If I do this and then decide I do not need the loan, is it too late or have I already “borrowed” the money?
edit;;
Also, is the loan last to be applied to my bill for the semester? Like if I have enough scholarships to cover it, will the loan just not be used?
You can change your mind even after the loan is disbursed. The FA office can back it off for you but don’t wait too long. It doesn’t really matter the order they apply the funds unless some funds can only be used for tuition. In my experience, the schools post all the charges for tuition, fees, labs, room and board, and whatever else they can think of, and then post the credits - scholarships, grants, loans. If the is any overage, they will send you a check or post it to an account t as an ACH, or put it on a debit card.
You can add up all the charges and subtract all credits and calculate what you have left to pay. Most grants and scholarships and tuition, housing fees will be divided in half for each semester.
You should be able to go into your account and select which loan you want (subsidized/unsubsidized) and how much of it you want to take out.
If you find out when you get your bill that you requested too much loan, I think you can let the FA office know if you want to reduce the loan.
BTW if you have outside scholarships, find out if the school will divide them up equally between the two semesters or apply all to first semester.
Example:
Student account shows: Fall 2016
tuition deposit -$200
housing deposit -$300 (at my D’s school this is applied to spring semester because housing contract is for a year)
Freedom dorm double $3,000
14 meals/week plan $2,000
student fees $350
bio lab fee $50
tuition $8,000
college scholarship -$10,000
scholarship -$500
scholarship -$1,000
You would have $13,400 in semester charges, and $12,000 in credits (they took the $3,000 in outside scholarships and applied half $1,500 towards first semester). So first semester bill would be $1,400.
So you could accept a sub loan for $3,500 ($1,750 per semester) and end up with a $350 credit per semester ($700 a year), or you could reduce the loan to $2,800 for the year ($1,400 per semester).