Fafsa question

[GatorRomp]

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So I've starting filling FAFSA. There is a question that got me a bit confused:

"In addition to grants, are you interested in being considered for work-study or student loans (question 31)?"

Choices:

Work-Study ( I chose no)

Student loans (here I'm a bit confused)

I'm a bit confused because I know that I will need more money to cover tution and I most certainly will need extra funds for living expenses.

Should I pick YES or NO for student loans?
Is this an extra to the aid I would already be granted?

Thank you for your help.

 

[LoKoTe]

If you want to be considered for Federal Loans then you should select Yes. Then FAFSA will determine the maximum amount of subsidized and unsubsidized loans that you're eligible for and will send the information to the school, which will then let you know how much you can borrow for the next academic year. Then you choose to accept or decline the loans, and if you choose to accept them you can specify the amount you want to borrow for that academic year up to your allowed maximum.

 

[GatorRomp]

If you want to be considered for Federal Loans then you should select Yes. Then FAFSA will determine the maximum amount of subsidized and unsubsidized loans that you're eligible for and will send the information to the school, which will then let you know how much you can borrow for the next academic year. Then you choose to accept or decline the loans, and if you choose to accept them you can specify the amount you want to borrow for that academic year up to your allowed maximum.

Thank you for your help. However, wouldn't anyone want to select YES for student loans, as they would get more money?

 

[rxlynn]

Definitely say yes to the loans. For most pharmacy schools, that is by far the bulk of the aid that you will receive. I am a nontraditional student with a husband who makes around $100K a year, and I was amazed at how much loan we qualified for - I had just assumed that we couldn't get anything. As the other poster pointed out, you won't have to accept all of the loans if you don't want them or don't need them, but you at least ought to see what sort of package you will get from your school with them first.

Good luck!

 

[LoKoTe]

Exactly, and since it's considered graduate school we're able to borrow a lot more from the government than undergraduate students. At Nova for example, if you accept it all, it'd be enough for tuition and living expenses for the academic year.

 

[GatorRomp]

Definitely say yes to the loans. For most pharmacy schools, that is by far the bulk of the aid that you will receive. I am a nontraditional student with a husband who makes around $100K a year, and I was amazed at how much loan we qualified for - I had just assumed that we couldn't get anything. As the other poster pointed out, you won't have to accept all of the loans if you don't want them or don't need them, but you at least ought to see what sort of package you will get from your school with them first.

Good luck!

Exactly, and since it's considered graduate school we're able to borrow a lot more from the government than undergraduate students. At Nova for example, if you accept it all, it'd be enough for tuition and living expenses for the academic year.

WOW! Thank you all so much!!! I am immensely grateful for your time. Happy New Year to you all and best of luck for the new semester!

 

[dumbguy]

Anyone here know if we can get student loans from Fafsa if the pharmacy school is in candidate status? thanks in advance.

 

[tootoo30]

Now not all schools consider pharmacy school graduate school, some schools consider P1 and P2 undergrad, so you would then have to use your parents information to get grants and loans. You can claim yourself an independent student, if you have children or can prove you've been living on your own and take care of yourself.

HTH