I have a question related to financial aid and wait lists.
Some background. I am currently set to matriculate at an out of state school that I love. However, because it is OOS it is expensive. I am also currently wait listed at two of my in state schools. I would choose to attend either of the IS schools over the OOS school at which I am set to matriculate, should a space open up for me from the wait list.
I filled out the FAFSA and included all three schools. I was "awarded" a Federal Stafford Direct Loan for the OOS school. Obviously I did not receive any financial aid from the IS schools because I haven't been accepted.
My direct loan does not cover the total cost of the OOS school, so I am planning on applying for a PLUS graduate loan.
My concern: What happens if I apply and receive the PLUS graduate loan, but then get off a wait list at in IS school? In such a situation I will still need a PLUS loan but obviously a much smaller one. Can I apply, receive, cancel, and then apply to an IS school, receive, cancel all in rapid succession?
TLDR: When should you apply for a Graduate Plus Loan if you are on wait lists?