I'm a Dummy

[lmgonza2]

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Okay so I can get through the DAT but Financial Aid is a foreign language to me! I need an idiots guide to FA.

-What are the differences between the most common loans out there? (Stafford, subsidized, unsubsidized, etc)

-When applying to FAFSA what loans am I applying for?


I'm drowning in a sea of paper work and trying to get through my taxes so I can estimate my income.
-Will I get less money cause i'm married and worked for the past year?
-UNC wants my parents info and i'm married, doesn't this seem kinda weird?
-And if i need there tax info then i have to press them to hurry up also!

- Alot of people said to estimate even parents info and adjust later. Can this be done? and How? ONce I do it online am i allowed to adjust later and resubmit?

Help!

 

[mpp]

Although the FAFSA is a federal form, the schools use the information on it to determine your eligibility for all types of aid: scholarships, grants, and loans. The output of the FAFSA is your Expected Family Contribution (EFC). Your EFC will be higher since you worked last year and you may have some savings that must be reported. The school will have determined a set annual budget which includes tuition plus living expenses. From this annual budget they will subtract your EFC and then provide for you a package to make up the rest.

The first loans that all schools will provide for you are Stafford loans which come in two flavors: subsidized and unsubisidzed. THe school might use your EFC to determine your mix of subsidized vs. unsubsidized. They may use your EFC to determined elegibility for institutional grants and loans as well.

Even if your EFC is very high, they will probably still provide you with some Stafford loan money if you want it.

Although you want to get your FAFSA in early, don't stress over it too much...it is still very early for that kind of stuff.

 

[lmgonza2]

Thanks for the great info....

You're helping me breathe a sigh of relief! I've almost got the taxes and worksheets filled out....my concern is getting my parents on the ball.

This sort of stuff is so foreign to them, they don't understand the sense of urgency....so i need to try to crack the whip on them.

can they just estimate their income from the year before since their jobs are the same and not much has changed?

 

[mpp]

That should be fine.