Ok, first off - I'm about to enter my last semester of prerequisites. With that being said, with Hope becoming obsolete in my community college starting this Fall Semester, I was a bit weary of Pell not covering the full amount that I need to be covered at the moment, so I went to the official gov loan site, and completed the Direct Loan Master Promissory Note (MPN). It prompted me that my school will receive notification within a 24-Hour period.
Where do I go from here? I'm just curious considering I won't be able to contact them until Monday. I'm not even sure if I'll need a loan for THIS semester coming up just yet. I do have the right to cancel a loan for this semester, correct? - It wouldn't bother me near as much if I received it upon need, if I could get the following cleared up for me...
I'm highly anticipating and trying to get a January Entry into the LPN Program. My problem exists in the fact that I may not get in for the Winter Semester. Say I don't get in and am wait-listed and won't see entry until Spring, for example, and I received a Federal Loan for this Fall Semester due to the cost vs. my grant, what do I do? Do I pick up extra classes so I don't transfer into the 6-month grace period for repayment, or what?