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How to find financial aid for college?

How do you find out if you owe for finiancial aid when you dropped out of college?

  • I dropped out of college in my second quarter and had to move out of town for a family emergency and wrote a letter explaining why to the financial aid office but never heard anything.

  • Answer:

    Hi, RecoverySue: First, your credit report is NOT the best indicator. Don't rely on that. Sometimes, it takes months or even years (if ever!) before a creditor reports to a credit agency. If they don't report on a regular basis, you could still owe money and be delinquent, and never know! Hopefully, you still have your loan paperwork. If so, contact the phone number listed ASAP. In general, I've had good experiences with student loan companies, however, they have hundreds of thousands (millions?) of accounts so don't rely on them to follow up with you. If you don't have your loan paperwork, contact your college for the contact information for the loan company. They should have it. In general, the guideline is this: If you dropped out of school DURING the allowable time and you were entitled to a refund of your tuition, then that tuition money should've been credited back to the financial aid office. However, if you dropped out AFTER the deadline and you can't get any refund, then you may be (and probably are) still responsible for 100% of the tuition that was loaned to you. Whatever you do, don't delay in finding out. The longer you wait, the harder it is to get copies of medical records and other information that may help strengthen your case. Also, if you need to be put into a repayment plan, you need to know that ASAP before your loan goes into default (which results in higher interest payments, nasty letters, etc.). I've attached the link below to the FSA/US DOE Web site, which may help you, if all other attempts to contact the school and reference your loan paperwork fail. Good luck!

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contact the college direct, if not contact the student loan company, if appropriate.maybe because you were so far through you course, it may not ,matter it depends on a university or college. sorry can help any more.

ckance

If it was a loan I would think that the bill collectors knocking on your door and calling you would be a good indicator that you owe somebody money.

Amangela

You might need to remember to ask the school financial aid office if there is anything else you need to do. Providing new contact information is something I assumed you did... There may be an online financial aid exit procedure if you do not plan to return to college. Circumstances may vary tremendously though dependent upon the timing and reason for your "dropping out," what sort of aid you had out, any conditional aid (scholarships?), and perhaps even if you had a valid diploma or GED. The OSU quarter system had critical deadlines of week 1, 3, and 7 - each changing how easily one could withdraw and with what grades or lack therof, which would also impact later financial aid. The overall situation could be quite complex, but I strongly recommend that you not only contact your financial aid advisor, but also your academic advisor. Between these two specialists, your situation should be worked out to a point of clarity...

Cheshire Cat

Check your credit report

sondrathetexan

Well first they will let you know if you have to owe the money. if you owe the school, you screwed, if you owe a loan then you can put a forberance on it which is for family emergencies, but in a month if you haven't heard anything call them.

sillygirlrini

call the college financial aid office - they can tell you if you got federal, state, or school loans, and roughly how much you owe. then you can contact the federal loan agencies or state loans agencies, etc, and get up to date info.

a_blue_grey_mist

get a copy of all 3 credit reports

ronrula

check your credit report

hb_usalm

I'd give the office a call, make sure they got your letter and ask them if you owe anything. On loans you do have a 6-month grace period before you start paying on the loan. The loan place probably would not know that you dropped out, so you might have 6 months from the day the semester ended.

frogsandducks

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