Consolidating subsidized and unsubsidized stafford loans
Your promissory note and additional information you receive from your school will explain the procedures and time frames for canceling your loan.
All loan funds must be used for your education expenses.Your loan servicer can help you understand your options for keeping your loan in good standing. Before your loan money is disbursed, you may cancel all or part of your loan at any time by notifying your school.For example, you may wish to change your repayment plan to lower your monthly payment or request a deferment or forbearance that allows you to temporarily stop or lower the payments on your loan. After your loan is disbursed, you may cancel all or part of the loan within certain time frames.Because your maximum eligibility period is based on the length of your current program of study, your maximum eligibility period can change if you change to a program that has a different length.Also, if you receive Direct Subsidized Loans for one program and then change to another program, the Direct Subsidized Loans you received for the earlier program will generally count toward your new maximum eligibility period.
For these students, there is also a higher aggregate limit on Direct Unsubsidized Loans.