Enrollment status and loans

[Grumpycat]

If I had originally applied for loans with the intention to enroll full-time but have now decided to enroll in school on only a part-time basis, do the Fed Loan people take the extra loan amount back automatically or would I have to go through an entire process of returning it? Any advice is much appreciated!

[RBWilliams]

The school usually waits until after you have started school to give the payout on the loans for reasons such as this.  So, they would adjust it or you can just call your Financial aid office to let them know too.  Now, my financial aid office told me once I registered and didn't alter my financial aid amounts or even sign accepting, that registering automatically meant I accepted the loans.  I would definitely call ASAP.

[hnotis]

Federal loan eligibility is determined based on enrollment of part-time or above.  To be eligible for loans, you just have to be part-time (or more) and whatever they offer you is there to stay.  What they offered you for full-time is the same thing as what they would offer you for part-time in terms of loans.  They only thing part-time vs full-time has bearing on in terms of federal money is grants. 

[RBWilliams]

My school told me I did not have to accept the amount they offered me.  That I could change it to whatever amount I felt I needed, but you have to do it BEFORE you register or decline it.  So, just call the school to find out....for your school