Financial Aid - I Need Help

[theDr.]

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Hello,
I will be attending NYCOM this fall and need some help with the financial aid stuff. I have no idea what to do so if somebody can explain it I would appreciate it.

(1) Can we use any lender? Who seems to be the best? I was looking at T.H.E. by Northstar - can we us them?

(2) Do i fill at the FAFSA form and then also the NYCOM forms?

(3) Do i also have to fill out an application form with my lender?

(4) Does the money just go the school and then take care of it?

(5) How do I specifiy how much I want or need. I would like to get the max subsidized and the rest unsubsidized. Who determines how much I get?

As you can see I have no idea what the hell im doing so any help or explanatio nof the entire process would be appreciated.

 

[theDr.]

thanks for the help and if anybody, nycom student or not, can help me out please do so....thanks again!!!!!

 

[box29]

Financial aid is pretty standard across the board. You definitely need to fill out the FAFSA because NYCOM will need that information. You also need to fill out the NYCOM form which will authorize them to give you your loan and process/certify any private loan you need you take out.

Fill out the FAFSA ASAP! There is a deadline of June 30th, but I'm not sure how that works for people accepted accepted after that date. I'm sure they get to fill it out because they'll need money. Just fill out the FAFSA now. You don't need any NYCOM info except their school code which you can look up. NYCOM should be sending you FA info soon.

http://www.fafsa.ed.gov/

 

[Ryan]

Hello,
I will be attending NYCOM this fall and need some help with the financial aid stuff. I have no idea what to do so if somebody can explain it I would appreciate it.

(1) Can we use any lender? Who seems to be the best? I was looking at T.H.E. by Northstar - can we us them?

(2) Do i fill at the FAFSA form and then also the NYCOM forms?

(3) Do i also have to fill out an application form with my lender?

(4) Does the money just go the school and then take care of it?

(5) How do I specifiy how much I want or need. I would like to get the max subsidized and the rest unsubsidized. Who determines how much I get?

As you can see I have no idea what the hell im doing so any help or explanatio nof the entire process would be appreciated.

1) First fill out the FAFSA and allow it to be processed, this will determine your EFC (how much they expect you and your family to contribute) as well as your personal loan need (all the rest of money you need after the federal government gives you all it can...usually between 9K and 12K for the average student **edit: just to clarify the private, non-federal loan is usually between 9k-12k. So if you NEED a total of 53K and your EFC is 2K and the government gives you 38K then the private company such as T.H.E. Northstar will cover the remaining 13K so you have a total of 51K in loans).

2)Yes!! Fill out the FAFSA NOW it is online!! The NYCOM forms are I am not familiar with...They may be your private loan company or they may just need some financial info...ask their financial aid people after you fill out FAFSA.

3)Who ever you choose to cover the extra $ that the federal loans do not cover will have you fill out more forms (Could be the NYCOM paperwork).

4)Yes. The money is given to the school in even chunks per/semester or quarter depending on which system NYCOM uses. Most schools take it in TWO even chunks, once in August and once in January. NYCOM will take all the money that is NOT tuition and give you a check for the balance each time they receive a chunk. The NYCOM forms could also be the information they need to Direct Deposit your money (so they won't write you a check, instead in 'magically' appears in you checking account).

5)Your school along with the Federal government will determine how much you get. In all it should cover tuition, living expenses (barely, and in NY not totally), books, transportation, etc. The government has already predetermined how much you can get subsidized and unsubsidized...this will automatically be done for you after filling out the FAFSA AND getting the NYCOM paperwork filled out...ASK the NYCOM financial aid how to get your financial aid moving quickly...fall is coming soon.

good luck, and congrats on your acceptance!
-Ryan

 

[Amy B]

Your school should give you a list of lenders they recommend you use, but some don't use all the lenders. My friend never knew about T.H.E. (www.northstar.org) and has been paying fees every year to the lender her school uses automatically. It has cost her $$$. She has been upset with her school every since she found out about northstar.

Northstar doesn't charge you the fees alot of lenders do. In the 4 years you borrow, that savings can really add up.