What would you do in this instance..????





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Discus: Financial Aid and Scholarships: May 2004 - Archive: What would you do in this instance..????
By Angstridden (Angstridden) on Tuesday, August 10, 2004 - 09:18 am: Edit

D. accepted a subsidized loan for $2500.. then we found out yesterday she was getting $1000 scholarship from one source and $1000 scholarship from another.
We are not sure when they will come in (this fall sometime).

Would you leave the subsidized loan in place and see what happens..OR would you call the school say that she has future funds coming in and you wont need $2000 of the subsidized loans..

It would be nice to have the loans (which are due to pay soon) in position as who knows exactly when the scholarships will come in,and it helps pay down the tuition right now BUT I dont want to get into a big mess with having to pay back funds etc. I am not sure how they work it.
YOUR ADVISE PLEASE

By Demingy (Demingy) on Tuesday, August 10, 2004 - 10:58 am: Edit

Call the school. They may be willing to note that in their records and just wait for the scholarship money (they'll probably ask for proof that it is coming in). If not, at least you'll know for sure.

If they won't do that, then I would personally take the loans and then pay them off when the scholarship money comes in (assuming that you would be able to do that--I don't know how the scholarships are set up).

By Garland (Garland) on Tuesday, August 10, 2004 - 01:47 pm: Edit

In the program I work for, we give grants at the end of the school year to some of our students who have large loan or payment burdens. The FinAid office offsets the grant against the loan, and the loan is automatically reduced--no paperwork hassle for the student. Call your FA office; they'll probably tell you something similar.

By Angstridden (Angstridden) on Tuesday, August 10, 2004 - 06:55 pm: Edit

Well lets say she took the loans and then the schlarship $ come in and the school recalls the loan ..will I still be out an origination fee?


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