wondering how much money the university will ask for back? I recieved a refund of approximately $1700 and it was directly deposited into my bank account, and I have already spent a little bit of the money (when i recieved the refund, i was still planning on attending class, but after going to classes i changed my mind about this semester). Now out of that $1700, about $800 was left over from grants, and the other $900 was from either stafford loans or whatever the other one is, and I was not sure if I was going to have to pay back the full $1700 or not. It may sound ridiculous to some but I didn't know if since I had already had the loan out, if it was possible that I just keep that money (being that it was already issued to me, and I am already obligated to pay it back), and just give back the grant money.
Also, if it comes to needing to pay that amount back in full, am I obligated to pay this amount in a lump-sum payment, or would I be able to set up some sort of installment-payment method? I have been having some tough economic times, and the money I have already spent was used on fixing my car so I could drive to class and such. I currently am unemployed but searching for a job, and even if I find one soon, it will still take me atleast a month to make the amount of money I had spent.
The main motive for me dropping out for a semester was to give myself time to really think about what major I wanted to settle on; the liberal studies courses I have been taking have basically made this last year and a half a total monotonous bore, and it has been hard to really enjoy myself and get excited about college and getting my life in order and such. This being said, I just want to point out my intent to return to college, and although that necessarily doesn't influence my ability to retain the loans, it can't hurt to add. :)
Any help on this issue would be greatly appreciated!|||You are correct, since you did not take the courses you will have to pay back the money at some point. You can pay back in installments, just contact the business office of the college. If you need time to think, just contact FA when you are ready to continue your education and they will reinstate you. The stafford loan is the 1st one they will want re-payed, so you are wise to have with-held that money and not spend it. Keep in touch with the college and your lenders so they know you are not going delinquent on your loans.
Any one who offers you a loan and says you are qualified, without knowing you is a spammer.
The previous 2 answers both are.
Good Luck!
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