Couple questions about FAFSA financial aid?

In order to get federal financial aid you will fill out the FAFSA. Its the application that will ask you questions about you and your family's finances, how many in your family living at home, how many of those attending college, questions about your college choices like do you want to dorm, do you want federal work study, list 10 colleges you may apply to and be sure to include those you know for sure you want to, and other questions. This is a good site to look at while filling it out. Click on the general info, application process and application questions at the top to see the questions etc: http://studentaid.ed.gov/students/publications/com...

Doing this application does not result in a certain amount you get. The dept of education will take your answers and put them into a formula they use. The result will be your estimated family contribution EFC. This one number is a measurement of you/your family's financial strength. It is what they say your family should be able to pitch in toward your college.

What determines how much financial aid you get based on the FAFSA questions: http://www.ecampustours.com/payingforcollege/finan...

What your EFC means: https://bigfuture.collegeboard.org/pay-for-college...

So this EFC will be put in a report called your student aid report or SAR. This SAR will be sent to all those 10 colleges you listed on the FAFSA. Only those colleges you applied to and offered acceptance will look at your SAR. They will then use your EFC to do a financial aid budget, also called cost of attendance COA for you. COA is tuition, fees, books, room and board (means dorm and meals) personal expenses and travel expenses).

COA

minus your EFC (amount your family should be able to pitch in)

= Financial need (the amount of federal aid you need to be able to to cover all the college cost (COA).

The college will then look at the financial aid type funds they have available at the time you apply (which is why you should file closed to Jan 1 each year you will attend as you have to do it every year) and see which ones they have that you qualify for. Say like grants. Those are only offered to those with very great financial aid need (super low EFCs) so even though you may qualify for federal aid you may not qualify for grants depending on your EFC. So they will offer you grants, student loans like Staffords and Perksins, Parent loans, and Federal Work study. Here is a sample award offer to a student: http://www.triptocollege.org/paying_colleges/figur... Again they are just offers. You decide whether you want to accept all the aid offered on the award offer or not. You probably get freaked out when you hear the word student loans. Most students need financial funding. For example in 2008 61% of students used student loans and average amount students borrowed over 4 years is about 17,000 and that is not including the Plus loans for parents. So dont be afraid when you hear student loans because you most likely will need them. Federal student loans are better than any private lender loan you can take out because the interest rate is fixed, you do not have to pay them back while you are in college. Also subsidized loans like Perkins and subsidized STafford the interest does not start until you start paying it back which is 6 months after you quit, graduate or fall below half time in college. Then you start making payments on it. So that is how students are paying for their college.

So the smartest thing you can do is find a college with a low cost of attendance.

Great sites:

http://studentaid.ed.gov/PORTALSWebApp/students/en...

http://www.finaid.org/

http://studentaid.ed.gov/students/attachments/site...

http://www.kiplinger.com/magazine/archives/best-va...

http://www.cbsnews.com/8301-505145_162-37241354/51...

Also you can work during college earning about 6000 before it starts to affect your financial aid.

It depends on your family's income and yours combine. If they don't make over a certain amount, you may qualify for FA. There are grants ($$ you don't have to pay back) and loans that FA offers depending on your situation. And usually a week or two after you start school if you do everything required on the checklist for your school. Let say you are awarded a certain amount of grant, the school takes tuition from that and whatevers leftover will be refunded and mailed to you. But let say the grant doesn't cover your whole tuition, then you would have to put $$ out of your pocket(or your parents in your case) to pay. The same thing goes for loans, but then at the end, you'd had to pay them back.

anyone can get a student loan. the max amount for a dependent freshman is 5,500 a year (half in the fall and half in the spring). some ppl qualify for a grant.. pell grants are up to 5,550 a year.. if you are poor enough... you have to fill out the fafsa to know for sure.

Fin aid does not come to you to "reach your way".. it goes to the school. Sorry!! those who are starting school in the fall did their fafsa's back in Feb and March to get it done by all the state and school priority deadlines. This is what it takes to get a "financial aid AWARD LETTER" sent to you and your aid package completed before you start school. If you dawdle, and think that doing one tomorrow is going to get your aid done in time for school to start in aug you are sadly sadly mistaken.

there is no min "your mother and you would have to make" to qualify to get aid... lol that's kinda the point of aid...!

EDIT

RE: "Couple questions about FAFSA financial aid?" and "I'm not asking about a student loan, no where in my title or question do I even mention it"

Uh, ....the definition of "financial aid" is ALL forms of money you or your school gets on your behalf to help you pay. This includes grants, scholarships, work study and yes, Student and Parent LOANS! Since you don't seem to realize this and to keep you from having any surprises, be sure when you get your "financial aid" package letter you are aware of this and don't ASSUME that all that 'financial aid" on your financial aid award letter is free grant money because it may not be!!

Those ppl you have living with you who get get aid for their living situation. you (and they) also need to NOT ASSUME that they don't have to pay that "FINANCIAL AID" back! LOL lots of ignorant people get "financial aid" and (like you) just assume this aid is FREE. Your friends may have a student or a parent loan and just because YES it's called "financial aid" assume they don't have to pay it back. LOL Don't be ignorant - be SURE you understand everything you are signing when you get your aid. Student loans (a form of aid) DO have to be paid back! Be sure everything you accept in your fin aid package says "GRANT" and no loans or parent plus loans.

I am sorry if i sounded sarcastic. Read this book cover to cover, it will help explain the different kinds of aid and how much you might get.

http://studentaid.ed.gov/students/attachments/site...

even though no were in your title did you mention loans.. you said Financial Aid... and part of Financial Aid IS loans

To give you a point of reference.... for a student to get the maximum Pell Grant ($5,500 per year) they would have to be living at poverty level.... an example of this would be a family of 4 with a household income of @ $23,000 ---- how does your living situation compare to this?

If it is just the two of you & she makes $40,000 per year... your only option will be loans

this means if you go to school just Fall & Spring semester you would have $2750 per semester IF you qualify for the maximum amount.... if you need to go year round (many degree programs require year round, even at the associates level)... then you will want to ask your school to spread that to year-round & with that, then you would have $1833 per semester (again IF you qualify for the maximum amount) ---- in either case, the money goes to the school.... & then it is used to pay your tuition, fees & books

100% does go straight to the school... any money left over after tuition, fees, and books is then refunded back to you

I am willing to lay a bet that your housemates are getting student loans.... even they don't really understand this is what they are getting

You need to apply at FAFSA first & then contact your school to see if separate Fin Aid applications must be done with them as well.... after you complete FAFSA, then you will see your EFC & be able to access your SAR ---- this is not a guarantee of aid.. this is a guideline for your school --- then they will take however long to process it (at our school it is several months) & then you will get your Fin Aid award letter from the school.... only after you get that Fin Aid award letter will you actually know what you are eligible for