Notice of Disbursement and Right to Cancel a Federal Stafford or PLUS loan
As a student or parent borrower, you have the right to cancel the entire loan or any portion (a specific disbursement) of any federal Stafford, Perkins or PLUS loan. Requests to cancel a specific loan disbursement may be submitted prior to the date of crediting to your account or within 14 days of notification.
If a disbursement has already credited to your account then you may only request to cancel that disbursement if a refund has not been generated. Please note that you can request to cancel future disbursements.
If a refund has not been generated you must request to cancel the disbursements within 14 days of notification that the funds disbursed to your account.
If a refund has been generated you must repay the funds to the Department of Education.