If a parent decides to cancel a loan, how do i change my fafsa?

I have already filled out my FAFSA forms and i have a loan in my parent's name. I believe it is the Parents Plus Loan. If my parent decides to cancel the loan in her name, how do i go about correcting my FAFSA and will i still be able to go to school without having to pay right out of my pocket?If a parent decides to cancel a loan, how do i change my fafsa?
education.mypressonline.com - it has detailed info how to apply for financial aid and scholarships to get more cash.If a parent decides to cancel a loan, how do i change my fafsa?
What's the time frame here?



Have you e-signed the loan and everything?



If so, there should be stipulations in the loan agreement your parent signed about when you can change your mind. Honestly, if it is in your parents' name, it is their responsibility not yours.



If you are under the age of 22, there is nothing you can do to change your FASFA. You will have to report your parents' income no matter what.



If you are unable to afford school with just the FASFA loans, then you will have to look into private loans.
There is nothing to correct on your fafsa as a result of your parents changing their mind. Your income and asset information from 2009 is STILL the same, it didn't change as a result of this decision.



PS: a parent PLUS loan is not ';your loan';, it is your PARENTS loan. You do not have to pay on parent PLUS loans. Ever.... If your parents already took out the loan, it will be hard to cancel it... as the money has already been given to the school (like for last year for example). But if you are talking about for the upcoming FALL semester, you need to call the schools financial aid office and tell them your Mom has changed her mind and doesn't want to do a PLUS loan. It's as simple as that.



Be aware that by doing so, you may not be able to avoid paying out of pocket depending on how much other aid you are getting and how expensive the school is. But only your school will be able to tell you this.
Whether or not a parent takes out a Parent Plus loan and decides to keep it or cancel it, there is no reason for you to change your FAFSA.



If they took out the loan to cover a balance of costs for your school, you'll have to come up with alternative means (cash or loans in your name, or, a lower course load) to attend.



If classes have not started, you may be eligible for addition Stafford funding if parent decides not to do the PP. Check with your financial aid office.

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