How do I cancel federal grant and loans before starting college?
Tyragen asked:
I just applied for ITT Tech in Arnold, Missouri, but changed my mind about attending after finding out their classes were not accredited by other colleges (which they told me were). I haven’t started classes yet, and I was wandering if I could cancel my grant and two loans and avoid paying anything and how I would do it.
I just applied for ITT Tech in Arnold, Missouri, but changed my mind about attending after finding out their classes were not accredited by other colleges (which they told me were). I haven’t started classes yet, and I was wandering if I could cancel my grant and two loans and avoid paying anything and how I would do it.
Tags: Arnold Missouri, Cancel, Colleges
November 10th, 2009 at 6:48 am
Call the school and tell them you are no longer interested in attending there and want to cancel all your loans. You can also go on the fafsa website and click “Add a school code” to put in the code to a different school you want to attend instead of them.
November 13th, 2009 at 4:48 pm
If you don’t qualify for federal student loan forgiveness, consolidating your student loans can help ease your repayment. Consolidation can stretch the repayment term from 10 years to a maximum of 30 years, making the monthly impact on your cash flow much lower.The federal government does have a loan agency with low interest rates, better repayment schedules and there is a better shot at debt cancellation if the former student goes into bankruptcy. If the federal loan is better than the private one, why do so many students opt for the former? The simple reason is that federal paperwork can be confused, but even more importantly there is simply a limited amount of federal loans to go around so may students have to settle for private loans.