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Does signing a Promissory Note mean you've accepted the loan?

tjonowtjonow Posts: 24Registered User New Member
I just recently signed a Promissory Note for a loan but I am still unsure if I want to accept it. I only signed it just incase I do decide to take some of the loan.

Does signing the Promissory Note mean that I have accepted the loan?
Post edited by tjonow on

Replies to: Does signing a Promissory Note mean you've accepted the loan?

  • radannieradannie Posts: 602Registered User Member
    I don't think so....you need to sign a piece of paper with the college after you sign the promissory note.
  • kelsmomkelsmom Posts: 12,585Super Moderator Senior Member
    You will generally need to accept the loan with the school (online or written, depending on the school) - but I have had students insist they didn't accept a loan & I can see on our system that they did indeed accept it online. So be SURE you haven't actually accepted it.

    You would also need to complete entrance counseling.
  • APOLAPOL Posts: 1,774Registered User Senior Member
    Some schools offer online loan acceptance that does not require a hard copy to be signed. This is legal and binding....so....before you electronically sign a loan, be sure you understand your obligations...when in doubt, call someone-financial aid office or help line of loan processor-before you hit "submit".
    Good reminder-to save a copy of the loan agreement-both on your hard drive-and offsite-either electronically or hard copy.
  • attab23attab23 Posts: 10Registered User New Member
    What if you accepted the loans but didn't signed the promissory note is there a chance to still cancel the loans
  • Erin's DadErin's Dad Posts: 19,981Super Moderator Senior Member
    If you accepted a FA award but haven't actually signed the note then you can still cancel the loans. Call the FA office.
  • kelsmomkelsmom Posts: 12,585Super Moderator Senior Member
    You can cancel the loan at any time ... even after it is paid to your account. Of course, you'll have to repay the school if it's already been paid to your account (and interest is owed, if you don't cancel right away after it's been paid out).

    Look at the school's finaid webpage. There should be information on how to cancel a loan. Or call.
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