Question:Ok I know I need to talk to the fin. aid office and I'm going to do that this week but I was wondering if anyone could calm my nerves a little. Heres my problem. I started out at a community college and got to my internship and I completely hated it so I dropped out... but I know the loans were already out for the quarter. Well, I'm going to start at a four year school this month and I'm wondering what kind of effect it's going to have on me getting loans at my new school. Thanks!! (also, all of my loans are federal, I don't have any personal school loans)
Answers:
Ok, my wife is a Financial Aid officer. Basically, the school is required to refund you the money (direct to you). You then can do as you wish with regard to the money... it would make the most sense to apply that money toward your 4-year school. The other option is to pay it back to the government (and pay off that loan).
Trouble is, I don't know the lead time in this process... you may have to sweat it out while your old school gets their act together and mails you a check.
You'll just move the loans over from your community college to your new university. How exactly that is done depends upon the two schools. Don't worry about it, this sort of thing happens all of the time.
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