Well I got loans and a grant and I dropped out midterm. Now I have to pay back part of the financial aid. I know I screwed up. Anyways, if you pay it back will they still give you financial aid or did u just screw yourself? THanks.
2006-12-20 03:59:13 · 6 answers · asked by Anonymous in Education & Reference ➔ Financial Aid
Yes, they will give you financial aid if you pay it back. I ended up going into default after I dropped, they actually took my loan out of my tax refund and I am back in school now with financial aid. You will likely still owe for the previous semester, but they should give you another loan if you want to go back.
Your best bet is to speak to the financial aid office at the college, they deal with this stuff all the time. Luckily, you're only one of thousands who take out grants and loans only to drop the first semester. You may have to jump through a few more hoops than before, but you should still be able to get financial aid, and certainly if you pay back what you owe.
Good luck with your next semester! :-)
2006-12-21 14:25:15 · answer #1 · answered by asleep 2 · 0⤊ 0⤋
I don't think you are screwed. Your yearly application is broken up into payments, not given to you all in one sum. So, you should be ok use your aid again.
Depending on why you dropped out you should be able to file an appeal. You will still have to pay back the money you used, but the appeal would still allow you to use your aid for the Spring semester.
Of course, I am not a Financial Aid Rep, so check with your fin aid office to see what your options are.
2006-12-20 04:59:12 · answer #2 · answered by Brandon W 5 · 0⤊ 0⤋
I would talk to the school's financial aid office. Some schools put you on "probation" and give you a certain amount of time to get your grades up. Others have an appeals process where you can present your case or write a letter to the financial aid gods. There should be a financial aid counselor who can help you. Keep on them until you get the answers you need. It's their job. There paid to help you.
2006-12-20 05:31:52 · answer #3 · answered by TK 2 · 0⤊ 0⤋
i do not see why human beings are telling you to be grateful - i'm particular you're, in spite of the undeniable fact that it has no longer some thing to do with what you requested. you'll get carry of the further of the waiver. i don't recognize if that is a capped waiver (which skill a reduce), or is relative to how a lot your practise is in line with semester. the money for the waiver will come on your account. you'll get carry of the money - no matter if it truly is the completed value of your semester, or a particular quantity (say, $5K as an example), it is going to come to you. they received't ask for the student loan funds decrease back, because you diverse you're receiving a waiver on the making use of for the monetary help (i'm assuming you probably did). i'd imagine you may get carry of the further like you may time-honored overage from student loans. i'm, in spite of the undeniable fact that, no longer an authority - I strongly propose you communicate inclusive of your tutorial consultant, AND, call the monetary help branch and ask your question to be on the danger-free part.
2016-11-27 22:50:26 · answer #4 · answered by Anonymous · 0⤊ 0⤋
you're screwed... it's a yearly application. better apply now for next year... There are private loans you can take out now with interest rates starting at 10% and it's not fixed..ask your financial aid office for it. good luck.
2006-12-20 04:09:52 · answer #5 · answered by professorminh 4 · 1⤊ 0⤋
I agree with TK. There is probation for finical aid and academic forgiveness policy.
But, you need to check it out with your school
2006-12-20 17:49:30 · answer #6 · answered by docie555@yahoo.com 5 · 0⤊ 0⤋