If I was approved for a student loan & then quite college do I still have to pay for the loan that I didnt use

Answer 1

You only pay for the loan that you used.

Answer 2

If you did not recieve the student loan check and the school sent this back to where it was borrowed from then no, however, if you have used any of this, then yes, you have to pay it back, interests depends on the type of loan you have taken out as well. subsidized or unsubsidized. Good Luck, consider going back. Its good for you.

Answer 3

You are responsible for any portion of the student loan that was disbursed to you or applied toward your tuition and fees. Check with the Financial Aid Office at your school.
You may also want to inquire about your grace period and repayment (Stafford loan repayment begins six months after dropping below half-time enrollment). To continue your grace period consider re-enrolling at least halt-time.

Answer 4

Reguardless if U used it or not you gotta pay it back & believe me there's alot of interest that goes with that if U were smart you'd tell them your no longer in school & give them the money back or you'll be paying this back for many of years 2 come.I know Hubby has been paying well over 20yrs he did the same thing you did so be smart inform the school so they can straighten this out 4 U.Good Luck

Answer 5

No you don't ---as long as you notified the financial aid office you would not be using the student loan and the school sent the money back to the Feds....check with your former financial aid office.

Answer 6

No, as long as you completed the semester and did not register for the remainder. The money should go back to the Bank. Take the precaution of calling the lender and informing them, or reconsider going back to school.

Answer 7

With interest, buddy