Betty asks…
when you get Fafsa do they send you the check or the student loan company?
When you get Fafsa do they send you the check or the stunded loan company?
Michelle answers:
FAFSA doesn’t send anyone anything. It is simply the name of the federal application. When you fill it out, the Department of Education sends your information to the school. The school determines your eligibility and sometimes asks for further verification.
If you qualify for grants or loans, that money is sent to your school from the Department of Education to help pay for your costs. If there is extra, the extra is sent to you from your school.
Read this book, it will help.
Http://studentaid.ed.gov/students/attachments/siteresources/FundingEduBeyondHighSchool_0910.pdf
Lizzie asks…
How long does it take to make a correction to FAFSA after you just corrected it?
I was looking at my information after I submitted my FAFSA and notice there are some wrong information, so I tried to go back and correct. However, the website didn’t give me the option to do that. It says the correction was processed so why can’t I change it.
Michelle answers:
You have to wait until your original FAFSA has been processed before you can go back and make corrections. It usually takes 24-72 hours for your FAFSA to be processed. You should get an e-mail when it’s ready for you to make corrections.
Carol asks…
Does making corrections to a processed FAFSA make the colleges receive it later?
My FAFSA was processed yesterday on the 24th, but today I had to make a correction. On the site, it still states that it is processed, but I’m worried. Will this one correction delay my colleges from receiving my fafsa at all? Or are the corrections automatic and don’t make the college receive it any later?
Michelle answers:
Every time a person makes a correction to a processed FAFSA it will delay the school in processing your financial aid. Depending on the school, they’ll get the first transaction any where from 24 hours to up to a week or more later. So, if you have to correct it, say, five times………do the math.
When you make the corrections you want to print out the summary and the confirmation page (which will contain the EFC – expected family contribution). If you want to speed things up, get those two things to the financial aid office immediately along with signed and dated copies of the tax information used to complete the FAFSA. The school should be able to process your paperwork with that information.
James asks…
When do I start taking out student loans and submitting my FAFSA?
I submitted my grad school applications for Fall ’13 but won’t hear about a decision until next year, so when do I start taking out student loans and submit my FAFSA? Before I hear back from the schools or after?
Michelle answers:
You will need to do the 2013-14 FAFSA, which is not available until January 1, 2013. Even if you don’t hear from the schools until later, you should still do your FAFSA as soon as possible after Jan 1. The aid cannot be disbursed until you enroll and begin attending classes, so if you decide not to attend a particular school don’t worry about them taking your aid.
A small correction on what Rob said. As a graduate student, you are automatically considered an independent, so your parents are no longer eligible to borrow a parent PLUS loan on your behalf. You could take a Graduate PLUS loan in your own name, however, if your credit is approved or you have a credit-worthy co-signer. In most cases, you would use a regular Direct Stafford unsubsidized loan before taking a Graduate PLUS, though. As a graduate student, you could borrow up to $20,500 per year that way. Using the Direct Stafford loan first makes sense because it would have a lower interest rate than a PLUS, and wouldn’t require a credit check or co-signer. You would only apply for a Graduate PLUS if you needed money beyond the aggregate limit for grads ($138,000, including undergraduate loans).
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