collegenow

let's say i accept my fa pakage with loans. what if i get an outside scholarship (hopefully), would my loans be replaced with the scholarship even if i already accepted them and designated a bank? i havent accepted my fa yet, so i really hope someone can help me.

foxshox

It wouldn't get replaced, but I think you should be able to pay off your loans, with a scholarship. Which means you will have to pay interest.

collegenow

that sucks! so should i wait to accept the loans until i find out about the scholarship?

kwyml

"so should i wait to accept the loans until i find out about the scholarship?"

We're still waiting to hear from 1 major scholarship, I have the same question about daughter's FA loan offers. What if we said yes to the loans & then the scholarship comes? what will happen?

theloneranger

You can reduce your loans at any point.

I'm assuming you haven't actually signed off on the loans with the lender as that usually happens later, so you would be okay.