2. For any option can you pull out more money then you need for college for living expenses?
3. I have absolutely no idea on how it works, nada. Please explain in detail how both options work and if there are any other options out there that I could use?
Thxs
The FAFSA is an application for Federal Student Aid. Federal Student Aid includes PELL grant, SEOG Grant, ACG and SMART GRANT, Perkins Loan and Stafford Loans.
You complete the FAFSA at www.fafsa.ed.gov. FAFSA will then generate an EFC or expected family contribution. This is how much the Federal Gov't (FAFSA) feels your family can contribute to the cost of your education for one year. This information will be forwarded to any schools you listed on the FAFSA. The financial aid office will use that EFC to determine which types of aid how much aid you are eligible for.
Your school may also have state or instiutional money they can award you on top of your Federal Aid. In most cases, if your EFC is under 4000 you will be eligible for need based federal grants, if it is over 4000 you will be eligible for federal student loans.
As for living expenses, because you will live off campus, there will be extra above the cost of your tuition and fees built into your budget for living expenses. How much you actually receive will depend on the cost of your tuition and fees and how much you are awarded. For example, if your EFC is 0, you would be eligible for $4731 in PELL grant and $9500 in student loans for one year, for a total of $14,231. If your tuition and fees for the year is only $6000, then the rest you would be able to use for your living expenses (this would be the scenario at a public university or community college.) If your tuition and fees for the year is $18,000 (such as a private school) you would not have anything left over for living expenses, in fact you would have to pay the difference.
I would advise you to choose a few schools, complete your fafsa listing those schools on there and then see what type of aid package each school offers you, you can then compare your award to how much it actually costs for school and then make a decision.
Good luck
1. FAFSA is the application for a federal student loan as well as other federal and state grants. You do not have to worry about having a cosigner or passing a credit check for a federal loan. Federal loans are Stafford, Perkins, and PLUS loans.
2. Yes, your financial aid office will sometimes award more money than simply what your books and tuition costs, however not always will all of it be the "free" money. If your school is very expensive this may be in the form of a Parent loan or a federal loan.
3. The FAFSA is the starting process for all forms of federal and state financial aid. These are the best forms of fin aid. Just remember fafsa is not a scholarship application, you would apply for those separately.
Fill out the fafsa EARLY (early is 4-6 months before school starts not 2 weeks before school starts) and list up to 10 schools you want to attend. Your family income and info will then be sent to the schools you list. After you have applied for admission and been accepted the school will issue you an "Award Letter" detailing exactly what kinds and how much fin aid you will get.
Your financial aid eligibility is recalculated every year. So you need to reapply each year. As soon as you do your taxes and as close to Jan 1st as possible is best. Think Valentines day and you usually get it on time for the following Fall (Aug/Sept) semester.
Private (sometimes called Alternative loans) are evil and should be avoided at all costs.
Read this book cover to cover. It will help.
Good luck.
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