Who do you contact if you’ve already accepted more loan money than you need?
a) Your school’s financial aid office
b) Your loan servicer
c) Your parents
d) The bank
Answer: a) Your school’s financial aid office
If you have received more loan money than needed the first and most appropriate person to approach is the director of your school financial aid. This office specializes in all issues that relate to the students’ funding, funding in the form of loans, grants, and those from work and study. They are in a position to advise on changes that need to be made to your financial aid award.
That is why, if one day you understand that you have borrowed more than enough, it is high time to contact the Office of Financial Aid. It is informing you that they can offer assistance in the matter of prepayments or adjustments of portions of your loan. For instance, suppose you agreed to take $10,000 in loans and subsequently determined that, in actuality, you require $8,000, the players in the financial aid office can assist you in changing this figure.
The officials of financial aid can also give good advice on how to calculate one’s expenses and spend the money wisely while studying at college. They may advise you on how to minimize your loan debt by offering a different repayment or even a work-study program or a scholarship perhaps you did not apply for.
To eliminate such a problem, it is crucial to do so as early as possible, preferably during the same academic year the loan was issued. Often, you can pay back the remaining loan balance that was never used with no interest to be levied, given that this is done within the usual 120-day loan period.
Bear in mind that the organization that oversees your loan after disbursement is your loan servicer, your parents may give you suggestions, however, the role of changing a current financial aid is assigned to the school’s financial aid department. They have unrestricted admittance to your record and can make the required modifications helpfully.
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