Do you have to accept all aid that is offered?

No, you don't have to accept all of the financial aid offered to you. However, it is still very important to note that it is okay to accept all of it. If you believe the financial aid options are favorable to your circumstances, then it is totally fine to accept it.

Do you have to accept all financial aid?

You'll be asked to tell them which forms of financial aid you would like to accept before they apply it to the amount you owe your school. But you don't have to accept all the aid on offer, including student loans, so consider your options carefully.

What happens if you don't accept your financial aid offer?

Some colleges will require you accept, decline, or reduce each aid source. Others may “auto-award” and not require any action on the student's part. If you do elect to reduce or decline any aid sources (loans, work study, etc.), the school will not be able to increase other aid sources to compensate for the difference.

Can you accept financial aid and then decline?

Yes, if your Federal Direct Loan has not yet disbursed, you may request to reduce or cancel your loan online via myUMBC. If your loan has disbursed, you should complete the Loan Decrease/Cancel Request form no later than 14 days after you receive the disbursement notification.

What happens if you accept more financial aid than you need?

Return Unused Student Loans

If you accept more federal student loan money than you end up needing, the good news is you can return it without penalty. You have 120 days. from disbursement to return surplus funds without paying interest.

Delgado LoLA Navgation: Accept or Decline Financial Aid Awards

Can I change how much financial aid I accepted?

If this happens, contact your financial aid office to ask whether they can adjust your aid. They will review your new circumstances and determine how your aid might need to change. Note: Adjustments are not required, but many schools are willing to consider special circumstances.

Can I use leftover Pell Grant money?

You can't use your Pell Grant to directly pay your student loan. However, if there are any funds left over after your school applies your Pell Grant toward your tuition and fees, those funds are given directly to you, and you then may use them to reduce your loan amount.

Do you have to accept or decline financial aid?

If your living expenses are not going to be as high as the amount estimated by your school, you have the right to turn down the loan or to request a lower loan amount. Your school will tell you how to do this in the aid offer.

Should I accept both subsidized and unsubsidized?

Given the option, you should accept a Direct Subsidized Loan first. Then, if you still need additional financial aid to pay for college or career school, accept the Direct Unsubsidized Loan.

Can I negotiate my financial aid offer?

Most colleges will let you negotiate your financial package; they just don't openly admit it.

Can I ask FAFSA for more money?

There is a process in place for students to appeal for more financial aid. The process for appealing is usually referred to as a professional judgement review, or special circumstances review.

Is there a deadline to accept FAFSA money?

The FAFSA deadline is set on June 30 every year. However, if you have already submitted your FAFSA and want to make corrections or updates, you have until September 9th of the same year.

Is it smart to accept unsubsidized?

While unsubsidized student loans are more expensive than subsidized loans, they also have some advantages compared with private student loans, including lower interest rates and more flexible repayment options. Here's what you need to know to make a smart decision.

Can you use FAFSA money to buy a car?

“This allowance may also include costs for operating and maintaining a vehicle that is used to transport the student to and from school, but not for the purchase of a vehicle.” That means unfortunately you can't use student loans to buy a car., no matter what type of student loan you have.

Do you have to pay back financial aid if you drop out?

Federal financial aid regulation states that if you withdraw from all of your classes or cease enrollment prior to the 60 percent point of instruction in any term, you will be required to repay all unearned financial aid funds received. A calculation will be performed to determine the repayment amount.

How much student loans should I accept?

The general rule of thumb is not to borrow more than you expect to earn as a starting salary, said Betsy Mayotte, president of The Institute of Student Loan Advisors, a nonprofit. That figure will vary a bit based on what you plan to study.

Why is it better to accept a subsidized loan before an unsubsidized loan?

That's because while your subsidized loan for undergraduate study will carry the same interest rate as an unsubsidized loan, interest won't accrue while you're still in college and during other periods of nonpayment.

Why is subsidized better than unsubsidized?

If you take out a Direct Subsidized Loan, you will not be charged interest while you're in school, during your grace period, or during other periods of deferment. If you take out a Direct Unsubsidized Loan, interest will accrue on your loan as soon as it is disbursed, even while you are in school.

Can a college reject you because of financial aid?

Admissions officers don't simply look at the fact that you are applying for financial aid, assume that you will need lots of it, and then deny you admission. Rather admissions officers review your application based on your merits. If you're a good candidate, they put you in the “accept” pile.

Can I use Pell Grant to buy a laptop?

Pell Grant recipients with near-zero EFC may be eligible for Long Term Equipment Loans (LTELs) while they remain actively enrolled at the college - through to graduation. Long Term Equipment Loans can include laptops, desktops and other equipment, as well as specialized software for their discipline where necessary.

Why did I lose my Pell Grant?

Some of the most common reasons your grant funds may be reduced are: You didn't enroll full time. Pell Grants are prorated for part-time enrollment, You didn't begin attending all of your classes before the financial aid lock date.

What 4 things affect the amount of money you receive from your Pell Grant?

The amount granted depends on your Expected Family Contribution (EFC), cost of attendance, your status as a full-time or part-time student, and your plans to attend school for a full academic year or less.

Can you get too much financial aid?

Overpayment is the disbursement of more federal student aid funds to a student than they are eligible to receive. An overpayment alert in "Account Dashboard" will let you know whom to contact to resolve the aid overpayment.

What happens if you put the wrong amount on FAFSA?

If the student receives federal student aid based on incorrect or fraudulent information, they'll have to pay it back. You may also have to pay fines and fees. If you purposely provide false or misleading information on the FAFSA form, you may be fined up to $20,000, sent to prison, or both.

Can my Pell Grant be adjusted?

Students attending part-time for any term will have their Pell adjusted to reflect their enrollment intensity. Pell Grants will adjust with each adding and dropping of courses when as student is less than full-time (12 hours) through the 15th day of the term for fall and spring or at any point during summer.