Fed Loan Disbursed and then Taken Away?

Paying for College
1

<p>Financial Aid office is closed, but I am hopefully going to get a walk in appointment tomorrow during the walk in hours. I am desperate for help because according to the financial aid page I must submit in writing why I think my aid is wrong but I have not heard of a loan that disbursed and then taken back by the school without any notice.</p>

<p>About a week ago all my financial aid was disbursed. It included 1 grant, and the federal loans. I took over the amount needed because I was not sure if 1 out of the 2 grants I was suppose to get would go through since it was not listed, but I was advised I would be getting it because of my status. I got a refund last week, 2 days after the aid went through. Then on Tuesday of this week I got a notice that I would be getting another refund because the 2nd grant I was suppose to get finally went through. I had this happen at my old school last semester too.</p>

<p>Tonight I rechecked my account because I had received the refund for this grant. To my surprise it said I owed over $2,000 because they had took away my unsub loan and wanted my refund back. I have no idea why they would take away my loan when I accepted my aid package before the semester started. My package actually has 3 grants listed but only 2 of them paid out. I went back to the financial aid award which held the surprise of no more unsub loan, and still left me with about $400 to pay myself. I can handle the $400 but not $2000. So without this 3rd grant I actually would owe closer to a $1,000 which was roughly the amount of unsub. I know the 3rd grant will not go through because it says estimated, and I was informed the school would have most likely used all the money already.</p>

<p>Any help is appreciated. I thought taking out loans was the students decision not the schools so if I was offered it, and accepted it why could the school take it away after they where paid? I know that schools (while some) try to not make students take out more then needed but I actually need my refund for the summer course I am going to take since I will not be full time during the summer.</p>

2

<p>You mentioned going to another school…did you take any loans there for this academic year? If you haven’t taken any loans so far this year and the third grant won’t put your aid in excess of the COA, then I would wait until tomorrow before getting too concerned. It’s possible that the school is making some technical adjustments. It happens all the time on my kids’ accounts and can be unnerving because there will suddenly be a past due balance, but the debits and credits end up balancing out within a week.</p>

3

<p>I did take out loans at the other school more than what I am taking out here, but was informed by the previous university FA that when I transferred that the servicer would be informed automatically that I am transferring. I am concerned because my actual financial aid award was changed without any notification from the university. I emailed them but it says it could take to 36 hours to respond so I am sticking with my plan of just going to the walk in hours and hoping everything is cleared or that they can explain it to me. I just don’t understand why they would cancel my loan without authorization from me.</p>

4

<p>Are you a freshman? The federal loan limits for freshmen and $3500 sub and $2000 unsub for the academic year. If you took out loans at another school in the fall, they still count against the annual limit.</p>

5

<p>I took more because my parents were denied a plus loan if that helps.</p>