FAFSA Loans?

[Munashi]

Like many of you, I filled out a FAFSA form for myself this year.  I was accepted into a fully funded program, and I am not anticipating needing any of the loans I have been offered.

 

But I'm wondering how long I have to accept these loans in the event that some weird expense pops up and I end up needing the support.  Today the school's financial aid office let me know that the loans are available to me if I want them.  I'm not anticipating needing them, but do I have to decline them before the start of the semester?

 

I will contact the FA office to ask, but I thought I'd check here too to see if any of you knew about this off of the top of your head.  Thank you!

[mpainter]

I think for the most part Munashi, it depends from university to university what the hard and fast deadline for aid is. Usually Federal Aid can be available pretty late, even into a few weeks for a semester. 

However, the other thing you should look into if some situation changes is what short-term loans Penn State offers in case of emergencies. Usually, colleges have these options, so ask what is available. 

[unbrokenthread]

It's my understanding that if you decline offered federal loans, you may change that status at any point within the academic year and have the disbursement process begun by the financial aid office at your university. It's also my understanding that you can choose the amount of your disbursement; it doesn't have to be all or nothing. But do talk to your fin aid department to be sure, of course. Policies may differ.

[Munashi]

Thank you both for the input, I really appreciate the information!