<p>I took out a loan, but recently (like a couple of days ago) a scholarship was added to my financial aid package. If I take out that loan (since I don't need it anymore), will my financial aid package remain untouched? I received that scholarship from someone that wanted to give aid to students who graduated from her school (my high school), and who would go to her college...so this isn't a scholarship that I got because of financial aid, but of academic merit. So, will they reduce my financial aid package if I take out the loan..or are there strings attached?</p>
<p>Your best bet is to call the college. I do know that if they are loans such as Stafford or Perkins you can cancel the loan at any time before the money is disbursed to the school.</p>
<p>I don't know about your school, but at my school, when a scholarship is added in, they replace scholarship money and get rid of perkins loan first, and then the workstudy, then stafford. They keep the financial aid money the same, they just change where the money comes from.</p>
<p>At my school the don't even take money off of your loans, you basically just get the amount extra that you've paid deposited into your bank account...or they give you a check for it if you don't have direct deposit set up.</p>