Ok I signed up for federal student aid from school and also applied for a private loan from a company. Will being qualified for a private loan affect my eligibility for the federal student aid from school?
2006-07-28 17:40:03 · 4 answers · asked by deep_crawl 3 in Education & Reference ➔ Financial Aid
i don't think applying for a private loan will effect your eligibility for federal aid...since all you did was APPLY for it...
2006-07-28 18:18:52 · answer #1 · answered by amy 2 · 0⤊ 0⤋
Here's the deal. The financial aid you get from your school by means of the FAFSA reflects your financial need. In cases where the financial aid does not cover your need, then you can take out private loans. With most private loans, payment isn't required until 6 months after graduation. These loans usually are paid directly to the school and must be certified by the school. You are allowed to borrow up to the cost of education and related expenses and in no way will affect your current financial aid. There are some companies that offer private where they pay the money directly to you. These usually aren't defered and it involves a lot of documentation. I hope this helps.
2006-07-28 20:47:16 · answer #2 · answered by Josh 4 · 0⤊ 0⤋
No it should not affect your eligibility. You should ask the lender if they require school certification. You should ask your school if they certify private loans. What will happen is your school will certify how much you have left in your cost of education after your federal aid. That is how much your private loan will be.
2006-07-28 20:01:59 · answer #3 · answered by Nicole P 2 · 0⤊ 0⤋
Most schools require you to disclose any other "outside" aid you are getting. It is 100% at the schools discretion if they want to lower the aid they give you because of this. Personally, I would just get the outside loan after accepting all of your aid from your school.
2006-07-28 18:20:14 · answer #4 · answered by FinAidGuy 4 · 0⤊ 0⤋