
  4. electra

    electra SDN Moderator
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    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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    #4 electra, May 12, 2002
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