<p>I am not 100% if I will need to take out a loan. This loan was offered as part of my financial aid package by the way. Anyway, if I accept the loan, and I realize later on that I won't need it, then can I just take out the loan, or is there a catch?</p>
<p>I have been offered two separate loans, and I am not sure if I will need both of them. However, just to be sure, I will just accept them.</p>
<p>So if I decide midway of the year that everything will be set, financially-wise, then can I just take it out with no hidden catches?</p>
<p>Most often you do the loan in separate stages.</p>
<p>First it is offered to you by the college in your financial aid. You either accept it or reject it right then.</p>
<p>If you accept it, you then have to go through the process of filling out all the necessary forms -- the MPN (Master Promissory Note) and all the documentation that tells you what you're getting yourself in to by taking out this money.</p>
<p>At that point, once the MPN is clear and the financial aid office has all your information, they will work on disbursing the money to you (either via a check or direct deposit, depending on how you have it set up).</p>
<p>At any point in this process, you can usually unaccept the loans or accept only a portion of them, often by going to the Financial Aid Office and asking them to make the necessary adjustments.</p>
<p>Of course, you can also take out the loan and then pay it back if you realize you don't want it, but then you also have to eat the cost of the origination fees, etc.</p>
<p>As always: to be sure, ask the Financial Aid office at your school directly for the most accurate information.</p>