Cancelling Financial Aid?

I attended a school for 2 classes, with financial aid being my primary payment, but after doing a lot of research, I simple don't think this school is for me. I found one closer and will probably attend there, but I was wondering if financial aid could be canceled for my classes that I would have taken later at the first school. If it is possible, how does one start about doing this? Do I call the school? I'm a bit a confused about this, and any help or information would be helpful. Thank you.

It sounds like you are saying you attended the classes and they are now over - and you received financial aid for them. If you took out loans and withdraw from the school they will notify your lender that you are no longer attending and the grace period on your loans will begin ticking. Once enrolled in the new school you can request an "In-School Deferment" and have them put on hold. So long as you are enrolled in less than 6 months you should not have to make any payments on your loans.

As for canceling aid, there is no need. They will cancel any pending disbursements you have when you withdraw from the school. Just make sure you follow your current school's withdrawal process to make sure they unenroll you in any future classes to prevent you from being charged when they figure it out after the semester starts.

As for the new school. You will need to update your FAFSA and add their school code to it (if you have not already done so). Contact their financial aid office to see if they require additional information after they receive your FAFSA. The amount of aid you receive at that school may possibly be impacted by the amount you received at your former school if you are receiving the aid within the same academic year at both schools.

I just went through this! You dont need to cancel. But call the school and check if it makes you feel better! I dropped out for a semester and moved back home...I didnt need to cancel. What will happen is the school will receive your aid, but as you weren't there to register for any classes, they'll just send it back to wherever it came from. If you want to get financial aid for your new school, you go to FAFSA and do a Correction on your current fafsa. Just delete your old school code and put in the new one along with any other info that may have changed.

Just remember... In six months they start sending you bills...so if you arent registered in a school by that time, you get stuck paying them until you are in school. But if you transfer quickly you just call the loans and say you are still in school and they will defer them until you've finished. Good Luck!