Anyone got any clue about how finicial aid works

[arpatel530]

First, before people start berating me, I have no clue about the american educational system as I am foreign educated and only moved to the USA recently.

Therefore, this leads to finicial aid. What are the steps in the process? All I know at the moment is to file FAFSA. But what about all these other loans that the schools have listed on their websites, ie stafford loans, need based loans. The finicial aid office at GWU told me to get FAFSA in ASAP, and then to fill out the forms to all these other types of loans once you know you have been accepted at the school. First of all is this correct? Second of all what should I be doing? Third anyone with any information, or a simple way of putting it so my simple little brain can understand,  please, I beg please help me!

And here I thought that the hardest part of getting into law school would be the whole LSAT and writing a PS>>>

[wildcataz2004]

1st -get the FAFSA filled out ASAP- and be sure to put down the 6 schools you want it sent to. After it's processed you will get an email telling you so, then you can change the schools and have it forwarded to more schools if you need to
-After you get accepted to a school and decide on a school- you can then see how much aid you will need- the FAFSA tells you how much you qualified for. Stafford loans are for up to $18,500- the rest is in private loans which the school will help you apply for, if you need help choosing a lender.
-HTH

[giffy]

You may not be able to get the 18.500 unless you have US citizenship. There are private loan programs you can get, your school will have info on lenders they recommend. Once again you may have some difficult not being from here. Here is some info http://studentaid.ed.gov/PORTALSWebApp/students/english/intl.jsp

there are also merit scholarships that are given out. Generally to those in the top 5-10% of the entering class.

Finally there are scholarships given for certain characteristics. Being an international student or an immigrant you may qualify. Once angina check with your schools fin aid office for some help.

[Jumboshrimps]

1st -get the FAFSA filled out ASAP- and be sure to put down the 6 schools you want it sent to. After it's processed you will get an email telling you so, then you can change the schools and have it forwarded to more schools if you need to
-After you get accepted to a school and decide on a school- you can then see how much aid you will need- the FAFSA tells you how much you qualified for. Stafford loans are for up to $18,500- the rest is in private loans which the school will help you apply for, if you need help choosing a lender.
-HTH

Um... when and where does FAFSA tell you how much you are qualified for? All I I know is my Estimated Family Contribution.

 

[BIG H2001]

1st -get the FAFSA filled out ASAP- and be sure to put down the 6 schools you want it sent to. After it's processed you will get an email telling you so, then you can change the schools and have it forwarded to more schools if you need to
-After you get accepted to a school and decide on a school- you can then see how much aid you will need- the FAFSA tells you how much you qualified for. Stafford loans are for up to $18,500- the rest is in private loans which the school will help you apply for, if you need help choosing a lender.
-HTH

Um... when and where does FAFSA tell you how much you are qualified for? All I I know is my Estimated Family Contribution.

 

What you get from the FAFSA = Cost of attending school - EFC.  The rest, if you need it, comes from private loans.

[Jumboshrimps]

So, if my cost of attending minus my EFC= 0, then I can't get a stafford loan?

[BIG H2001]

So, if my cost of attending minus my EFC= 0, then I can't get a stafford loan?

Right.  Assuming by "your cost" you mean the same costs that the school gives you for attending.

[wildcataz2004]

1st -get the FAFSA filled out ASAP- and be sure to put down the 6 schools you want it sent to. After it's processed you will get an email telling you so, then you can change the schools and have it forwarded to more schools if you need to
-After you get accepted to a school and decide on a school- you can then see how much aid you will need- the FAFSA tells you how much you qualified for. Stafford loans are for up to $18,500- the rest is in private loans which the school will help you apply for, if you need help choosing a lender.
-HTH

Um... when and where does FAFSA tell you how much you are qualified for? All I I know is my Estimated Family Contribution.

 

-I thoough that later on when it comes to the Stafford Loans that you qualify for- the fafsa is what determines how much is subsidized and unsubsidized?

[Jumboshrimps]

1st -get the FAFSA filled out ASAP- and be sure to put down the 6 schools you want it sent to. After it's processed you will get an email telling you so, then you can change the schools and have it forwarded to more schools if you need to
-After you get accepted to a school and decide on a school- you can then see how much aid you will need- the FAFSA tells you how much you qualified for. Stafford loans are for up to $18,500- the rest is in private loans which the school will help you apply for, if you need help choosing a lender.
-HTH

Um... when and where does FAFSA tell you how much you are qualified for? All I I know is my Estimated Family Contribution.

 

-I thoough that later on when it comes to the Stafford Loans that you qualify for- the fafsa is what determines how much is subsidized and unsubsidized?

Is there such a thing as an unsubsidized stafford loan?

And while we're on the subject... Anybody know what the typical interest rate is on a private loan for education right now?

[Kait]

I think this is how it works:

1) Complete the FAFSA and receive your Student Aid Report with your EFC.

2) Calculate: School's annual budget - EFC = eligibility for aid.

So, with an annual budget of $40,000 and an EFC of $10,000

$40,000 - $10,000 = $30,000

You are eligible for $30,000 in financial aid.

The first place to go for aid is always the government - ie. Stafford loans. There are two types - subsidized [the gov't pays your interest while you are in school] and unsubsidized [you pay your interest while in school - you can get this deferred until you graduate, though]. The max any student can get in Stafford loans is $18,500 ($8,500 is subsidized and $10,000 is unsubsidized).

3) Eligibility for aid - government aid (Stafford loans) = private loan eligibility

So, $30,000 - $18,500 = $11,500

You are eligible for $11,500 in private loans.

4) Apply for Stafford loans.

5) Apply for private loans.

The main confusing part for me was that my FAFSA and school financial aid applications were not actually applying for aid. Those applications are simply to determine eligibility for aid. Once that is determined, you still have to apply for the aid for which you are eligible. At some schools, after they have received your FAFSA info. and financial aid app., they will send you an award letter indicating eligibility and also including forms to begin applying for the loans for which you are eligible. (Often with detailed instructions). At other schools, the financial aid apps have a spot where you can check off and the school will initiate the loans (Stafford or private) for you upon receipt of your FAFSA and financial aid app (if you are eligible).