When is it too late to switch loans?

[DReject]

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Hi,
I have several more days before I have to return a signed application for a high-interest private loan I was approved for.

But I hope to be approved for a GRAD PLUS loan. I'm just doing last minute stuff with my credit for that.

So say I turned in my signed app to the high interest private loan co and then was approved for a grad plus loan. Would I be able to switch?

 

[AMDFAO]

Somewhere in the loan application or approval does not mean you have to accept the money but you can't really "switch" loans. I would find out how and when the money would be disbursed first. If it is a paper check, don't cash it immediately (although most lenders make the check co payable to you and the school but not all). The loan is finalized after the money changes hands. You should be able to write void across it and return it to the lender but I would recommend you keep a opy of the voided check and ask for some written confirmation the loan has been cancelled.
If you are in the postition that you need the cash to pay your tuition and the money is disbursed to the school, the school should be able to cancel it and replace it with a PLUS loan. Most lenders will accept (and have to) a cancellation from the school if the loan causes an overaward situation (combined all your aid exceeds the cost). Call your FA office and ask them how they would prefer to handle the situation. They may tell you they would rather wait for the PLUS then have to go through with cancelling off the other loan.
Make sure you try the FA office in the morning since it's usually a quiter time than afternoon and you'll be more likely to reach your counselor.