George asks…
At what income level does fafsa disqualify an independent student?
I am 26 and I am considered an independent student were they no longer need my parents financials. At what income level do they disqualify you for financial aid? I asked the financial aid office and they said they couldnt tell I have to apply and I am either denied some help or will be awarded some. There has to be an answere unless its. Top secret. Whats the formula for getting fafsa aid?
Michelle answers:
You are never totally disqualified for any financial aid from FAFSA.
Even if you make six figures, if you think there’s a chance that you might want to take out a Stafford Loan, then you need to complete the FAFSA. All students, regardless of income, are eligible for some money through unsubsidized Stafford Loans that don’t have to be paid back until after you graduate.
If you’re lower income, you may also be eligible for a subsidized Stafford Loan (where the government pays the interest while you’re in school), and possibly a Perkins Loan (government also pays the interest, which is typically lower). The very lowest income may make you eligible for a Pell Grant (which does not have to be paid back).
But, even unsubsidized Stafford Loans are considered financial aid because of the low interest rate and the fact that you’re guaranteed to get something (unless you have other government loans in default). So, definitely complete the FAFSA. Https://fafsa.ed.gov/
Joseph asks…
Do you have to apply to a different fafsa form summer session?
I need to take a summer class to advance. Do you have to fill out a summer form or does the fafsa that you fill out for 2011-2012 is all you need to do?
Michelle answers:
Each FAFSA covers the academic year from July 1 until June 30 of the following year. If you want to use money just for the summer, you can fill out the 2010-2011 FAFSA and use that money for the summer.
If you already did that for the past school year, you can ask your school if it would be possible to set money from your 2011-2012 FAFSA to use for the summer.
Thomas asks…
If you have not chosen between colleges and still waiting for some admission decisions can you file fafsa?
Can you file fafsa to more than one school?
Michelle answers:
Yes. There will be a section of the FAFSA that asks where you’ll be sending it, and that page has something like three, four, or five slots to enter school codes. Even if you exceed the number the default form allows, I think there’s an option to add slots for additional schools. Pretty convenient!
Once you’ve chosen a school, they have your financial info and will offer you whatever loans/grants are available to you. You’re largely done with financial aid at that point unless you’re applying for specific scholarships.
The other schools that received your info will simply discard it if you don’t attend.
Mary asks…
how much money does fafsa give to students if they attend a community college then transfer into a university?
i am a senior in high school and i am planning to attend a community college this upcoming fall and then i will transfer into a university after two year at a community college. i am just wondering if fafsa will pay everything for me in my first year of school at a community college, since a community college is cheaper than a university or fafsa just going to pay a portion of the cost for me
Michelle answers:
FAFSA will pay a portion of your cost that is proportional to your Cost of Attendance and your income info. It may not be completely free, but the amount you pay should stay equal or go down between the two types. Sometimes it goes down, like for my friend, or sometimes it stays the same. It’s hard to tell until your school sends you your AID Award.
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