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Adding and Canceling Funds

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You may cancel or reduce a federal loan that has not been disbursed to you without penalty. In most cases, you may cancel a federal loan within 120 days after disbursement without penalty. When cancelling an alternative loan, please contact your lender for more details. We cannot be responsible for any interest or fees charged by the lender on funds that you wish to cancel. Therefore we encourage you to determine well in advance whether or not you wish to request a loan cancellation.

To request additional funding or cancel existing loans and/or Federal Work-Study funds, complete the Loan and/or Federal Work-Study Change Form and submit the form to Financial Aid. The deadline to request additional funds in a given year is 4 weeks prior to the end of the quarter or the last day you will be registered at least half-time (200 units).

Right To Cancel A Federal Loan

You have the right to cancel all or a portion of your federal student loans. If you wish to do so, please send your written request to Financial Aid by mail or email. The cancellation should be received no later than 120 days after the disbursement of your student loan funds to your tuition account as indicated on my.uchicago.edu. Please contact Financial Aid if you have questions.

How Do I Cancel Funds?

If you have received a student loan refund that you no longer need, you should return the loan funds to the Maroon Financial Credit Union. Ask that they credit your tuition account because you want Financial Aid to return the funds to your lender. Then send an email and let us know that you’ve returned the funds to the Maroon Financial Credit Union and ask that we return the funds to your lender on your behalf. Processing time (and returning funds) ranges from four to six weeks.

Budget Appeal

You may appeal your financial assistance decision if you believe your original application does not accurately reflect your current financial situation, or if your financial situation has changed substantially since you completed your application. Learn More.

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