12 01

Questions on financial aid for college

questions on financial aid for college

15 Financial Aid Questions You Need to Ask

1. What types of financial aid do you offer? What are the requirements for need-based aid and for merit-based aid?

2. How much debt do students have when they graduate? What percentage of students graduate with debt?

3. If I get a work-study job, how many hours will I be required to work per week? Are part-time jobs available to students who don’t qualify for a work-study job?

4. Do you offer a tuition payment plan that lets me pay the college bills in monthly installments over the academic year? If so, what fees do you charge for this service?

5. Does your college practice need-blind admissions? Or will applying for financial aid hurt my chances of being admitted? Do you consider financial need when deciding whether to accept students off of the waiting list?

6. If I don’t apply for financial aid this year, will that affect my eligibility for financial aid in subsequent years?

7. Does your college meet my full demonstrated financial need, or do you practice “gapping”? Will you meet my full financial need for all four years of college?

8. Do you practice front-loading of grants? Or can I expect to receive a similar financial aid package all four years, assuming my financial circumstances do not change by much?

9. If I win a scholarship, do you reduce my financial aid package? If so, does the scholarship replace loans or grants?

10. How do I apply for financial aid? Which application forms are required to apply for financial aid? Does the college require the CSS Financial Aid PROFILE or its own forms in addition the Free Application for Federal Student Aid (FAFSA)?

11. What are the deadlines for applying for financial aid?

12. How does the financial aid application process differ for early admission students?

13. When will I receive my financial aid award letter?

14. If the financial aid is insufficient or my circumstances have changed, how do I appeal for more financial aid?

15. Where can I find information about other sources of financial aid, such as state grant programs and scholarships?

Don’t forget to ask about special circumstances that are specific to your situation, such as divorce/separation or financial aid for study abroad.

See also the ten questions in Fastweb’s Quick Reference Guide to Evaluating Financial Aid Award Letters.

Need money to pay for college?

Every semester, Fastweb helps thousands of students pay for school by matching them to scholarships, grants and awards for which they actually qualify. Sign up today to get started. You'll find scholarships like the Course Hero's ,000 Scholarship, and easy to enter scholarships like Niche ,000 No Essay Scholarship.

questions on financial aid for college Help - FAFSA on the Web – Federal Student Aid

questions on financial aid for college Questions about Financial Aid? | Manhattanville College

fafsa.gov. Click Start A New FAFSA. If you are starting the FAFSA, enter your FSA ID (more about this below) on the left hand side of the "Login" page. If your parent is starting the FAFSA, he or she should enter your name, Social Security Number (SSN), and date of birth on the right.

Whoever is starting the FAFSA will be prompted to create a "Save Key." The save key is a short, temporary password you and your parent can share to be able to fill out a FAFSA when you are not in the same location.

Fill out your sections of the FAFSA, enter your FSA ID in the student section of the "Sign and Submit" page, and then save and close it. Share the "Save Key" with your parent. He or she can use your name, SSN, and date of birth with the Save Key to log in to the FAFSA you started and complete the parent sections.

Your application will take 3-5 days to process, and one business day after that, it will be made available to the schools you listed on your FAFSA.

It is very important that you and your parent create and use your own FSA IDs. The FSA ID acts as a legal signature and should not be shared. Letting someone else create your FSA ID is not allowed and can create problems and delays with your financial aid. For more information or to create your own FSA ID, go to http://StudentAid.gov/fsaid.

If your parent does not have a Social Security number, he or she will not be able to get an FSA ID. In that case your parent will print, sign and mail in a paper signature page.

No. You can apply for financial aid any time after October 1. To actually receive funds, however, you must be admitted and enrolled at the university.

3. Why can't I submit my financial aid application before October 1?

You cannot submit the form before this deadline because the need analysis process uses your financial information from the prior tax year when calculating eligibility for the upcoming award year.

4. Do I have to reapply for financial aid every year?

Yes. Most financial aid offices require that you apply for financial aid every year. If your financial circumstances change, you may get more or less aid. After your first year you will receive a "Renewal Application" which contains preprinted information from the previous year's FAFSA. Note that your eligibility for financial aid may change significantly, especially if you have a different number of family members in college.

5. How do I apply for a Pell Grant and other types of need-based aid?

Submit a FAFSA. To indicate interest in student employment, student loans and parent loans, you should check the appropriate boxes. Checking these boxes does not commit you to accepting these types of aid. You will have the opportunity to accept or decline each part of your aid package later. Leaving these boxes unchecked will not increase the amount of grants you receive.

6. Are my parents responsible for my educational loans?

No. Parents are, however, responsible for the Federal PLUS loans. Parents will only be responsible for your educational loans if they co-sign your loan. In general you and you alone are responsible for repaying your educational loans.

You do not need to get your parents to cosign your federal student loans, even if you are under age 18, as the 'defense of infancy' does not apply to federal student loans.

) However, lenders may require a cosigner on private student loans if your credit history is insufficient or if you are underage. In fact, many private student loan programs are not available to students under age 18 because of the defense of infancy.

If your parents (or grandparents) want to help pay off your loan, you can have your billing statements sent to their address. Likewise, if your lender or loan servicer provides an electronic payment service, where the monthly payments are automatically deducted from a bank account, your parents can agree to have the payments deducted from their account. But your parents are under no obligation to repay your loans. If they forget to pay the bill on time or decide to cancel the electronic payment agreement, you will be held responsible for the payments, not them.

7. Why is the family contribution listed on the SAR different from the family contribution expected by the university?

The federal formula for computing the expected family contribution is different from those used by many universities.


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>