What happens if i quit college and leave financial aid hanging?

Question

what happens if financial aid already paid for my classes, but i havent taken them yet, and i quit college and never show up again? will financial aid fine me, or do i have to pay back the money to the government? does this happen often?

Answer 1

You will have to pay all the money back in most cases. If you ever get a tax refund, then the government will take it to pay off the financial aid. If the classes have not started yet, then talk to your financial aid office and see if you can withdraw and save yourself the headache.

Answer 2

One of the qualifications to receiving financial aid, is you must be in attendence.  If you have not yet attended a class, simply don't.  The FA officer will do an RTL (return to lender) and you will not be responsible for your aid.

Hope this helps.

Answer 3

First of all, you need to call the schools fin aid office and let them know you wont be attending classes.  Then you need to call the schools counseling or admissions office and drop your classes.  Many schools do NOT drop your classes simply because you didn't show up.  Meaning, you would still have to pay for them and since you didn't attend, financial aid you received wouldn't be able to pay for them either.  

Most folks don't realize this until it's too late, several years later when they are trying to get back in and they discover a balance on their account.

Answer 4

you will be hanged FINANCIALLY thats all.