I accidentally took around 8k in college loans and am panicking at the moment.
I have emailed the financial aid office from my college but I don’t know if it is possible to reject them anymore, and I am scared as I cannot afford to take loans and pay them. Does anyone know if to reject them is possible. Will I have to pay for them??
A few more details are needed. So there were loans in your package. Where will you get the $8,000 in cash now to pay for school if you don’t take the loans?
My family is paying for it, but the loans take up for extra expenses, such as improved housing and a full meal plan with a deposit for mw to buy extra things (which I do not need) and that adds up to 2k extra every year. The other thing is that I live abroad and am paying in my national currency (which is not strong against the dollar) for which I do not want to take upon a loan that accumulates interest…
Yes, it is possible to cancel them. My DS’s school required lots of pre-loan counseling before the online acceptance. Depending on your school, you maybe be able to decline the loans online or just not complete required steps to initiate the funding. Take a look if they have an online process and give the office a call if you can’t make changes on line. They should be in the process of finalizing financial aid packages over the summer for August registrations.
Be sure your parents fully understand how much cash they will need by the upcoming payment date.
Not a big deal. Call the school and tell them you want to decline the loans (if you can’t do it online). Nothing has be disbursed, no loan documents signed. If you do change your mind, you’ll still be able to get the loan later in the semester or even next spring.
@Nikitacano: Are you an American Citizen/Green Holder living abroad? I’m trying to understand how you qualify for student loans in the US.
I was born there but I am living abroad now 