My son already applied and has a private loan for a college. He just go off the wait list for the school he really wanted to go to. I was told by Sallie Mae that I have to contact the original college explain the situation & they have to contact & put in a request to Schools Assistance department at Sallie Mae stating the student is backing out of the college. The 2 “departments” communicate & the original college has to decide if they will approve or not approve releasing the loan. If they don’t approve we have to reapply for a new loan to the new school but who knows if we will get the same rate & stuff. If the school releases the loan we may just be able to switch the name of the college on it.
Any experience or suggestions with this???
I cannot believe the college will give you trouble about releasing the loan. You’ll want to find out who in the aid office certifies private loans, and talk with that person directly about releasing the loan. It should not be a big deal for them to do it. But you have to make sure you get to the actual person who does the certification … otherwise, it will be a game of telephone.