You may cancel or reduce a federal loan that has not been disbursed without penalties. In most cases, you may cancel a federal loan within 120 days after disbursement without penalty. If 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.
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 Student Loan Administration 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 Student Loan Administration if you have questions.
How Do I Cancel Funds?
You may cancel or reduce, without penalty, a loan that has not been disbursed. In most cases, you may cancel a loan within 30 days after disbursement without penalty.
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 Student Loan Administration 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 4 to 6 weeks.
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.
Appealing Your Financial Assistance Decision
You may appeal your financial assistance decision if you believe your original application does not accurately reflect your current financial situation. Learn more about helpful tips on the appeal process.