Unused Student Loans? Here’s what to do

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You borrowed more than you need to go to college. What are you doing?

Many borrowers do not realize that they can return unused federal loan dollars. Or why do they need it.

“I would like to see students pay back their surplus funds as usual,” says Sarah Cyrus, a financial aid administrator at the University of Michigan financial aid office in Flint. “It helps borrowers in the long run.”

Here are some answers to questions that borrowers may have about unused loan money.

Why do I have unnecessary loans?

This can happen for several reasons. Sometimes students check all the appropriate loan boxes in their financial aid offer without realizing that they can only choose a fraction of the money offered. Students also sometimes accept a federal loan, expecting to be needed, but later receive a scholarship or take summer jobs.

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