doublerainbow99

I was emailed to sign the MPN from FAFSA, but the thing is, I'm not sure if I need one of the loans.

I have $6,500 in outside scholarships that still is in the process of being processed through my FA account (I called the FA office and they said it will take awhile, because there are so many scholarships to process).

My COA is:
Tuition/fees :$8,091.00
Books/Supplies :$1,908.00
Room and Board :$10,074.00
Misc/Personal : $2,616.00
Direct Loan fees : $57.00
Total: $22,746.00

My FA package:
Sub; 3,500
Unsub: 1,500
Grant: 1,950
Pell: 4,800
School Scholarship: 3,000
Total: 14,750

My school is term scheduled, and this fall term I will only spend about $125 on books, so I can't imagine books/supplies being more than $500. Should I cancel the unsub loan? Do I have to sign 2 MPNs if I want both the unsub and sub, so can I just not sign one of them? Should I lower the subsidized loan to 3,000 as well?

4kidsdad

Before you cancel any loans, you should ask FAO if your outside scholarships would reduce your FA award.

If you have outside scholarships, some school will
1) Do nothing.
2) Reduce your loans amount.
3) Reduce your grants that come from the school.

doublerainbow99

I asked, and they don't do anything, as it doesn't go over my COA. My grants+scholarships only come up to 16250, and the coa is at least 18,000 (I say that because my room+board may just be 8,978 instead of 10k)

4kidsdad

Then you decline the loans either on-line or on the FA award form.

1) You print out the FA award form
2) Cross out any loans that you don't want. Write down "DECLINE" near the line.
3) Cross out any amount that you don't want. Write down "ACCEPT" & the smaller amount that you want,
4) Sign, date, & submit to the FAO.

happymomof1

Or, you carefully run the numbers for next year, and if that outside scholarship is not renewable, you take this year's loan, and stash it in the bank to help pay for next year. Yes, it really is OK to do that.

4kidsdad

By doing so may increase OP's asset and the EFC; resulting less FA next year.

doublerainbow99

what is the difference of that and just getting the same loan the next year?

Wouldn't that just be the same thing, as I would be getting another loan anyways.
None of the scholarships besides the school scholarship is renewable, but I am not living in a dorm next year, so the costs will be dramatically different.

4kidsdad

Each year you can only borrow $5500 - $7500 (depends on your year).

If you cancel this year's loan; it will be gone by the end of school year.