lawrence14 Posted November 12, 2013 Share Posted November 12, 2013 I accepted a seat in a PA program and am in the process of completing the financial aid part. I submitted everything for FAFSA and all I have to do is accept the financial aid award package. Does anyone know what that means? Does FAFSA submit the money to the program right away or closer to the start date of the program? I need to complete the financial aid process in order to keep my seat, but I am worried what will happen if I decide to attend a different program. Has anyone else had this happen to them? Would FAFSA be able to switch my program designation after I already signed for one? Any information would be greatly appreciated! Link to comment Share on other sites More sharing options...
generalfluff Posted November 12, 2013 Share Posted November 12, 2013 Quick note. FAFSA does not give you any loans. It is simply the universal application that demonstrates your financial need, what loans you qualify for, and how much you can borrow. Your actual loans come from government sources (like Direct Loans) or some private sources (banks and other institutions). The following information applies mostly to government loans. Private lenders may have different policies. Interest does not accrue, and the money is not released and given to that school until you start the program. Disbursement occurs in several stages. They give some at the start of the Fall semester, some on the Spring, then Summer. Until the money has been disbursed, no interest is charged, and you can cancel that loan anytime. It can be if you apply for loans with one PA program, but then go to a different PA program. You can even within the program, increase and decrease loan amounts based on your need. While you are attending a program, if you decide to quit. You can return money you borrowed based on how much your school is willing to refund (usually depends on how long you were in for that semester). Every loan application is specific for a time period (year/semester), and each academic program. Link to comment Share on other sites More sharing options...
newbeginning Posted November 15, 2013 Share Posted November 15, 2013 You can authorize additional schools to view your FASFA report after your FASFA app has been submitted. That said, if monies are sent to a school you later change your mind about attending, you may have problems getting the monies switched to a different school. So know which school you want to attend BEFORE you accept an award letter. Accepting an award letter gives the green light to start sending money to a particular school. Sent from my iPhone using Tapatalk Link to comment Share on other sites More sharing options...
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