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Change your loan amount

Once you have accepted a loan on your eFAAN, you may wish to reduce or increase the amount of the loan, or cancel it completely. While you can always reduce your loan amount or cancel your loan, the loan amount(s) offered on your eFAAN is usually your maximum annual loan eligibility, so you can only increase your loan in specific situations.

Reduce your loan amount

See  to review your currently scheduled loan amounts.
  • Contact One Stop and speak to a counselor about reducing the amount of any loan that you are scheduled to receive.
  • Make a written request.

Increase your loan amount

Email One Stop and make a written request for an increased loan amount.

Common cases in which a loan may be increased

  • You advance a grade level (from sophomore to junior, for instance) in the middle of the academic year.
  • You lose or reduce another form of aid:
    • You reject or reduce a work-study award
    • You lose eligibility for a scholarship
    • Your family is unable to qualify for a PLUS loan
  • Your cost of attendance or your financial need changes:
    • You are planning to study abroad or doing some other special program
    • You have exceptional medical expenses or disability-related costs, and an appeal is approved
    • Your family has job loss or other special circumstances, and an appeal is approved

Cancel your loan

In this context, cancelling a loan means that you return the entire amount of the loan and remove the loan from your record.

Federal Direct Loans

To return funds within 14 days

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 Student Loan Request form in consultation with a One Stop Student Services counselor. Do not repay the federal loan processor if you submitted a Student Loan Request form or a written loan cancellation request.Once your request is processed, your loan will be reversed from your University student account. If the full loan amount is not available in your account, you will be billed.

To return funds between 14 and 120 days

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 UMD. 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 120 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.

University-administered loans or private loans

Contact One Stop and speak to a counselor.