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I'm in a bit of a unique situation. I was homeschooled through a non-accredited program, so I can't receive my state scholarship until I've completed 30 hours with at least a 3.3 GPA. That's not going to be a problem. However, I did have to take out federal loans this spring and fall (I started university in the spring) to compensate for the lack of scholarships. I will be retroactively reimbursed this December after my 30 hours are completed. As such, I'm not going to need any student loans for the spring. Regrettably, my university won't let me sign up for loans for solely the fall semester. I have spoken with my financial aid counselor, and he assured me that I can cancel my spring student loan once it's disbursed.
The question becomes, will the spring student loan affect my credit score in any way? I'd prefer not to have the AAoA hit if possible.
If I read this correctly, you are taking a loan for only one term. I really don't belive taking a loan for just one term is going to be any different than taking it for two but every situation is different. Your student advisor is correct in that you can cancel it after the one term. You will need to make sure you contact financial aid follow up.
For my last three years of college (since Dept of Edu took over), I only have one account for student loans. The balance has just updated every semester (well, quarter for me), but with the original open date.
How are your loans being reported? If they're not separate for each semester then AAOA should be fine.
ETA: Your adviser is correct, you have some time to cancel the loan after it is disbursed. I used to get emails confirming this but I forgot how much time, possibly 30 days.
If you cancel the full sum, there there will not be a disbursement for the spring loan, no initialization date, etc. You will have borrowed nothing. They should not be reporting a loan account for $0.