05.11.07 | Frequently Asked and Answered FAFSA Questions
I have decided to compile a list of answers to the questions I hear most frequently regarding the FAFSA and financial aid in general. Hopefully this will help everyone out, and if I forgot one…post a comment!
- Why do I need my parents information to fill out the FAFSA if they do not support me financially?
- Answer: this is because the gov’t does not care that your parents don’t help you pay for school…unless you are 24 or older, or you have a child, or in the military…the gov’t views you as a “dependent” student…so they need your parent information in order to determine how much you “need” in government aid.
- How much will I get in the Stafford Loan?
- Answer: There are maximum amounts you can borrow. The following are the maximum amounts for the subsidized loan per school year:
Freshman: $3500
Sophomore: $4500
Junior: $5500
Senior: $5500
* Some students may take more in the unsubsidized Stafford Loan, and it is best to speak to someone at your school to discuss your options
- I have already graduated and I make monthly payments on my loan. How do I find out what my balance is?
- Answer: You need to contact the lender of your loan-this is either a bank (i.e. Citibank, Sallie Mae, Mohela, Student Loan Xpress) or it is a Direct loan. If you have no idea who your lender is, it is probably Direct. You can call 1800-848-0979 to check.
- but I thought Stafford was my lender?
- Stafford is just a type of loan-not a company. As I said above, your loan is either serviced by a private company or from Direct loans. This is a common misconception.
- My Stafford Loan does not cover my tuition. I have bad credit, and my parent will not cosign a private loan for me. What are my options?
- Honestly, your only option is to march yourself into your financial aid office at your school and tell them your story. Schools tend to find ways around things-and they want to keep their students around, so hopefully they can work something out
- Im done with school and I can’t afford my monthly loan payments, what should I do?
- You have options-you could consolidate your loans. If you already consolidated and still can’t afford your payments, you can put your loans on deferment or forbearance until you can afford it. You would need to call your lender to do this
- Where can I search for scholarships?
- Ok ok, so no one really asks me this, but people should because it’s free money that you don’t have pay back! Visit this scholarship site.
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Filed under: FAFSA
I am 22 years old and self-supporting. My parents do not claim me as a dependant. I was homeschooled and my parents do not want me to attend college. They have actually refused to give me information that I need to fill out fafsa. I am willing and able to contribute toward tuition but cannot even begin without some advice. please help. suggestions? must I wait till I am 24 to begin college?
July 9th, 2007 | #
If I claimed a joint investment (annuity in both my name and my parents name on my taxes) and my parents claimed it under their investments on fafsa, do I need to claim it under my investments in the fafsa information also? In the parents question it suggests that they need to claim the amount as I am their dependent. I now am getting a form to resubmit my asset information to the school.
April 21st, 2009 | #
My question is about whose assets are looked at for the financial aid. We are the legal guardians of our granddaughter – her mother passed away a few years ago and her father is not a part of her life. In fact, we are unsure where he even is. Anyway, when it comes time to do the FAFSA, are our assets taken into account, or only the student sans parents? Thanks for the info. And if there is a website to read up on this, please advise. Jan McR
May 6th, 2009 | #