Jenny asks…
What happens to FAFSA if I drop a class and become a part-time student?
My aid has already gone through my school, but I’m basically failing a class and I can’t afford it to bring my GPA down, so I’m thinking of dropping it, but if that is the case, I will have less than 12 credits. Will FAFSA make me start repaying my loans if I do so, even for just a semester?
I’m a second year. I don’t have many withdrawls or retakes, but I definitely don’t have the greatest GPA in the world right now (2.7) and I need to get it up to at least a 3.0. I’m planning on talking to an advisor this week for sure, and my professor for the course, but I just wanted to know how it will work with FAFSA. I’m going to be taking 12+ credits the rest of my academic career, but it’s just working out with my schedules that I don’t need many credits each semester, so that’s why it will be down to less than 12 credits. I know they make you pay if you drop out of school, and I know they don’t give out aid to those who are going to be part time students (less than 12 credits). So that’s my concern right now.
Michelle answers:
You may lose some of your aid. But, as long as you’re going to school at least 1/2 time, you’ll still be eligible for aid through the FAFSA.
Michael asks…
If I start a fafsa application and start over will it take my spot?
I started my Fafsa application in january and i never finished it. I tried to submit it but it kept telling me that i couldnt so I was thinking about starting all over. But i dont know if doing that will take my spot in line or if it would stay the same. Please help!
Michelle answers:
Your “spot in line” is not there until you complete it & submit it
Mary asks…
Who should claim the money on my FAFSA form?
My father and I share a savings account. On my FAFSA it asks seperately for each of our total checking & savings accounts. Who should put the money as theirs on the form?
Michelle answers:
What they’re going for is to see if you have a ton of cash in savings. You can list your father as the owner of the account. Both of your income have an impact on the FAFSA, so it doesn’t make a ton of difference.
Now once you fill out the FAFSA, look to see what your EFC is. That stands for Estimated Family Contribution. This is the amount that the Pell grant will not cover. If it is zero, then you have a full Pell grant.
If your EFC is anything but zero, be sure and visit the financial aid department of the college you’re going to. There are times that they can make a “professional judgement” (be sure and use those specific words) and help you further.
One last thing: if you’re going to attend a state school, most of the time tuition costs can be offset by a part-time job. If at all possible, get out of school debt free!
Good luck!
Richard asks…
How much money does FAFSA usually give to college students?
I’m getting ready to apply for FAFSA for San Francisco State for next fall. This is my first time doing so and I’m wondering about how much money FAFSA usually gives to each student.
Michelle answers:
FAFSA / the government and your educational institution determine, based upon a formula used to interpret your ability to pay, from your tax returns / parents tax returns, investments, and other assets, how much $ you qualify for in government sponsored grants, and / or loans.
No one here can even give you a close idea as to how much you will ‘get’ – because it depends on your program cost, and the information I listed above re: your income and assets.
If you went to high school and graduated from a ‘distinguished’ program (AP classes and sl more credits then is required in general), you can qualify for an ACG (academic competitiveness grant). These usually are a few hundred dollars to perhaps a thousand per year (NOT semester).
A federal pell grant is available, and usually granted to those who come from low income households, where – once you complete your fafsa, will have a very low or 0 efc, or “expected family contribution.” I believe PELL grants have been increased to a little over $5k, distributed at several times throughout the year to your institution’s financial aid office. You may qualify for a full PELL, or only a partial, but hey, free money is free money, and less you have to take out in loans! Also remember, whatever EFC the government gives you, doesn’t mean you’ll end up coming out of pocket for that much $$, but it IS a pretty good indicator of what you may have to pay on your own. If you will have to – just make sure you make timely payments to your institution by the due date, otherwise they’ll refuse admission to your next semester’s classes until it’s paid. Communication with them is critical!
GSL’s – or guaranteed student loans, are federally sponsored, and come as Stafford Loans, subsidized and unsubsidized. Subsidized are those loans where the government will pay the interest while you are in school, unsubsidized are those which start accruing interest the minute you take them out. You can either make the interest payments, or they’ll tack them on to the back of your loan.
As a first year undergraduate, if they haven’t changed this amount, you should qualify for up to – geez, i forget – sorry :(.
Most institutions also have scholarship funds, merit and need based, and they usually have endowments from which they can give loads of money – spread across many students. Endowments are big pots of $$ that people have given to the institution either as an alumni, or just to be good people and have the ability to write off some of their cash.
To get a realistic idea as to how much you will be awarded, you should check out the website http://www.fafsa.ed.gov for detailed information on how much in loan funding you can qualify for – for each ‘year’ of college (freshman, sophmore, etc), and you can also check out http://www.fafsa4caster.ed.gov/ – to get a better idea of how you will fare initially.
The fafsa.ed.gov website contains a wealth of information, and if you have trouble finding it all, call 1-800-4-fed-aid, 24/7. Their agents are very understanding and very capable of explaining anything to you, as they’re trained that way because they know the information they share has to be ACCURATE.
Good luck, and I hope this helps!
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