How can I find out if I’m eligible for a government/Stafford loan, from my financial aid award letter?
Recently, I applied to grad school, and received a financial aid award. After applying, I changed my mind, about what subject I wanted to study. I’m not going to attend the school I applied to. But I plan on applying to a different school, for a different major, this year (the year of my financial aid award). So, I have 2 questions: 1) If I decline the award, will I still be eligible to apply for financial aid this year? and 2) How can I find out if I’m eligible for a government/Stafford loan? It doesn’t say anything in my award letter, about whether or not I am eligible. If financial need is the standard by which they determine eligibility, then I should be eligible, but if it’s determined by credit ranking, they’d probably give me a pass…
Have your financial aid data sent to the new school. Call the federal processing center so that they can send your financial transcripts to the new school. Your aid is not effected if you decline it with another school you will not be attending.
The Stafford loan is not credit based. A Stafford loan can be subsidized meaning the govt pays for the interest on the loan while in school and periods of deferment. This part of the Stafford is awared to students with financial need. If you do not demonstrate financial need then you would still be eligible for the Unsubsidized Stafford loan and the interest does accue while in school. You should see this on your award letter from the new school.
