I know that there is a formula, but I would like to know what it is.
2006-11-11 16:12:41 · 4 answers · asked by Anonymous in Education & Reference ➔ Financial Aid
Hello,
Just as the last responders noted, it is mainly based on the income level, area you live and dependenscy as well...
Basically after filling your FASFA the government determines what the EFC (expected family contribution) will be... From there you may qualify for financial aid right off the bat.. Anyting left over needed to pay you ar your parents can take out additional student loans for,,,
Loans you take out will be considered staffors or direct loans... Loans your parents take out are called Plus loans....
Both can be used to pay for your education...
What i suggest is calling myself or another licendsed student loan advisor to give you more detailed advice...
Then you will know exactly wha tyou qualify for and can determine what to do from there...
I work with Sutdent Aid lLending.. We are licensed nationwide and are administered by the Department of Education...
I would be happy to assist you with your federal student loans...
Feel free to call or email me at any time...
Good Luck,
Jason Fry
Student Aid Lending
1-800-964-0642 Ext. 114
jasonf@studentaidlending.com
2006-11-13 03:29:34 · answer #1 · answered by Student Loans 4 · 0⤊ 0⤋
I don't know the specific formula or anything, but they base it on a lot of things, your income, your parents' income if you live with them, and if you have children of your own. If you have any kids then most likely you will get a large portion of help to pay for your college education.
You can just go to the website if you want to apply for grants, it is www.fafsa.edu I think. Student loans are based on financial need and how much money it would actually cost you to go to school and then they set a maximum amount you can borrow and it is usually disbursed in portions to help you cover your expenses for the school year.
2006-11-12 00:22:17 · answer #2 · answered by jennnnn 4 · 0⤊ 0⤋
It is based on your parents and your income from the previous year, adjusted for siblings in school and other adjustments. The formula is different and without knowing your exact deduction amounts you can not figure it out. Make sure you fill out the FFAFSA form completely and add in any extenuating circumstances.
2006-11-12 00:17:29 · answer #3 · answered by fancyname 6 · 0⤊ 0⤋
go to this website: http://www.finaid.org/calculators/finaidestimate.phtml
you can play around with this website to determine what your efc will be. Need base money is the cost of attendance at your school from your efc. good luck
2006-11-12 00:57:12 · answer #4 · answered by sunshine23511 5 · 0⤊ 0⤋