Canceling Loans

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Discus: Financial Aid and Scholarships: May 2004 - Archive: Canceling Loans
By Stelikepalli (Stelikepalli) on Monday, July 05, 2004 - 04:30 pm: Edit

My sister was accepted to Cornell off the waitlist. Before she was planning to go to U Michigan. She did not think that she would be taken off the waitlist so she applied for the loans and signed the promissory notes. She has not received the financial aid notification from Cornell yet but if it is good, she will probably go there. How does she cancel these loans since she has already signed the promissory notes?

By Smhop (Smhop) on Monday, July 05, 2004 - 09:36 pm: Edit

the money has not been dispersed to the school yet, so the loans are easily canceled without penalty. My loans also give 30 days grace period if you change your mind even after loans have been dispersed. I suggest you call the loan co and tell them to swicth it to cornell.... if the financial aid packet is such that you need less, or more, you can probably adjust the amounts. The place to start is definately by calling and discussing it with the bank.

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