Financial Aid Help Needed!

[clawsbeatskin]

Ok. I have a couple of questions, and I plan on calling my school, but maybe someone here has all the answers

I received my fin aid award letter from Western. I have to accept it in 7 days. I'm still on the CSU waitlist. What happens if I accept the fin aid package and then get called off the waitlist and decide to attend CSU? Will I still be eligible for aid at CSU?

Another question...the only debt I am in is from undergrad/grad loans. ~$20,000. I have a credit card that I pay off every month. Will this affect my preapproval or interest rate with GradPlus/Stafford lenders?

Thanks for any advice!

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[Sweetcaroline14]

Ok. I have a couple of questions, and I plan on calling my school, but maybe someone here has all the answers

I received my fin aid award letter from Western. I have to accept it in 7 days. I'm still on the CSU waitlist. What happens if I accept the fin aid package and then get called off the waitlist and decide to attend CSU? Will I still be eligible for aid at CSU?

Another question...the only debt I am in is from undergrad/grad loans. ~$20,000. I have a credit card that I pay off every month. Will this affect my preapproval or interest rate with GradPlus/Stafford lenders?

Thanks for any advice!

Hey there. Your preapproval of GradPlus is going to be directly related to your FICO score. So, if you have good credit, or at least decent credit you will be fine. Educational loans are considered a different form of debt with respect to credit card, mortgages, and other revolving credit lines. However, these all loans combined relate directly to your FICO, especially if you are in "repayment" already for your student loans. So, I'm sure you've been paying them if you are! I had quite a bit of student loan debt for two degrees, so it doesn't look badly unless you don't pay. Actually, if you are in repayment(I was for years...), it boosts your FICO with your reliability factor. I would call Western, but most importantly, I would make sure that my FAFSA had both Western and CSU on the school list. The financial aid department will easily be able to reference your info from FAFSA and probably already has it, even if you aren't a student yet. FAFSA sends it to all the schools on your list. You will be eligible at any school you attend, as your stafford/grad plus is from a "lender" not the specific school. The only change that will occur is possibly the budget for the school and the amount needed, but other than that, it'll just be a different amount with a different school. So, good luck to you! Def. call both schools to ensure accuracy!

 

[cock a too]

Claws,
I am sorry, but I am about to make things harder...
I am a CA resident and I was just accepted off the CSU waitlist. I have two weeks after I recieve my letter. I am holding out for financial aid info, but I am 99% sure I'll stick with Cornell...
CSU is still moving...