Financial Aid Packages--How much??

[rockydoc]

So I've seen a lot of people mention that they will wait until financial aid packages come out to make any decisions on which school to attend. Obviously this makes sense to me, but I was wondering how much a student typically gets in financial aid?? I mean, if it goes off of FAFSA (which we fill out w/o our parents info on it) then arent we all basically the same level of dirt poor?? What are the packages based off of then? Do you have to apply for scholarships? or is aid just rewarded after the school looks at your FAFSA? I am kind of under the impression that I wont get anything since im just a typical white male with no harship in my background. I really dont know anything about how this works and just want some info. Thanks

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[scarletgirl777]

So I've seen a lot of people mention that they will wait until financial aid packages come out to make any decisions on which school to attend. Obviously this makes sense to me, but I was wondering how much a student typically gets in financial aid?? I mean, if it goes off of FAFSA (which we fill out w/o our parents info on it) then arent we all basically the same level of dirt poor?? What are the packages based off of then? Do you have to apply for scholarships? or is aid just rewarded after the school looks at your FAFSA? I am kind of under the impression that I wont get anything since im just a typical white male with no harship in my background. I really dont know anything about how this works and just want some info. Thanks

I think that for institutional aid, some schools have more money available for loans with better interest rates. Also, some private schools especially have non-merit based money for grants that would go to even middle class people.

 

[Bacchus]

Any free money you get from a school will be based on you including your parent's info on your FAFSA.

 

[rockydoc]

Any free money you get from a school will be based on you including your parent's info on your FAFSA.

Really?? that sucks. but I was told by a school not to include your parent's info on the FAFSA. Now I have no clue what to do.

 

[Bacchus]

Really?? that sucks. but I was told by a school not to include your parent's info on the FAFSA. Now I have no clue what to do.

If you're only putting that school on the FAFSA I'd follow their advice. However, a majority of schools, I'd say, require it. Call the schools to inquire.

 

[Premed Worrier]

Really?? that sucks. but I was told by a school not to include your parent's info on the FAFSA. Now I have no clue what to do.

i have been told by the schools that i have interviewed at that you need to put your parent's information no matter what because some schools want it and some don't, and just because it is there doesn't mean each individual school is going to use it, but there are some schools that do want it...

 

[Premed Worrier]

oh yeah and from what i understand financial aid packages include all kinds of things, so if you have multiple acceptances i would follow the trend and wait (if the price is a major factor in your decision)

 

[DrYoda]

wondering how much a student typically gets in financial aid??

Financial aid for most people is primarily loans. Although some school give lots of grants and scholarships.

Do you have to apply for scholarships?

In some cases, but usually by being accepted you are automatically considered, you would need to check with the specific school about this.

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[rockydoc]

Thanks for the info. So basically it is safe to put your parent's info on the FAFSA (b/c schools can choose not to use that info anyway) and financial aid varies widely with each school (depending on what kind of grants they have). So on average, if you are lucky enough to get some free money, is it on the order of around a few grand? more/less?

 

[TMP-SMX]

Wayne's policy is that if yours/parental EFC is below 18k you have a chance for 5k in 5% federal Perkins loans and $9000 in Wayne's Board of Governor's scholarships. I got it for second year but not first. It says the eligibility straight on their financial aid website. I suggest you start searching. You definitely should fill out your parental info.

 

[biophysicianai]

does anyone know what happens if you work for a couple of years after college and are financially independent at matriculation?

 

[Premed Worrier]

does anyone know what happens if you work for a couple of years after college and are financially independent at matriculation?

nothing different than someone who has parents backing them..i was in the military for 5 years, on a job for a year, then went to school and i still have to jump through the same hoops

 

[Depakote]

this question would be best addressed in the financial aid forum. moving.

 

[midwesterner]

Is anyone seeing any major differences in financial aid packages from different schools? I was thinking we'd all get the maximum subsidized Stafford loans ($8500 or so right?) and the maximum unsubsidized Stafford ($38500 or so), unless we're so wealthy that we don't qualify for the subsidized portion at all.

 

[TMP-SMX]

Is anyone seeing any major differences in financial aid packages from different schools? I was thinking we'd all get the maximum subsidized Stafford loans ($8500 or so right?) and the maximum unsubsidized Stafford ($38500 or so), unless we're so wealthy that we don't qualify for the subsidized portion at all.

Some get partial scholarships, others get full scholarships, and others get need-based scholarships/grants. (Not too many people though).

A vast majority of students do get the full $8500 of subsidized loans. If you get the max sub loans then you get $40,500-$8500 in unsubsidized loans. $32000 unsub and $8500 sub.