Financial Aid

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Financial Aid 101

Grants

Loans

Federal Work-Study

Federal Direct Subsidized Loan

Can I cancel all or part of my loan after it has been disbursed?

Yes. You have up to 14 days after the date your loan was disbursed to cancel all or part of your loan and have the funds returned by the college to the U.S. Department of Education.  This includes any portion of the loan that the Bursar has credited toward your unpaid charges.

You may cancel your loan request at any point in the process by contacting the Financial Aid Office.

If you have already received the loan funds, you have up to 120 days after the date of disbursement to cancel all or part of your loan and return the funds yourself to the U.S. Department of Education. Contact your Direct Loan Servicer for guidance on how and where to return your loan money.

You do not have to pay interest or the loan fee on the portion your cancelled loan that you return within these timeframes.

What is the interest rate charged on this loan?

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The City University of New York

Borough of Manhattan Community College
The City University of New York
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