Borrowers may opt to cancel the portion of their federal student loan that’s unused. Contact your school and lending institution immediately because you must return the money within a certain period.
If you submit a written request for the federal student loan cancellation within 14–30 days from the date you received the disbursement notice, your school can return the loan amount to the servicer. If you send the request within 30­–120 days after the disbursement, your school will decide whether they’ll process the cancellation request.
For private student loans, the process depends on the lender.