Changing schools AFTER applying for loans...

Paying for College
1

<p>So about 3 weeks ago I signed a small blue slip stating that my $400 deposit is enclosed and I will not deposit at any other school. Then my family went ahead applying for the stafford loans, etc for that school. </p>

<p>However, yesterday in the mail I received a letter from my first choice school notifying me that I have been taken off their waitlist and have a week to decide. </p>

<p>My question is, is it "legal" for me to put a deposit down at this second school and apply for the same loans there, and kind of "withdraw" my acceptance at the original school? Or am I sort of "stuck?" I don't mind losing the $400 deposit.</p>

<p>Help! </p>

<p>Thanks</p>

2

<p>Yes, it is certainly legal and colleges know that this will happen to a certain percentage of their deposited students. I believe it’s known as “summer melt”. Contact college 1 and thank them for their acceptance, inform them you’ve just been notified of a waitlist acceptance that you’d like to take, and ask them for a refund of your deposit (it never hurts to ask, but probably won’t be given).</p>

<p>I think you call the FA dept to cancel your loan apps - there should be no problem applying at the new school.</p>

3

<p>Definately be sure to call school 1’s FA and let them know you are not coming. Otherwise, your loans at the new school may be delayed.</p>