Paul asks…
If the FAFSA app needs to be in before February for scholarships can we estimate income?
To qualify for scholarships the FAFSA app needs to be processed before February but taxes won’t be done until over a month later. Can we give a qualified estimate of income for the year? Also, if we make too much money is it more likely we will be turned down by scholarships offered directly by colleges even if the grades meet their scholarship criteria.
Michelle answers:
Most people submit their FAFSA using estimated taxes based upon their prior year tax return. So yes, you may estimate your taxes and you should so you get first in line for financial aid, as some states in particular grant aid on a first-come first-served basis until the funds run out.
Some scholarships are need based and some are merit based. Some colleges only provide need based financial aid, while others provide both. There are also outside scholarships – again some are need based and some merit based. So for merit based scholarships, your income does not matter. Also, even families with income over $100,000 may qualify for some amount of financial aid, so always apply and you might be pleasantly surprised.
Good luck.
Mark asks…
Do you need to fill out the Fafsa to take out a private loan?
I took out a sallie mae private loan that was approved already and I was even given a disbursement date. The problem is when I called the college they said I should pay my tuition in cash, because they need me to fill out the Fafsa first? I thought private loans didn’t require a filing of the Fafsa? Does that make any sense to anyone? HELP. I don’t qualify for government aid because I didn’t take 24 cumulative credits last year. Thanks.
Michelle answers:
It sounds like the person at the school is confused. Probably heard you say sallie mae and saw you hadn’t done a fafsa.
It’s not needed for private student loans. The money will be sent directly to you and you just pay the bursar cash.
Jenny asks…
Can an illegal immigrant be deported if if you put that information on fafsa?
Im a legal us citizen applying for Fasfa. I only live with my mom who is not legal, if I put that information on my fafsa, will she get introuble for that? Can I trust it to put that infromation?
Michelle answers:
Unfortunately, because your Mom is not legal, you will either have to pay out-of-pocket, wait until you are 24 or otherwise meet independent student criteria (per FAFSA… Example being join the military)
Mary asks…
Will changes on fafsa hurt my finanicial aid?
I already filed my fafsa but i had to make some really minor changes on it and then re-submit it.
If it is re-submitted after the deadline will it be accepted?
I submitted the originall fafsa on time, but the re-submitted one is past the deadline.
Michelle answers:
Sabriel:
First of all, I would encourage you to make any necessary changes – 30% of all FAFSA applications are randomly selected every year for a process known as “verification”. If your FAFSA is chosen, you’ll receive a letter from the financial aid office, asking you to document some of the information that you provided on the FAFSA. If the numbers on the documents don’t match the numbers you provided, your school will be required to redo your aid analysis, and you could wind up with a very different aid package.
If your changes are as minor as you’ve suggested, the changes probably won’t have any effect on your aid offer. To be very honest, a student with an EFC of 7101 is going to be offered pretty much the exact same aid package as a student with an EFC of 10304.
The only situation where you might worry about how those changes will affect you would be a situation where you had an EFC very near 4041, the cut-off for qualifying for “need-based aid”. If a student received an initial EFC of 4038, and made minor changes to his/her FAFSA, it’s quite possible that the new EFC could “jump” to 4052, a change that would make that student ineligible for a Pell Grant.
Unless you’re hovering right around 4041, you won’t have anything to worry about when you correct your FAFSA. Good luck!
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