2006-09-08 09:21:10 · 8 answers · asked by Anonymous in Education & Reference ➔ Financial Aid
do they take into consideration any mortgages and debts your family has, even if they are well paid?
2006-09-08 09:40:18 · update #1
FAFSA forms are the initial forms you fill out that help the government decide eligibility for financial aid. Once it has been determined what grants (which are free money, that doesn't need to be paid back), then other avenues of financial aid can be determined.
All loans must be paid back, and the government just announced that the interest rate is not longer variable but fixed. Which means the interest rate will not go up over the course of your loan. This is huge since the interest rates for everything else keep changing (like mortgage rate, car loan rates and credit card rates). The two biggest loans for students are the Stafford loan and Perkin's loan. Your parents can also apply for the federal PLUS loan which is a loan that your parents take out for you to go to school.
The really good things about college loans, aside from the fact that you are going to college and enriching youself, is the interest rate is super low, it helps establish credit in your name and the loan payments do not start until 6-9 months AFTER you graduate from college. Hopefully, you'll be working and making great money in your career by then. The minimal payments are usually between $40-$60 a month but you can always pay more to shorten the term of your loan.
It is also a good idea to not only check with federal grants but also state grants. Also, look into scholarships on the web, in your community and even in your school. Go to www.fastweb.com and check out ALL the scholarships they have to offer! Good luck. College will truely be THE BEST YEARS of your life!
Can you tell I'm a college recruiter?!?!
2006-09-08 10:52:22 · answer #1 · answered by rasta-girl 2 · 2⤊ 0⤋
Some is and some isn't. It depends on a lot of things such as how much income you (or your family if you are under 21) make. If you are low income you will get more grants that you don't have to make than you will if you or your family are well off.
You don't have to pay the loans back until after you graduate though. That helps because by then (theoretically) you now have a job in your new high paying feild.
The Fasfa is also used by your school when they are considering you for scholarships.
2006-09-08 09:27:55 · answer #2 · answered by Anonymous · 0⤊ 0⤋
once you prepare for FAFSA, you're utilising for any govenrment help it incredibly is attainable. it rather is for the two backed as properly as unsubsidized loans, can provide, etc. FAFSA is earnings based, hence all money granted relies on your earnings. Any FAFSA money granted does no longer could be repaid and is not any longer seen a private loan. besides the indisputable fact that, maximum faculties use your FAFSA to circulate forward and prepare you for student loans from inner maximum lenders, those incure interest and could desire to be paid decrease back.
2016-09-30 11:46:42 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Not always. If you qualify for a grant, that is what you will get. If you don't qualify for a grant you will get a loan. You can also go the route of doing student work at your school to pay for your tuition. The FAFSA form just gives the college an income baseline to qualify you with.
2006-09-08 09:27:53 · answer #4 · answered by Lola 6 · 1⤊ 1⤋
Financial aid can also be in the form of grants that do not have to be paid back and work-study which does not have to be paid back.
2006-09-08 14:46:47 · answer #5 · answered by Gypsy Girl 7 · 0⤊ 0⤋
No it is not the form to pay back loans. It is the form that is from the government that will help you get money to help you through college. It is good for you to fill it out. And it will determine how much income is in your house hold, this will determine much money the government will give you.
2006-09-08 10:16:37 · answer #6 · answered by I'Shanna 1 · 0⤊ 2⤋
There's all different kind of aid they will offer you. Pell grants is money you don't have to pay back. Subsidized loans you do have to pay back but there is no interest. Unsubsidized loans you have to pay back with interest. Then, there's private loans and work study programs they will offer you.
2006-09-08 09:24:04 · answer #7 · answered by surfinthedesert 5 · 1⤊ 1⤋
If it is a loan you are required to pay it back, but if it is a grant, it is pretty much a gift.
2006-09-08 09:26:55 · answer #8 · answered by KELLY 2 · 3⤊ 1⤋