financial aid question

[Matt R.]

Hi,
This seems like the most appropriate forum to post this in.

I am registered for 4 classes this semester. Only 2 of these are required courses for my degree. I cannot take any more than 2 required courses, because all of the upper level courses I need have a prereq which is only offered in the spring. The 2 extra classes are completely useless for degree requirements.

Now, I am certain I want to drop these 2 classes. However, I have not yet received my financial aid package. I am due to receive the package this Wednesday. However, the final date to drop classes with a 100% refund is also this Wednesday. If I wait until I actually have the loan money in my bank account, I will only get 75% on these two classes back. This equates to about $250 -- not huge, but not insignificant either. If I drop these classes BEFORE I get my loan money, I have no idea how this will effect my loans as I will have less than the number of credit hours to be a full time student.

How should I handle this? Should I play it safe and accept the 75% refund and $250 less? Or should I drop the classes on Wednesday and hope my loan money doesn't get screwed up immensely? I am primarily wondering if the office responsible for registration can communicate the dropped classes to the financial aid office, and the financial aid office will then change my aid package before it reaches my bank account.

Thanks for any help.

[Dan.]

I'd get the money before trying to loop around. I'm almost certain that the financial aid office and the registrar are in close communication. So if you were to cease being a full time student pre-loan dispersment, it would almost assuredly result in your losing your loan.

[Matt R.]

OK, one other question then. Suppose my financial aid package is available Wednesday morning. I go online and click the "accept" button. The last day for a 100% refund is Wednesday, so Wednesday evening or night I drop the 2 classes.

This is probably what is going to happen (my loan package will be available in the morning). I feel like after I go to the website and click "accept", it is like a binding contract and they cannot alter my financial aid after that. Also, I would be at least a little surprised if they even TRIED to view changes in credit hours after I accepted the loan, since essentially the bank transaction is already in progress. Unless all this is automated, and the system can backtrack and rescind a loan offer for a new one, I would *guess* that I would be okay.

This is definitely speculation, and I doubt anyone would know how this works for sure unless they've actually worked in a financial aid office.

Thanks for your help dano, if you or anyone else has even an educated guess as to what would happen in the above scenario I would appreciate it. Of course if no one knows I'll just wait a few extra days and take the $250 hit.

[emon87]

If you cease to be a full time student, you will probably lose the loan along with other things. At Northwestern, you're no longer eligible to live in the dorms or be on a normal meal plan. Plus your parent's health insurance will no longer cover you.

[lippy]

[ QUOTE ]
If you cease to be a full time student, you will probably lose the loan along with other things. At Northwestern, you're no longer eligible to live in the dorms or be on a normal meal plan. Plus your parent's health insurance will no longer cover you.

[/ QUOTE ]

I wouldn't take this as gospel. I believe for loans (grace period) and health insurance you need only be enrolled half-time.

I know the financial aid at my school is based off how many credits you take. Say I get a $2k grant, that will be for 15 credits...
12 = 1.5k
9 = 1k
6 = 0

or something like that.

Talk to your financial aid office.

[XXXNoahXXX]

Umm....how bout don't [censored] around with this type of thing because you can get seriously burnt? Are you sure you can still graduate, because at my school you needed to be a full-time student for 8 semesters, so you couldnt just drop classes u didnt need for major or requirements.

financial aid companies and that whole field and woefully incompetent, but not in a good way that allows you to beat the system. they can screw you over in a lot of different ways.

is the whole point of this to just get some extra cash with low gov't interest?

dont play with fire.



ps- trip report when you decide to this and go down in flames.

[emon87]

[ QUOTE ]
I wouldn't take this as gospel. I believe for loans (grace period) and health insurance you need only be enrolled half-time.

[/ QUOTE ]



Someone I know at school lost all those things when he dropped to non-full time status.