What happens if you're accepted late?

[FakePlasticTree]

I already have one acceptance, but I'm on the waitlist at my preferred school. I filled out the FAFSA (used both school codes) and I got a financial package for the school I was already accepted at. What happens if I get pulled off the waitlist at the other school just weeks before classes start? Does my financial aid package apply to any school? Can I use my loans from the first school's package to pay for the second school's tuition? I'm confused.

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[Odaroloc]

at that point schools can have a very fast turn around for packages, giving you the opportunity to choose the option that is best.

 

[Luck]

I already have one acceptance, but I'm on the waitlist at my preferred school. I filled out the FAFSA (used both school codes) and I got a financial package for the school I was already accepted at. What happens if I get pulled off the waitlist at the other school just weeks before classes start? Does my financial aid package apply to any school? Can I use my loans from the first school's package to pay for the second school's tuition? I'm confused.

To answer your question, no your financial aid package for the school you are accepted at does not apply to the one on the waitlist. You will have to wait for the waitlisted school to give you their own package and own loans.

 

[merlin17]

You do not actually have any money from the first school until school starts. Basically you cancel any loans from school 1 and take out new loans for school 2.

As long as you have filled out all the forms for the waitlist school (not just FAFSA...their personal fin. aid forms, need access, anything else they want) you are fine. Schools can process fin. aid requests pretty much immediately late in the summer (I know this personally ) You just have to have everything in. You do not want to be filling out forms after you get accepted to school 2...then you won't get your estimate soon enough. Call up school 2 and tell them that you are on the waitlist but want to make sure that your financial aid application is complete just in case.