<p>let's say i accept my fa pakage with loans. what if i get an outside scholarship (hopefully), would my loans be replaced with the scholarship even if i already accepted them and designated a bank? i havent accepted my fa yet, so i really hope someone can help me.</p>
<p>It wouldn't get replaced, but I think you should be able to pay off your loans, with a scholarship. Which means you will have to pay interest.</p>
<p>that sucks! so should i wait to accept the loans until i find out about the scholarship?</p>
<p>"so should i wait to accept the loans until i find out about the scholarship?"</p>
<p>We're still waiting to hear from 1 major scholarship, I have the same question about daughter's FA loan offers. What if we said yes to the loans & then the scholarship comes? what will happen?</p>
<p>You can reduce your loans at any point.</p>
<p>I'm assuming you haven't actually signed off on the loans with the lender as that usually happens later, so you would be okay.</p>