What happens with my private loan if I withdraw before class starts?

Paying for College
1

I’ve suddenly lost confidence that going back to school is for me. I feell like I sold myself a dream that I had chosen the field I should be in, that the debt is worth it, and that I can handle school and be successful. I’m swimming in self - doubt.

So, with all that said, I’m wondering about what happens with my private student loan I was approvef for, but not yet certified by my school, if I withdraw/drop out before classes start. Will I have to pay even though it hasn’t been used at all?

I know it was stupid to take out a loan without knowing this, but I make lots of stupid decisions.

2

No, if you don’t go to school, the school will never certify you and the loan will never be funded. However, make sure you withdraw correctly and completely from your school even if it is before you ever start.

I don’t mean to encourage you no to go to college, but it seems you aren’t ready if you have having doubts AND having to borrow private loans. Take time to consider the debt, and maybe look for a cheaper school.