Can I use an offered loan later on in the year?

Paying for College
1

<p>I was awarded the full cost of attendance at UW-Madison in the form of mostly grants, one $1500 loan, and $1000 of work-study. I chose to accept all my aid when it was awarded, however, I did not sign the letter mailed to me about my loan (to get my promissory note) because I preferred to not have debt. Now, for my day-to-day expenses, I don’t need the loan. However, I am currently looking at off-campus housing for next year, and I need to put down a month’s rent, which will be $700, in order to secure the apartment. I still have the letter, and in my award center online it still shows my loan as “anticipated aid.” Can I take out the loan so I can pay my security deposit? That is to say, can I still take out the loan even though the year has already started? I have accepted the loan as part of my package, I just have not returned the paper to confirm that. It said on the website it was possible for my loan to be cancelled and offered to someone else, however, on my account it still says it is “anticipated.” </p>

<p>I suppose I’m just wondering if anyone knows if there is any reason I won’t be able to get this loan.</p>

2

<p>Was it a Perkins loan? Each school has only limited amount of Perkins loan funding so they may be offer the Perkins to someone else if you do not take it. If it is a Stafford loans then there should be no problem taking it out even once school has started.</p>

3

<p>It was a Dohmen loan? As far as I understand it, it’s a campus-based loan. They do specifically threaten to take it away within 60 days (and it’s been a lot longer than 60 days) but it’s still in my aid account as anticipated, so I don’t think they’ve taken it away yet. Hopefully.</p>

4

<p>I’ve never heard of a Dohmen loan. It is not a federal loan. </p>

<p>Were you offered this on top of Federal loans such as the Stafford loan?</p>

<p>You would need to ask the school if it is some sort of institutional loan (which I am guessing it is as I have never heard of it).</p>

5

<p>Yeah, I think it’s an institutional loan. It was the only loan I got, and the only type of loan I will get as part of the financial aid program I’m in. I know it’s not a federal loan.</p>