Loan cancellation

You have 14 days from the time you receive an e-mail notification that your Direct Loan is available to cancel it. You may cancel your Ford Federal Direct Subsidized and Unsubsidized and/or PLUS loans by completing the Reduction/Cancellation Request form in consultation with a One Stop Student Services counselor or by sending a written notice to OSF within 14 days of disbursement. Do not repay the federal loan processor if you submitted a loan reduction/cancellation form or a written loan cancel request to OSF. In that case, your loan will be reversed from your University student account. You will be billed for payment if the full loan credit amount is not available in your account.

If you or your parent decide after the 14-day cancellation period that you do not want your Direct Loan funds, you (or your parent) may repay the loan directly to the Ford Federal Direct Loan Program. You will not be charged the origination fee if you enclose a letter with a personal check for the amount of the net loan (the actual amount of the loan minus the fees, not the credit balance check amount). You must indicate in the letter that you do not want the loan and are returning it within 120 days.

Only if you want to cancel your Direct Loans after 14 days have passed are you required to mail your personal check for payment of the loan in full to:

U.S. Department of Education
P.O. Box 530260
Atlanta, GA 30353-0260

Be sure to include your Social Security number on your check and make it payable to the U. S. Department of Education.