My daughter has been awarded a federal unsubsidized loan. Depending on help from grandparents, she may or may not need the loan. Can she choose not to take out the loan during her freshman year, and then take it later if she needs it? Is there a deadline that you have to take out the money by?
Thanks
Before school starts she can let the school know that she won’t be taking the loan for the first semester, but you’ll need to check with that school how early they need to be told. And you can decline the second semester loan then, too, if desired.
If later in the frosh school year you need the loan, you can ask for it back…up to about May.
The following school years aren’t affected by what you do.
If you decline frosh year loans that money is not available for a later year. It’s not like soph year you’d be offered a combo of frosh and soph amounts.