Someone help me with my financial aid dumbness!

[DownonthePharm]

This whole financial aid process is new to me because I was lucky enough to have parents who could support my pre-pharmacy years, however this leaves me totally clueless about how this works and I am nearly in a panic and hoping some nice soul will give me some guidance.

My husband and I have both worked for the past year, so right now the FAFSA said we need to contribute like $15K each. But we are both starting school this year, him in June, myself in August and won't be able to work. My school estimates my expenses at $32k a year. So somehow I need to be able to come up with this money. Neither of our parents will qualify to co-sign a private loan. I would love to apply for scholarships, but it looks like my school has none for anything less than an incoming P2.

So I heard about these Stafford and Perkins things. Problem is they mostly all say NEED BASED on them. Well, Im quiting my job August 1st, and I will be in plenty of need after that time, but will an ammended FAFSA get around in time to help me out by the end of August? Does it go to the school, or to some governement headquarters? At what time should I be applying for all this?

Arrrrgggg.... understanding money is not one of my strong suits..... Will someone who has been through this explain this whole concept to me using very small words, and perhaps pictures.

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[farmskool]

There are 2 types of Stafford loans. Subsidised and unsubsidised. Unsubsidised has nothing to do with need. You will/should qualify for this. I believe everyone does. It basically means your loan will accrue interest. The amount you will qualify for is set by the school. They should award you the price of tuition,books, and some living expenses. Bassicaly enough for school and a pack of ramen noodles every once in awhile.
My expected contribution is about what yours is, due to my wife, and I have not had a job in 2 YEARS!
Even if you quit your job in august, the FASFA is based on last years income. You will fiil a new one out every year.

 

[Snowcat]

Normally, your school should be able to provide you with a financial aid adjustment request form. On this form, you would explain your current financial situation and etc., and the school will bring your case to their exceptions committee. That should hopefully help get your federal aid (and institutional aid) upped.