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Welcome to StudentFinAidInfo
Question: When I Accept the Loans From My Financial Aid Package, Where Does the Money Come From?
I'm the first in family to apply to colleges and I don't want to bother the fin aid department with this question because I don't know if I am asking it correctly.
When I accept the loans (Perkin's, Stafford, PLUS) from the school's website, does the school pick who lends the money or do I still have to do that? I'm just confused because I was looking at a few lenders' websites in case I can't get the PLUS loan and they say they lend out money for federal loans and also their private loans.
Does question make sense? Let me know if I should clarify/give an example of what I am asking?
THANKS!!!
Answer: I also applied for financial aid through school and I was ...
I also applied for financial aid through school and I was given a choice of which banking institution I wanted to go through. They gave me a list of different banks and what rate each bank was offering. Some banks had special incentives (like if you made all your payments on time, they would waive the last 6 months of payments, etc.)
Answer: The Stafford Load and the Perkins Loan are both loans ...
The Stafford Load and the Perkins Loan are both loans procured through the filing of the FAFSA. While there will be a lending organization that will administer these loans and there are various guarantors for them, the money is not being accessed through a "private" entity like your local bank. You have gained access to these loans by exhibiting financial need through your application. Perkins Loans are for the most needy and Stafford's are generally more widely available.
One thing you should check is whether or not your Stafford is Subsidized or Unsubsidized. That will tell you whether or not they are accrueing interest while you are in school.
The PLUS Loan is a bit different. PLUS is Parent Loan for Undergraduate Students. So, your Stafford and Perkins Loans are actually your loans that have been made available due to your financial need. PLUS loans, however, belong to your parents, and it will be their responsibility to pay them back upon the completion of your degree.
Be vary wary of private lenders. There are a number of predatory lenders out there that can get you into very bad loans. The safest bet is to contact your financial aid professional at the school you will be attending and ask them for any private lenders that they may recommend. Or, speak with your family's banker or bank and ask if they have student loan programs.
If you have any further questions, please feel free to email and ask.
M. Shawn Arnold
Trivium Educational Consultants
sarnold@triviumec.com
www.triviumec.com
Answer: Hi, I'm the first in family to go and graduate from ...
Hi, I'm the first in family to go and graduate from college too! It's called being a "first generation" college student! Congrats.
The money comes from a bank. When you accept loans like Stafford and PLUS you will also choose a lender (bank) to do it with. The school will usually give you a list of a few they work with. It doesn't matter which bank you choose because federal loans are federally regulated and all the interest rates, terms, fees etc. are the same between the banks. So don't agonize over the decision too much. Your loans will likely be sold upon your graduation anyway, and you'll not ever have any dealings with the bank you choose. (Most loans are sold to Sallie Mae upon your graduation).
The Perkins loan is different, I think that money is a loan through the school, but you DEFINITELY want that loan because it has a better interest over the Stafford.
Never borrow more than you need, so examine your bill from the school carefully and take out loans only if grants and scholarships don't cover it. If you must (and I discourage loans your first two years) take out the loans in this order, depending on need.
PLUS-(your folks pay this back not you, so it's ideal)
Perkins-lowest interest rates plus lots of perks on these loans being forgiven (don't have to pay back) if you are going to be a teacher or work in any kind of social service area you may not every have to pay this one back.
Stafford (Subsidized)- higher interest rate than the Perkins but still a good deal bc the government pays the interest while you are in school
Stafford (unsub)-same interest as unsub Stafford but the gov doesn't pick up the interest.
Never ever ever ever do a private student loan.
Private loans are EVIL and stay away from them like the plague.
I'm attaching a good book about loans. It lists the interest rates and the maximum amounts you can borrow for each loan. Look for a table with all the different types.
Answer: Hi.I am Clara and I saw your question about needing a ...
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Question: I'm applying for my Financial Aid for Summer of 2008. . HELP ?
What information do I need ? I ranked as a dependent person. I'm living with boyfriend. I'm not working. My mom is a single mom. She doesn't make that much money. . Do you think I'll get a lot of money back ? What information do I need ? Thanks.
Answer: If you are single, under 23, not a veteran or orphan, and ...
If you are single, under 23, not a veteran or orphan, and have no dependents, you will need to use your mom's 2006 Tax Return, as well as your own 2006 Tax Return for your FAFSA. The FAFSA you're filling out is for the 2007-08 school year, which is why you are using the previous year's tax return.
Financial aid is based on income (both your income and your mom's if you're considered a dependent student), household size (you would be included in your mom's household for Fin Aid purposes), and number of people attending college. The Fin Aid Office (FAO) may ask how you support yourself if you're not working, etc., etc. DON'T BE SCARED OFF BY THOSE QUESTIONS! They need to make sure that students who really need help are getting it.
Prior to sitting down to do your FAFSA, make sure you have your mom's tax Federal tax return and yours from 2006, like I said above. If you didn't file one for '06, then check the box that says you didn't file one. Just be honest with your information and you'll be fine.
Your FAO should be able to assist and answer questions you may have as well. If you plan on having Fin Aid in place for the summer semester, you might want to get moving on it quickly so you'll know how much aid you may be working with for tuition, fees, and books.
Each state has different reward eligibilities for students to meet. Federally, there is the Pell Grant and SEOG, which is need-based. Student loans have two types available -- subsidized and unsubsidized. The subsidized loans are paid back after you stop attending and/or drop below 6 credit hours (with a 6 month grace period). The unsub loans are the ones where you don't have to pay the prinicpal as long as you're attending classes part time (over 6 credit hours), but you ARE responsible for the interest each month.
Good luck!
Answer: You'll need your mom's 2007 and your 2007 tax ...
You'll need your mom's 2007 and your 2007 tax information. You can file a FAFSA online. You might also ask the financial aid dept. at your school about any state assistance that you might qualify for as well. In CA we have a Board of Governors Waiver that you can qualify for even if you live alone.
Question: Financial Aid Help?
Ok heres the deal.....
I live on own and pay all bills on own without parents help. I applied for financial aid (in Florida) and family contribution according to FAFSA will be $9,000!!!!!!!
Since the "rule" is that anyone under 25 cannot file without parents income I had no choice. They made $35k and I only made $20k in 2007
I have a pretty good feeling I will get denied. Is there any way around this in order to exempt parents from FAFSA?
Will speaking to the dean help at all?
Without this Financial aid I wont be able to afford school bymysef.
Loans seem so last choice :(
Help!!!!!!
Answer: You have to appeal to FAFSA not the school. They have no ...
You have to appeal to FAFSA not the school. They have no control over the criteria. Contact fafsa
Question: How do I apply for financial aid without having to count my parent's income?
Is there a way I can apply for FAFSA without having to release the amounts parents make? I live at home but parents do not pay for any of schooling, why should I have to include their income on form?? Help please!
Answer: Trust me, I feel the same exact way that you feel. I tried ...
Trust me, I feel the same exact way that you feel. I tried that too, but the only way you can do that is by filing as an independent. You have to go on the FASFA website to check the qualifications needed for file as an independent. They make it almost impossible, but give it a try anyway.
Answer: I wish you all the luck in the world. My son is set to go ...
I wish you all the luck in the world. My son is set to go to a college which is 19 thousand a year. We can't help and he does not qualify for anything. It is next to impossible to get him to be an independent at this point. He is looking into ROTC programs, airforce reserve or possilbly active duty for a couple years to get a hold of the GI bill for schooling. Once you enter the military in any fashion reserve or active you will be considered independant, same goes for getting married.
Answer: Unless you are over 24 years old, have a child or are ...
Unless you are over 24 years old, have a child or are married, you cannot claim yourself as an independent. You MUST put down your parent's financial income even if you have nothing to do with them.
Question: What do you do if your parents refuse to provide info for fafsa for financial aid?
This friend's parents refused to allow her to file FAFSA because they didn't want their taxes "in the government." They are broke and won't be able to help with tuition, so how can she go about emancipating herself financially for the FAFSA?
Answer: She needs to talk to the financial aid department at her ...
She needs to talk to the financial aid department at her school. I talked to FA dept because parents don't help with schooling or living expenses . I live 2000 miles away from parents. They still wouldn't let me file without parents info. The only time you can go without it is if you're married, an orphan or over 24 years old. If they absolutely wont give her the info, she needs to talk to the FA department so they can help her out.
Answer: "they didn't want their taxes 'in the ...
"they didn't want their taxes 'in the government'". Their taxes are already "in the government". That's precisely where there tax money goes.
Answer: Claim Independence and use a different address than parents. ...
Claim Independence and use a different address than parents. Old school.
Answer: It sounds like your friend is in a tough place. Dependency ...
It sounds like your friend is in a tough place. Dependency is determined by the following questions:
Were you born before January 1, 1985 (question 48)?
At the beginning of the school year 2008-2009 will you be working on a master's or doctorate program (such as an MA, MBA, MD, JD, PhD, EdD, or graduate certificate, etc.) (question 49)?
As of today are you married? (Answer "Yes" if you are separated, but not divorced.) (question 50)
Do you have children who receive more than half of their support from you (question 51)?
Do you have dependents (other than children or spouse) who live with you and who receive more than half of their support from you, now and through June 30, 2009 (question 52)?
Are (a) both of your parents deceased, or (b) are you (or were you until age 18) a ward or dependent of the court (question 53)?
Are you currently serving on active duty in the U.S. Armed Forces for purposes other than training (question 54)?
Are you a veteran of the U.S. Armed Forces (question 55)?
Since she has contact with her parents a professional judgement is going to be pretty much impossible for her to achieve. She cannot just claim to be 'independent'.
The government already has her parents tax information so their argument is invalid. I have to wonder if they are misinformed or trying to hide something.
If they are 'broke' filing the FAFSA would only benefit their daughter. Has anyone explained that helping her do this does not financially obligate them to helping her get in school?
She should enlist the aid of a financial aid officer at the school she wishes to attend. Perhaps if they hear this from an 'authority' figure they might bend on their stance.
Answer: The government already has their taxes. That's where the ...
The government already has their taxes. That's where the money goes.
She needs to talk to the Financial Aid department at her college.
Question: Dropping a class and financial aid?
I have full financial aid to go to school. I dropped a class last summer that put me on academic probation and I am not doing well in another class I am in now. If I fail this class what would happen with financial aid? Would I still get it or not?
Answer: If you are on academic probation, then you will need to work ...
If you are on academic probation, then you will need to work to pull that grade up as so many semesters on AP will land you put out of school. If you drop below full time then your financial aid will drop down as well.
Answer: If you don't do well, or you drop a class you will be ...
If you don't do well, or you drop a class you will be canceled. Don't worry, all you will have to do is file an appeal with your financial aid office. They usually approve them twice until you have to pay for a quarter/semester on your own. Just try to do as best as you can.
Answer: At the college I attend, I know that if you do not complete ...
At the college I attend, I know that if you do not complete your full schedule of classes the semester you are on Academic Probation, you will not be eligible for Financial Aid the next semester, and you must pay for at least 6 hours out of your pocket (loans are considered financial aid, and cannot be used to pay for the 6 hours), and pass all classes with a 2.0. Then you will be allowed financial aid.
Question: My father receives Social Security and is totally disabled am I eligible for some type of financial aid?
Am I eligible to for any thing extra? Also GPA is about 3.75 so I don't know if that matters...
Thanks!
So the chances are high?
Also I have some college money saved up, but will they look at it as too much receive help?
It is quite a large sum.... about $30,000...
I am only in 8th grade so I don't know why I am worrying but I was just curious, plus GPA should go up as I am transferring to almost all honor classes, except language, and reading the 2 I got B's in...
My Mom's income hah!!!!
Answer: You should be able to get help.
You should be able to get help.
Answer: I think so
I think so
Answer: Fill out the FAFSA form and find out
Fill out the FAFSA form and find out
Answer: Check this website. You might be able to get a little more ...
Check this website. You might be able to get a little more assistance but you need to really search. Also when you do a web search make sure you do not have to pay for anything the information is free.
Answer: talk to your college advisor.
talk to your college advisor.
Answer: My dad is too. They calculated parents' income and ...
My dad is too. They calculated parents' income and any savings I had through FASFA, but each school has different standards based on tuition, etc. Usually each school will have a number to financial aid on the web and you might be able to calculate your family's contribution.
As a tip, financial aid may or may not include grants (money that you don't pay back) but the majority of it will be government loans. Try for as many scholarships and grants outside of your financial aid package as you can get.
Answer: How much you receive in grants will not only depend on your ...
How much you receive in grants will not only depend on your dads income, but your mothers income as well, how many people in your household will also make a big difference. Just because he's on SS doesn't mean you'll be eligible for grants, his annual income, and your moms will be looked at.
I just noticed you said you have 30K for school. Be sure you realize you should budget this money to help you pay for ALL FOUR YEARS!!! Don't blow it on one year of college at some expensive school not willing to give you any money in HOPES you can find another 90K for the next 3 years out of thin air. Be practical and realistic and don't do loans. With that good of a GPA you may even get scholarships too.
Answer: Your GPA should have gotten you some kind of scholarship to ...
Your GPA should have gotten you some kind of scholarship to begin with. FASFA can be finicky, I mean you have $30,000 so you might not be looked at as someone who needs money. What kind of school are you planning to go to? Most towns have junior colleges where you can do your 2 years really cheap and then transfer to a college. Check with FASFA and find out what you are eligible for.
**You're only in the 8th grade? Your GPA doesn't even count now. Keep up the good grades in High school and get scholarships. My daughter got 4 years 100% paid because of her good grades.
Question: My efc is 1633--what does it mean regarding financial aid eligibility?
Answer: It means you are expected to have to pay 1,633 dollars per ...
It means you are expected to have to pay 1,633 dollars per year. They will pay the rest.
EFC = Expected Family Contribution
So if school costs 15,000 a year, then you will pay 1,633 and they will cover (grants, and stuff) 13,367.
It means you are eligible most likely.
Answer: Joel K. is misinformed. Your EFC is a code that is used to ...
Joel K. is misinformed. Your EFC is a code that is used to determine how much money your family is going to contribute based on the answers you filled out on your fafsa form. It's NOT how much money you or your family must provide. If you printed out your Submissions Confirmation Page you will see that the third paragraph clearly states this.
Answer: Depending on your cost of attendance, you may be eligible. I ...
Depending on your cost of attendance, you may be eligible. I had an efc of 0 for last year and got about 1,000 each long semester. But I went to a community college and that covered books and tuition. It all depends on your school, tuition rates, and when you applied for aid (past the deadline?). Schools have their own strange formula for this stuff. Best to talk to your school's financial aid dept and get their advice.
Answer: Um..No.
Joel K is right.
EFC defined is "The ...
Um..No.
Joel K is right.
EFC defined is "The amount of financial support a family is expected to contribute toward a child?s college education"
"The amount a family will contribute to the cost of a college education. This amound is used to determine the need for financial aid. The amound is determined through a calculation that includes both the parent?s and student?s available income and available assets minus allowances."
Here is every definition:
http://www.google.com/search?hl=en&safe=off&q=define%3Aefc&btnG=Search
They all point to Joel K being right.
BTW....
"Your EFC is a code that is used to determine how much money your family is going to contribute based on the answers you filled out on your fafsa form. It's NOT how much money you or your family must provide."
Don't those two statements directly conflict with each other? "It is how much money your family is going to contribute" and "it's not how much money you or your family must provide" are opposite of each other.
Clearly, your statements can't be correct, because they contradict each other.
Question: College and a baby... Financial aid?
I currently live with mom and 18 month old daughter. I was accepted into MTSU for the 2008 fall semester and I was wondering if there were any programs or financial aid I could receive? I know if I was living on own it would be a completly different story, but since I live with mom it's not.... Anyone know?
Answer: on the fasfa application it asks about dependants....I would ...
on the fasfa application it asks about dependants....I would enter thaty ou have a child
Answer: You should be able to receive financial aid since you ...
You should be able to receive financial aid since you provide support for your child. When I was in school I was able to receive financial aid and I had a son. Check if your school has a daycare cause son was able to go to school with me and I didnt have to pay for the daycare at the college.
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