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Loan Question

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

  1. jrfromks

    jrfromks Junior Member

    Dec 9, 2001
    Likes Received:
    I haven't had to take out loans until now. I was just wondering, if I took out the maximum amount for loans possible, then realized I didn't need it all, what do I do? Can I just take out what I need, or do I have to take out the whole loan? For instance, if I applied for $10,000 in loans, and realized I only needed $8,000, can I just take the $8,000, or will I have to take the whole $10,000 and pay it all off at the end of residency?
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  3. eagle26

    eagle26 Senior Member

    Nov 19, 2001
    Likes Received:
    Resident [Any Field]
    You can take just the 8000. If you're awarded for 10000, that's just the maximum amount you can take out based on the cost of attendance at you're school. You can take any monetary increment from zero to the maximum amount. Hope this helps.


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