School cancelled my grant so now I can't afford grad school. How will this affect my loans already disbursed? So i was really counting on this grant and now that it is gone I am SOL. I've asked for 13k total and have received half for the fall semester. If I were to drop out now, would I be able to cancel the entire 13k loan (minus any fees) or would I have to pay back what has already been disbursed? Disbursed amount has been applied to my tuition.