Any changes to your loan must be requested at least two weeks before the next scheduled disbursement.
Increase your loan
If you wish to increase your loan, please update your Cost of Attendance (COA) worksheet, listing any additional costs and/or adjusting Box B (the amount you would like to borrow) to show the new requested amount for your loans. Send your updated COA to us with a brief explanation of the changes you have made. If the increase is approved, the additional funds will be spread across your remaining disbursements for the year.
Please note that if you have an endorser on your PLUS loan, you will only be able to increase the loan up to the endorsed amount. If your endorser is willing to increase the endorsed amount to allow you to borrow a higher PLUS loan, please email the US loans team.
Decrease or cancel your loan
If you wish to decrease your loan, please update your COA worksheet by adjusting Box B (the amount you would like to borrow) accordingly. Email the US loans team with your updated COA with a brief explanation of the changes you have made. The reduction will be spread across your remaining disbursements. Please note, you cannot decrease your loan below the amounts already disbursed in the current academic year. You must email us at least two weeks before the next disbursement date to ensure the decrease can be applied to that disbursement.
If you wish to cancel your loan, we will email you prior to each disbursement with details of the deadline for cancelling/returning loan funds through the University. In order to cancel your loan you must notify us by the specified deadline. You should also contact your college to inform them of your intention to cancel your loan. You may need to pay fees and bank charges associated with returning the funds if the payment has already been requested.
If you wish to cancel your federal loan and the time frame for doing so through the University has passed, you should make a repayment directly to your lender. Your lender's details can be found on the National Student Loan Data System (NSLDS). If you make a repayment within 120 days of loan disbursement, your lender will treat this as a partial or full cancellation, with the appropriate adjustment of the loan fee and interest.
If you cancel your federal loan after receiving a disbursement you will be required to complete exit counselling via StudentLoans.gov.
Please note you cannot decrease your loan below the amounts already disbursed of that loan type in the current academic year.