General FAFSA

[scrubswannabe]

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So I filled out FAFSA and TAP. I never received financial aid before so I was just wondering how the overall process works.

Now that I've filled these outs the Government will calculate my needs and send it to the school?

When does the school get back to me and tell me for example, "oh you can take out 8500 in subsidized stafford, this much in unsubsidized, etc"


Also, what's the deal with 6.8 percent interest rate. Am I supposed to be happy to get that?

 

[mx_599]

Also, what's the deal with 6.8 percent interest rate. Am I supposed to be happy to get that?

well, it's not 2.8

but it is certainly not 12.6

honestly, it is right about where all my loans round out to be.

now i just need to formulate my master plan for not paying it all back...

 

[pem8erly]

Financial aid award letters are usually sent out after you've been accepted to a school.

 

[netminder]

Financial aid award letters are usually sent out after you've been accepted to a school.

What about for people who were accepted in September? FAFSA doesn't become available until January.

 

[TMP-SMX]

The school has to finalize their budget and then decide from there. It usually happens by late spring but really depends on the school. You will know how much subsidized stafford you get by looking at your personal EFC. Take a look at your estimated budget (cost of attendance) from your school and subtract the EFC from the CoA. If this number is $8500 or above, you get the full amount of subsidized loans.