note

[speak]

Hey, everyone!

 

I have a question.

 

A couple of months ago, I met with an enrollment counselor for a university. We did my Master Promissory Note and everything, but now I want to change the loan amount. I have not started school and didn't even let her register my classes, because I wanted to think more about it. Am I allowed to do that? I NEED to.

[agenstallodds]

To increase or decrease your loan? The loan may be adjusted, but in order to decrease it you just receive the remainder of the loan after your classes are paid for and have the University send the remainder of the money back to the loaner. As far as an increase, you may need to take out an additional loan. You might have already received the maximum amount for that type of loan. The are subsidized and unsubsidized loans. Talk to your financial aid counselor about it. They can explain it better to you. Not an enrollment counselor.

[speak]

Well, I was eligible for way more than I got. I want to increase it. What she did was told me how much it would take to apy for all the books, classes and extra stuff and we went with half of the amount I was allowed from pell and other financial aid. I really want to change it.

[WockaWocka]

Federal school loans: if you didn't take the entire amount you were eligible for then yes you can increase it during the semester BUT you have to be registered for classes. If you aren't currently enrolled, registered for classes, and in good standing with your university then you can't get more federal loans. In fact you may even be required to immediately repay whatever they've already given you. Private loans may be more flexible however.

 

Good luck

[catfeeder]

It shouldn't be a problem, it's all dead paper work unless you enroll in classes.