Stafford Loans and NHSC Scholarship

[sasevan]

hi everyone,
i'll be applying for Stafford loan (sub & unsub) and also for NHSC scholarship.
my question: if i get approved for Stafford and then for NHSC (i understand NHSC doesn't disburse until September) do i then get the school to reimburse Stafford so i can return it or how does it work?
thanks in advance.

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[dpmd]

If you end up getting that scholarship after the loan funds have disbursed, the best way to handle it would be to talk with the financial aid office. They can cancel the part of the loans you don't need. They take care of sending the funds back, and if it is a true cancellation of the loans then you shouldn't be responsible for any disbursement fees (as opposed to "paying back" the loan with your scholarship funds which would make you lose out on some money). Another option is to request a deferment until the time the scholarship comes through (really only works if you are sure you are going to get those funds, since otherwise your school may not want to defer). I had this problem with my scholarship that had gotten lost for a little while. I figured out the problem too late to get a deferment, but I was able to successfully cancel those loan funds later.

 

[sasevan]

Thanks dpmd for such a thorough response. I really appreciate your taking the time. Again, thanks.