Question About Requesting Increase In Loan Amount

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Question About Requesting Increase In Loan Amount

Postby mform85 » Thu Jul 11, 2013 11:55 pm

Hello, I was just curious about how the process works for when requesting an additional increase in stafford loans. I accidentally requested $9,500 instead of $10,500 for my second year of school. I am supposed to receive a disbursement of my loans and grants on July 15th, 2013. I was told that those funds would come as scheduled, but the additional requested $1,000 if approved would come at a later date. My question is, will I still get the $9,500 and my full pell grant as scheduled and the extra funds refunded back to me or will the entire amount be held by my school until a decision is made on my request of the additional $1,000. Any help in clarifying how this works out exactly will help me gain some peace of mind tremendously. Thank you in advance.
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Re: Question About Requesting Increase In Loan Amount

Postby CoryLoPreedy » Sun Jul 14, 2013 8:56 am

Hello!

As long as you are eligible for the additional $1,000 and you made the request (usually in writing via a Financial Aid Change Form) to your school you should be receiving those additional funds. All financial aid must go to the school first, be applied to any balances outstanding from the Academic Year and then any additional financial aid will be sent to you. If you have already received funds back from the school then odds are you will also receive the additional funds you requested. This process usually takes about 2-4 weeks.

As for PELL...it is based on your EFC and not what funds you requested via your FAFSA so your school should already have all PELL funds that you are eligible for.
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Re: Question About Requesting Increase In Loan Amount

Postby mform85 » Mon Jul 15, 2013 11:48 am

Thank you Cory! I was just worried that perhaps when my school would be sending me what funds were left over it could get held since I requested additional. It makes clearer sense now to me. I appreciate you taking the time to give me an answer. Thanks again.
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Re: Question About Requesting Increase In Loan Amount

Postby CoryLoPreedy » Tue Jul 16, 2013 2:27 pm

Glad I could help!
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