FAFSA Due Date

[Aaron]

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What is the FAFSA due date for UTMB?

 

[finnpipette]

I'm not sure about UTMB, but for most schools, it's March 1...therefore, the sooner the better. If you/your parents haven't filed yet, I'd just estimate from the previous year and get that puppy in...you can always change it once you get your SAR.

 

[Mr. Rosewater]

what happens if you don't have it in by 3/1?? does that mean you can't get aid?

 

[finnpipette]

Not really, you should still get aid, but a lot of state schools are first come first serve...so it's in your best interest to get it in early.

 

[TRUE]

actually, as far as I know the deadline is not march 1st, but june 30th. There are deadlines for financial info at different schools so you should check with your school, but I would doubt those deadlines would be this early.

 

[doctorcynical]

If you don't get it in by March 1st you will not get priority.

 

[Entol]

Dr. Cynical.. I submitted my FAFSA a few days ago and got an email back. Is this what you mean by "submitting" it or does submission include both this and fillng out each particular school's separate financial aid information?

-Entol

 

[DrBodacious]

If your parents make upwards of $150 K and you are the only dependent in college, does it really make a difference? Even if your parents want you to take out loans, can you still get enough loans besides those offered by schools?

 

[exmike]

All of those "priority" deadlines are for institutional aid. If your parents make 100K or so more and you're the only one in school, you probably wont get much if any. You'll still be elegible for the full 38,500K for health professional via stafford loans as long as you do it before june something..

 

[docmemi]

whats good about stafford loans vs other types like bank loans?'


how do we find scholarships?

 

[jlee9531]

Originally posted by facted
actually, as far as I know the deadline is not march 1st, but june 30th. There are deadlines for financial info at different schools so you should check with your school, but I would doubt those deadlines would be this early.

i believe if you dont get it in by june 30 you get zero aid.

if you get it in by march 1, then you can get the entire amount of aid possible.

after march 1, then you will most likely not get everything you can be entitled to.

 

[LP1CW]

You can apply in August, sept, it doesn't matter when it comes to Stafford, gov loans. However, if you want the loans to arrive before school starts then apply now.

 

[TRUE]

Originally posted by DrBodacious
If your parents make upwards of $150 K and you are the only dependent in college, does it really make a difference? Even if your parents want you to take out loans, can you still get enough loans besides those offered by schools?

Parental information is not required on the FAFSA if you are only applying for stafford's (unsubsidized and subsidized). Therefore, if your parents make a million and you only make 5,000 a year, then yes, you can still get all your 38,500 from the government. The rest is harder to get...you'd probaly have to go with a private loan.

 

[TRUE]

Originally posted by trojan2004
whats good about stafford loans vs other types like bank loans?'

Stafford loans (subsidized - $8000)
Since it's subsidized, you pay no interest during school. Once you graduate from school, interest starts to accrue at a rate of about 3% a month depending on a specific T-bill index.

Stafford (unsubsidized - $30,000)
Not subsidized so interest is accruing while in school, though at a low rate of 2.8% (vs 3.42% when you get out of school).

Private loans
If you can such a loan, it usually has much higher interest rates.

Since no parental info is required for the stafford loans, if you don't make too much money (not sure exactly hw much money that is), you should be able to get all the stafford loan possibilities.

 

[coachB]

Originally posted by facted
Stafford loans (subsidized - $8000)
Since it's subsidized, you pay no interest during school. Once you graduate from school, interest starts to accrue at a rate of about 3% a month depending on a specific T-bill index.

Stafford (unsubsidized - $30,000)
Not subsidized so interest is accruing while in school, though at a low rate of 2.8% (vs 3.42% when you get out of school).

Private loans
If you can such a loan, it usually has much higher interest rates.

Since no parental info is required for the stafford loans, if you don't make too much money (not sure exactly hw much money that is), you should be able to get all the stafford loan possibilities.

the 3% is an annual rate. 3% a month would be ridiculous.

 

[gschl1234]

Originally posted by Mr. Rosewater
what happens if you don't have it in by 3/1?? does that mean you can't get aid?

As I recall, my letter from UIC said that alhtough you can turn it in after 3/1, they begin reviewing applications on 3/1 and if you're too late, they may be out of money. If they still have money, you'd be ok. If your FAFSA gets there on 3/2, I think you'd be ok.

 

[mpp]

Originally posted by facted
Stafford loans (subsidized - $8000)
Since it's subsidized, you pay no interest during school. Once you graduate from school, interest starts to accrue at a rate of about 3% a month depending on a specific T-bill index.

Stafford (unsubsidized - $30,000)
Not subsidized so interest is accruing while in school, though at a low rate of 2.8% (vs 3.42% when you get out of school).

Private loans
If you can such a loan, it usually has much higher interest rates.

Since no parental info is required for the stafford loans, if you don't make too much money (not sure exactly hw much money that is), you should be able to get all the stafford loan possibilities.

The 3% that the loans are at right now are the lowest in history. It is unlikely that they will be at 3% during your payback time. The rate is variable. Keep this in mind when borrowing.

 

[TRUE]

Originally posted by coachB
the 3% is an annual rate. 3% a month would be ridiculous.

Indeed. Sorry about that.

 

[stomper627]

Originally posted by jlee9531
i believe if you dont get it in by june 30 you get zero aid.

if you get it in by march 1, then you can get the entire amount of aid possible.

after march 1, then you will most likely not get everything you can be entitled to.

WRONG!!!!
you can apply whenever. As far as loans goes, you can apply for the 2004-2005 school year in 2005 and still get the loan. not a big deal. For other money ie, grants, I believe your better off to apply earlier, but youll still be eligible. Do you guys realize that most of the money the federal govt puts aside for fin aid goes unused? This is a loan, and they are willing to give it to you for a fee.
stomper

 

[lizzylu]

Here's my question for those of you who've done their FAFSA and their taxes...

If I completed my 1040A in the beginning of Feb, how long do you think it'll take to get my $ back from the gov??

The $ is helping me fund my European vacation before med school 🙂

 

[stomper627]

Originally posted by lizzylu
Here's my question for those of you who've done their FAFSA and their taxes...

If I completed my 1040A in the beginning of Feb, how long do you think it'll take to get my $ back from the gov??

The $ is helping me fund my European vacation before med school 🙂

Did you use a computer program (TurboTax, TaxCut, etc) or the online forms supplied by the govt? Did you use the auto deposit? If so, youll see your money quickly....like 10 days.
If not....and you used snail and paper....look closer to the 6 week mark.
My question to you is: Are you expecting a big return? You should not. If you are....then you screwed up. You loaned your money to the government....INTEREST FREE!!!! Now would they do that for you....no. Always plan on only receiving a hundred bucks or so back...or even owing less than a hundred. Your money is better off in your own hands. Either to spend, or to save....and collect interest.
stomper

 

[DrBodacious]

Thanks guys.

 

[lizzylu]

wow stomper, normally you're agreeable and not on a power trip, but thanks for telling something I didn't already know.

I've already filled out my forms, w/ direct deposit, and yes they do owe me a lot of money. You know how this happens?? By paying a ****load of student loans off! Maybe you didn't know you could take deductions for student loans, but you can, and it's a considerable amount of $.

In the past I've gotten $300 + back b/c of school debt, low salary etc, so no, you're wrong it's ok to expect more than a hundred or so back. Some of my friends have gotten $1000+ back, not that that's the best way to get your $, after the fact, but they owe me big this year.

don't worry, it's not funding my whole trip to europe, just helps out w/ the plane txt. I'm great w/ $ I just wanted to know on average how long it's been taking people b/c I wanna buy my plane txts soon.

other than that, thanks for letting me know the time frame, much appreciated.

 

[stomper627]

Sorry....didnt think i was power tripping....been a long 12 weeks on medicine....but Im finished with that rotation now!!!!....
anyway, you can always have your employer hold more/less money for you (thus changing the amount that you get back) This is kinda moot now...unless you plan on working while in school. I dont recommend it. Enjoy your times when youre not studying....I also am glad to hear that someone is heading off to do some travelling. Have fun. Dont do any studying....youll be doing that for many years to come. Enjoy the time off.
stomper

 

[clumpymold]

Originally posted by stomper627
Did you use a computer program (TurboTax, TaxCut, etc) or the online forms supplied by the govt? Did you use the auto deposit? If so, youll see your money quickly....like 10 days.
If not....and you used snail and paper....look closer to the 6 week mark.
My question to you is: Are you expecting a big return? You should not. If you are....then you screwed up. You loaned your money to the government....INTEREST FREE!!!! Now would they do that for you....no. Always plan on only receiving a hundred bucks or so back...or even owing less than a hundred. Your money is better off in your own hands. Either to spend, or to save....and collect interest.
stomper

I don't understand this. How can you not expect a big return? What do you mean by big? Like $400-500? That's what I determined from my taxes. ???

 

[lizzylu]

Thanks stomper, europe will have no mention of studying, school, books, etc. Just partyin the last days of my "life" away before The Fall 🙂

 

[clumpymold]

Sorry to be off-topic, Lizzylu, but I just noticed you've got the same birthday as me. Wow. I HARDLY meet anyone with the same birthday. March 16th. 😀