Loan award taken back after I accepted it?

[KMichele]

I don't know what to think about this, and since it is the weekend, I won't be able to reach anyone until Monday.

A few weeks ago I accepted all my financial aid awards online (all loans). My program begins in June and so I received a direct sub stafford loan in the amount of $7300 (this is on the tail end of the 2011-12 FAFSA), plus I also received a direct unsub stafford loan for the 2012-12 school year in the amount of $7,700 each semester. Everything seemed fine; completed the rest of the 'paperwork' online for the loans, yadda yadda.

Tonight I went online and was checking a few things and noticed that now my direct SUB stafford loan looks like I haven't accepted it yet. It doesn't say accepted whereas the other loan does. The sub loan just has 'ready' by it.

Could this mean I won't get the sub loan? Can they give me an option to accept everything, but then withdraw that amount at a later time? Am I overreacting?

Thanks for any info!

[intirb]

Hey KMichele,

Don't worry! My experience with federal loans is that there are often small hiccups or that they take a long time to get updated and cleared correctly. I doubt that the loan has been revoked - just call tomorrow and get it sorted out.

Good luck!

[allyba]

Subsidized stafford loans are no longer available to grad students. It is going to impact a lot of people this year.

[allyba]

Theyll probably just tell you those loans have to be converted to unsubsidized loans. I think the official start of this new rule is July 1st though so I am not sure if that would mean you can get some subsidized in June or not. I am surprised not many people seem to pay attention to all the politics because this is a big change in the system and grad students will owe a lot more if they don't have access to subsidized loans.

Edited April 8, 2012 by allyba

[KMichele]

Thanks everyone for the replies.

Yeah, I did see that subsidized loans are going away on July 1st, but I'm hoping I can still get them for the start of the summer semester... I won't get my hopes up. I'll call the financial aid office tomorrow and find out what's happening.