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Author Topic: How to handle financial aid deadlines while waitlisted  (Read 1483 times)

chammon2

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How to handle financial aid deadlines while waitlisted
« on: April 23, 2008, 11:18:12 AM »
Say you've been accepted by school A.  Let's say school A anticipates making financial aid awards available at the beginning of June.  And at the same time, say you're on the WL at school B.  And let's say you prefer school B to school A.  But let's say when school A makes your financial aid available, you have two weeks to accept or decline the award.  And let's say school B estimates they will begin pulling students off their waitlist after the two week window at school A.  Can you accept the financial aid award because if you don't get pulled off the WL at school B you'll need it?  But what if you do get pulled off of the waitlist at school B?  Since at least two of the loans are coming from the same place is it transferable?  Is this situation handled differently on a school-by-school basis?  Help?

raider1984

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Re: How to handle financial aid deadlines while waitlisted
« Reply #1 on: April 23, 2008, 12:09:28 PM »
tag

daysofconfusion

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Re: How to handle financial aid deadlines while waitlisted
« Reply #2 on: April 23, 2008, 05:17:29 PM »
bump

antvenom13

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Re: How to handle financial aid deadlines while waitlisted
« Reply #3 on: April 23, 2008, 05:25:51 PM »
Say you've been accepted by school A.  Let's say school A anticipates making financial aid awards available at the beginning of June.  And at the same time, say you're on the WL at school B.  And let's say you prefer school B to school A.  But let's say when school A makes your financial aid available, you have two weeks to accept or decline the award.  And let's say school B estimates they will begin pulling students off their waitlist after the two week window at school A.  Can you accept the financial aid award because if you don't get pulled off the WL at school B you'll need it?  But what if you do get pulled off of the waitlist at school B?  Since at least two of the loans are coming from the same place is it transferable?  Is this situation handled differently on a school-by-school basis?  Help?

You accept to school A, you pay your $ by their deposit deadlines to reserve your spot, then if you get into school B you just also pay their deposits and send in a letter of resignation to school A saying you're giving up your spot.

chammon2

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Re: How to handle financial aid deadlines while waitlisted
« Reply #4 on: April 23, 2008, 06:00:25 PM »
You accept to school A, you pay your $ by their deposit deadlines to reserve your spot, then if you get into school B you just also pay their deposits and send in a letter of resignation to school A saying you're giving up your spot.

That doesn't deal with school A instituting a two week deadline to accept their financial aid package.  And those two weeks would be over before school B starts pulling off their waitlist

rekopter

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Re: How to handle financial aid deadlines while waitlisted
« Reply #5 on: April 23, 2008, 08:52:58 PM »
taggity.

zardoz

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Re: How to handle financial aid deadlines while waitlisted
« Reply #6 on: April 23, 2008, 09:09:11 PM »
My guess would be to accept the financial aid.  The money won't get disbursed until the start of school anyway, so if you withdraw, then the loans would never get disbursed.  You can't generally transfer loans from one institution to another.  This might be possible with private educational loans though, so if you are going that route I would check with your lender.  For direct loans though, if you don't register and enroll at the school, you don't get the money.  Even if you enroll and then withdraw (say you get off a waitlist somewhere on the second day of school and decide to take it), then all you will need to do is give the money back if you already have it in hand. 

You could also call the school and ask about accepting the award.  If you don't want to mention the waitlist, just go with the "family emergency" excuse and say the you plan to enroll, but there has been a family emergency, so there is a chance you won't be able to, and ask what would happen if you accept the financial aid award now and then need to defer or cancel enrollment in the fall.  The answer should be the same if you were not to enroll for any reason including a better offer from a better school.   
Michigan 2012

chammon2

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Re: How to handle financial aid deadlines while waitlisted
« Reply #7 on: April 24, 2008, 10:41:50 AM »
Thanks so much zardoz.  After talking with someone at my undergrad I was starting to think the same thing.  If this situation should arise, I will call school A just to clarify then post the results on this thread.

antvenom13

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Re: How to handle financial aid deadlines while waitlisted
« Reply #8 on: April 24, 2008, 06:35:11 PM »
Thanks so much zardoz.  After talking with someone at my undergrad I was starting to think the same thing.  If this situation should arise, I will call school A just to clarify then post the results on this thread.

You realize I gave the same answer as the last guy right? Who cares about the deadline? They dont give you the money in 2 weeks wtf? Just accept and then withdraw if you have to how hard is it.

greenie

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Re: How to handle financial aid deadlines while waitlisted
« Reply #9 on: May 19, 2008, 12:59:28 AM »
taggity