a couple loan questions

[dorian24]

Hi all, a couple questions:

1) Will not taking out all the loans available to me this year impact my financial aid for next year? For example, if I'm offered 20k in unsubsidized but only take out 15k, will the school look at this and not give me as much aid the following year? Or, are the two years independent from one another?

2) When providing information about money in bank accounts, is there any difference in the amount of aid I will be given if I have the money in the student's bank account vs. parent's bank account?

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[DrMidlife]

1) year 1 doesn't impact year 2 for federal aid. federal aid always covers cost of attendance.

2) parent income only matters for institutional aid such as scholarships offered by your school. no impact on federal aid.

Not borrowing when you can borrow is very smart.

 

[dorian24]

1) year 1 doesn't impact year 2 for federal aid. federal aid always covers cost of attendance.

2) parent income only matters for institutional aid such as scholarships offered by your school. no impact on federal aid.

Not borrowing when you can borrow is very smart.

Thanks. What does federal aid depend on, then?
For institutional aid, does it matter if the money is in my parent's or my bank account?

 

[DrMidlife]

federal aid for staffords depends on your citizenship and your ability to fill out a fafsa. for grad plus there's also some creditworthiness.

you'd have to ask your school about institutional aid. schools make those rules.

 

[asdf123g]

1) year 1 doesn't impact year 2 for federal aid. federal aid always covers cost of attendance.

2) parent income only matters for institutional aid such as scholarships offered by your school. no impact on federal aid.

Not borrowing when you can borrow is very smart.

I accepted the full amount of aid offered by fafsa. Its possible to adjust that later on right?? Thank you for your help

 

[DrMidlife]

when you get your aid package from your school you can accept or refuse piecemeal.