by July 12th, 2010. Filed under: Financial Aid.
Jessica asked:
my efc was 1820, i’m an independent student living with my parents:
my efc was 1820, i’m an independent student living with my parents:
i filled out my fafsa pretty late so i don’t know that i will get any financial aid from my school this year. i have to pay 8000 dollars this semester. do government loans usually cover that much need?
someone told me i’d have to look into private loans because the the stafford loans wouldn’t cover all of this.
also, does it allow you to take out loans each semester? or when you apply is that for the whole year?
thanks!
Create a video blog…instantly.
Filed under: Financial Aid
July 13th, 2010 at 10:17 am
Caffeinated Content – Members-Only Content for WordPress
he/she is correct!
July 14th, 2010 at 12:19 pm
Caffeinated Content
I believe you can do loans for the entire year or for the semester. But yes…with Fafsa, the later you apply the less you recieve. But you should be able to find out through your schools financial aid office how much government subsidized and unsubsidezed loan coverage you will recieve. This will help you determine if you would need to take out a private loan.
best of luck,
apply early next year =)
best answer?
July 17th, 2010 at 11:37 pm
Kansieo.com
The fafsa should get you the right amount of student aide for the school you are going to. If grants are not enough or just not there it will give you enough loans to cover it. The money it gives you is for an entire year and I cant stress the importance of filling it out before the deadline if you qualify for grants then you have to hit the deadline to get them. Otherwise you will get loans for the school year.
July 19th, 2010 at 4:32 pm
Create a video blog
Hope this helps.
Thanks.
July 21st, 2010 at 5:30 am
Caffeinated Content
Independent max Stafford loans are as follows.
7,500 for freshman
8,500 for soph
9,500 for Jr’s and Seniors
These are yearly amounts. Your school would get half of the above amount in the fall and half in the spring. When you apply, you apply for both the fall and the spring. Summer is usually additional paperwork.
With that low of an EFC, you should also get a partial Pell grant, but not enough to cover the excess. Cross your fingers and hope the school offers you a Perkins loan and a state grant as well… but you would only get these if you did your fafsa VERY VERY early. (Feb and March is early)
You can attend many many many good schools for these amounts. With this EFC you could attend college virtually free at a normal costing school. Private loans are evil and so is the “consolidation” hype that is pushed so much as well. Find a cheaper school. Hopefully yours isn’t online.