A few days ago
cammiedawn1970

I recently received a scholarship that will pay for tuition and books.?

I also have a Pell Grant and a Stafford Loan plus another student loan from Sallie Mae. I found out that the college cancelled the Sallie Mae student loan. Why did they do this and why wasn’t I able to keep it? I will be the one to have to pay it back.

Top 4 Answers
A few days ago
Jdub

Favorite Answer

The financial aid office would have been the one’s to cancel your Sallie Mae Signature Loan…and be glad.

The reason we cancel or adjust loans (and other aid) when you receive additional scholarships and grants is because we can’t allow you to have aid over your cost of attendance. Depending on the types of aid and amounts, the school will determine what gets cancelled/adjusted first. In most cases, the private loan will always be adjusted first…again, be glad.

Private loans have high, variable interest rates that are not tax deductible and are just plain a bad bargain if you have other options.

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A few days ago
caba
Your school cannot go over the COA (Cost of Attendance) of your institution. If all of your free aid (grants and scholarships) have brought your aid package up to your COA then the financial aid office has no choice but to cancel your loan(s).

You should talk to a financial aid officer at your school for more information/clarification.

Good luck!

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A few days ago
Joy M
This is a question that you should probably be directing to the Bursar office at your school (this is the financial department). Since they are the ones that probably canceled it, they’ll be able to tell you why.

If you go to your school’s website, the link for Bursar will likely be on the homepage, if not, do a search on “Bursar office.”

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A few days ago
Unique
you dont have to pay it back because you did notuse it towards your school did you
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