Student Loans

QCan I Cancel My Stafford Loan?
AYes. You may cancel your Stafford Loan prior to complete disbursal if you contact your lender is immediately and you meet one of the following situations: 1. 14 day/ first payment notice: If you authorized Electronic Funds Transfer (EFT) on your application, the school will credit the funds to your account and mail you a notification letter within 30 days. At that time, you may cancel all or part of the loan if you notify them within 14 days, or by your first repayment date, whichever is later. If any funds have been used until this time, those funds are deducted from the amount withdrawn. 2. Check endorsement: If you receive your loan amount directly, you may refuse to endorse the check to the school and return the money to the lender. Stafford loans cannot be discharged or cancelled simply because you did not complete the school term, did not like the school, or was not employed after receiving your degree. Contact your lender for more information.