Your browser does not support JavaScript

Loan Adjustments

Loan Adjustments

Adjustments to the amount you borrow can take place within certain guidelines.  To increase a loan simply complete a new loan application with the student loan lender of your choice.  To decrease a loan, you’ll need to follow the steps outlined below.


  • Determine if a disbursement has been made to you.

    If you have received the funds via a cash advance or refund (even if the actual loan funds have not yet disbursed to your student account), you will need to make a payment in the amount you’d like returned to the loan program.  You’ll make this payment to your student account.

  • Complete a loan adjustment web form

    The Loan Adjustment/Cancellation Form allows you to list the loan program you want the funds returned to as well as the amount you’d like returned.  We will contact the lender and return the funds for you once the payment has been made or we verify that the funds had not yet been given to you.

  • Base loan cancellation restriction for HLS grant recipients

    If you are an HLS grant recipient you are required to borrow a minimum of $49,800 in order to secure your HLS grant funding. In exceptional circumstances, on appeal, HLS grant recipients have demonstrated that they are able to live on less and the Financial Aid Committee has allowed a maximum base loan reduction of $4,000.  You would first need to have your appeal approved before you completed the loan adjustment form.

  • Limited number of days to return funds

    Keep in mind that once a disbursement is made there is a limited amount of time that funds can be returned without paying the fee and interest on the portion you are returning. Generally, federal loans (Stafford and GradPLUS) have a 120 day window in which you will not be charged fees or interest on the portion you request for return. Private lenders have a much shorted window of 30 to 60 days depending on the lender. You should contact your lender to find out the exact number of days it will accept returned funds.

  • Loan adjustments and LIPP

    You’ll want to keep within your LIPP eligible borrowing limit which you can find on your “Messages” tab of MyHLSFinancialAid. Borrowing done to replace non-protected assets and any student contribution from income is ineligible for LIPP assistance.  If you find you need to borrow beyond your LIPP eligible amount, you may want to understand how much that means in an additional monthly payment amount for you.  Use one of our calculators or make an appointment with a member of the LIPP staff.