Our Fall 2024 student loan negotiation group is live. Join us for free before April 30th. Start now.

Already Approved for A Federal or Private Student Loan?

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I currently have a federal loan (direct loan/FAFSA)

Switching to the negotiated deal from the federal loan is simple.

Follow the steps below to make the switch.

1 Apply for the Juno deal.

2Assuming you are approved, inform the financial aid office that you want to reduce or cancel the federal loan.

3That's it. You don't need to do anything else.

You don't have to pay the origination fee or any other fees if you cancel the federal loan prior to disbursement.

You don't have to pay the origination fee or any other fees if you cancel the federal loan even up to 120 days after disbursement.

Email template you can use

Hi Financial Aid Office,

I applied for a student loan from [insert lender name here] and received better rates than the federal loan option. The amount of the loan is $XX,XXX.

I want to [reduce / cancel] the federal loan by the same amount.

Thank you, [Your Name]

I currently have private loan

Switch From A Different Private Lender Using Our Rate Match Program

If you recently accepted loan terms* and it’s more than 15 days from your tuition deadline

1 Apply for the Juno deal through the Juno link**

2 Assuming you are approved, call the existing lender and cancel your loan

3 Accept the terms to the new loan and kick off the certification process

4 Inform your financial aid office via email or phone that you have canceled your first loan and plan on switching lenders

*Private lenders are required to give you a ‘right-to-cancel’ period for at least 3 business days after you receive final disclosures (happens after your school certifies the loan)

**Applying will cause a hard credit check - you can also call to confirm you are able to cancel your existing loan before you apply through Juno

If your loan has already been certified or it’s within 15 days of your tuition deadline

1 Apply for the Juno deal through the Juno link*

2 Contact your financial aid office to tell them you want to switch lenders

  • We recommend calling vs emailing
  • Your financial aid office will either tell you to cancel the other loan yourself or will contact the lender themselves to cancel the other loan
  • Your financial aid office may inform you there is a risk of a late fee - the certification process normally takes less than 7 business days

*Applying will cause a hard credit check - if you want to make sure you can switch before applying, it’s never a bad idea to give the financial aid office a call first

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