should you accept loans for an accepted school while remaining on waitlists?

[haveaquestionplz]

---

Members don't see this ad.

just wondering what the general advice is

 

[NickNaylor]

If they are federal loans, yes. Federal loans can be returned without any penalty. The policies surrounding return of private loans is probably more varied. Regardless, it's unlikely that you would receive the loans prior to matriculation. You don't need to be concerned about double-dipping loans if that's what your concern is.

 

[Kelevra]

If they are federal loans, yes. Federal loans can be returned without any penalty. The policies surrounding return of private loans is probably more varied. Regardless, it's unlikely that you would receive the loans prior to matriculation. You don't need to be concerned about double-dipping loans if that's what your concern is.

Pretty darn cool to finally see the "Resident" badge under your name after reading your posts for a few years!

 

[LilEngineThatCould]

You have a good amount of time after loans are disbursed to return them (assuming they are fed loans) without penalty - there is a specified amount of time on the MPN you sign but it's something like 2 months I think. So if you were to get accepted elsewhere, you call the other school's financial aid office to cancel the loans and I believe they take care of the rest.