How do I adjust my loan amount?

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.

  • Adjusting or canceling a Direct Federal Unsubsidized loan (June 2022 -Sept 2022)
    • Log into the SFS Self-Service Portal
    • Under the Financial Aid navigation menu select Adjustment Request
    • Start a New Adjustment
    • For Adjustment Category select “Award Package Adjustment/Loan Transaction”
    • For Adjustment Reason select “Decrease/Cancel an Existing Loan”
    • Complete the remainder of the form and then hit “Submit”

All Loan Types

  • Determine if a disbursement has been made to you

    The Adjustment Form allows you to enter the loan program you want to change as well as the amount you’d like returned. You will need to submit the form separately for each type of loan that you would like to decrease or cancel.

    To request an adjustment, use the following instructions:

    • Log into the SFS Self-Service Portal
    • Under the Financial Aid navigation menu select Adjustment Form
    • Start a New Adjustment
    • For Adjustment Category select “Award Package Adjustment/Loan Transaction”
    • For Adjustment Reason select “Decrease/Cancel an Existing Loan”
    • Complete the remainder of the form and then hit “Submit”
  • 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, both federal loans and private loans have a window of time in which you will not be charged fees (if applicable) or interest on the portion you return.

    Most lenders’ policy is that funds can be returned, via the school, as follows:

    • Federal Direct Unsubsidized and GradPLUS loans have a deadline of the earlier of either 90 days from the date of disbursement or the semester’s deadline (which is December 1, 2022 for fall semester disbursements or April 15, 2022 for spring semester disbursements).
    • HUECU loans have a deadline of the earlier of either 45 days from the date of disbursement or the semester’s deadline (which is December 1, 2022 for fall semester disbursements or April 15, 2022 for spring semester disbursements).
    • College Ave loans have a deadline of the earlier of either 90 days from the date of disbursement or the semester’s deadline (which is December 1, 2022 for fall semester disbursements or April 15, 2022 for spring semester disbursements).
    • Once the academic year has ended (the final day of classes), the school is unable to make any changes to that year’s student loans (regardless of lender).

    If during the spring semester, a student would like to cancel a loan from both the fall and spring semesters, they should speak with a member of our staff to understand the fee and interest amounts that will need to be paid for the fall semester loan.

    Note well that we need at least 10 business days to return the funds which means you need complete your request before the 10 day limit.

  • Loan adjustments and LIPP

    You’ll want to keep within your LIPP eligible borrowing limit which you can find on your Budget and Awards screen in the SFS Portal. 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.