FinAid question

Paying for College
1

<p>sorry if this question has already been posted.....if it has ill try and find it.</p>

<p>So, i am thinking about taking out 5k in private loans. I was awarded a 9k scholarship and accepted the Ford Direct Loan for 7,500. If I take out a private loan, i have to report it to my college but will they reduce my scholarship amount(its coming from them) if i take out this loan? I have heard stories about this and was just wondering if anybody had any first hand information.</p>

<p>my COA is 24,000 and even with the private loan, my FinAid total will be under 22,000.</p>

2

<p>The school will be asked to certify any private educational loan you want to borrow. The total of all aid - grants, scholarships, work study, and loans - cannot exceed the Cost of Attendance. Your school cannot and will not certify a loan if the total of your aid exceeds the COA - and they are obligated to return your loan funds in excess of COA if you have a loan & then get a scholarship that makes your aid exceed the COA. (Or you could request that they reduce your work study award by that amount, if you have unused work study)</p>