Dropped classes

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Dropped classes

Postby etspunkfsas » Wed Nov 11, 2009 12:27 pm

What would happen with my loan if something came up and I had to drop my classes for a semester? Do I get the money from the loan for the whole semester?
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Re: Dropped classes

Postby kristinem17 » Thu Nov 12, 2009 8:09 am

To retain your financial aid you have to maintain a 2.0 GPA and also meet your school's credits attempted vs. credits completed requirements. You should talk to your schools financial aid office about how dropping a class will affect your financial aid, but usually dropping one class would be ok.
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Re: Dropped classes

Postby QQTTT » Thu Nov 12, 2009 8:56 am

I have a similar situation. I dropped my classes in Winter 2009, Spring 2009, and Summer 2009. Back in January, I called to ask the FAO if I should go into my account online (my school is also wholly online) and decline my unsubsidized and subsidized Stafford loans since I would not be enrolled that quarter. I was told I didn't have to do that because the funds are automatically sent back since I wasn't enrolled. In Fall 2009, I began class. I requested that the funds from Winter, Spring, and Summer be sent to me because I saw that the school accepted them and I was thinking since they accepted the loans, I will have to repay them, why not request the funds be sent to me.

The FAO reallocated the Summer 2009 loans and named them "loans 2" to be disbursed Fall 2009, Winter 2010, and Spring 2010. I received an installment as a refund for Fall 2009 thus far. After three requests via email, yesterday, FAO finally responded regarding Winter 2009 and Spring. They told me [1] I was not enrolled [2] the funds are no longer available because this is a new aid year, as of Summer 2009. My response was again, if I have to repay the loans, I would like them to be sent to me. Waiting for their reply.

Are the loans really no longer available? Do I have to repay them?
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Re: Dropped classes

Postby kristinem17 » Thu Nov 12, 2009 10:56 am

You have to reapply for financial aid every year. If the funds were sent back to the lender then no, you will not have to repay them because they have essentially already been repaid.
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Re: Dropped classes

Postby kingthamus » Mon Nov 23, 2009 4:27 pm

I have a friend in a similar situation. She dropped her classes after the disbursement was already made, leaving her with a couple thousand dollars she doesn't know what to do with. What happens if she just keeps it (other than the debt, I mean)? She could use the money, since she was laid off and can't find work...and therefore needs to move (back home, across four states) and change schools. Are there repercussions for doing something like this? More specifically, is there any way such a decision will somehow have an adverse effect on her future financial aid prospects? It may be frowned upon from an ethical standpoint, perhaps, but seeing that she is in such a bind, I feel reluctant to advise her against it without some knowledge of the possible consequences. Please help me out if you know anything, and thanks.
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Re: Dropped classes

Postby kristinem17 » Wed Nov 25, 2009 12:05 pm

These surplus funds are supposed to go to pay educational purposes, but there have been times when students have used them to pay other expenses.
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