You have the right to cancel all or part of your federal loan disbursement for each semester. Submit a written request to the Financial Aid Office within 14 days from the date you receive official notification that loan funds have credited to your college account, or before the first day of classes, whichever occurs last. Official notification will be sent to you no earlier than 10 days before the start of each term. For Parent PLUS Loans, official notification occurs with the posting of the loan to your student's college account.
Your written request to cancel a Direct Stafford (Subsidized and/or Unsubsidized) loan may be submitted by e-mail from your Eastern e-mail account to prector@eosc.edu or as a handwritten, typed, or printed statement bearing an original signature and date submitted by mail, in person, or by fax. To cancel a parent PLUS loan, the parent borrower may submit a handwritten, typed, or printed statement bearing an original signature by mail, in person, or by fax (no e-mail can be accepted).
Cancellation Request Received within the 14-day Period or Before the First Day of Classes, Whichever Occurs Last:
No interest will be charged and loan fees will be returned to the loan holder. The Financial Aid Office must receive the cancellation request in writing from the borrower (you for student loans; parent borrower for parent loans).
Please Note:
Cancelling your loan disbursement could cause a balance to be due on your college account which you will be responsible for paying. This is more likely to be true if excess funds (credit balance) have already been distributed via a check or a direct deposit to a bank account or your EOSC ID.
Cancelling Future Loan Disbursements:
You (the borrower) must submit in writing your request to cancel future loan disbursements by contacting the Financial Aid Office prior to 10 days before the start of classes for the next term(s). Once the loan has been disbursed for the next term(s), then you must follow the procedures described above.