When schools accept u, and you fill out a fafsa form, and they give you money, are you required to pay all the money back. Or is some free? how much are you expected to pay back?
2007-01-22 17:34:05 · 6 answers · asked by Anonymous in Education & Reference ➔ Financial Aid
Some money is free in the form of grants and other money is given to you in the form of loans. By filling out the FAFSA the government has a calculation method to figure out how much expected family contribution (called the EFC) you should be able to raise for your education and the difference between your EFC and the cost of your college education is how much aid you are available for. However, the government is not going to come up with all the money for you and you might have to apply for additional grants or your college if it can may have additional funds it can spare (some from additional federal grant money).
Good Luck!!!
2007-01-22 17:42:53 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you get money and they are listed as grants, i.e. Pell Grants, then the money is free to you. You do not have to pay this back.
They may also offer you loans, those you would have to pay back, and usually depending on the type of loan, you don't have to start paying until 6 months after your degree date.
Then there's also work-study that they may offer you. This is a program where you can try to find a part-time job on campus and they would pay you a certain amount per semester.
You should go to the financial aid office on your campus. they should be able to answer your questions.
2007-01-22 17:45:06 · answer #2 · answered by erazgal 1 · 0⤊ 0⤋
Generally when applying for FAFSA you do not have to pay back, it is financial aid, as opposed to Student loans, if you have a student loan, then yes, you have to pay it back usually after you graduate, FAFSA usually provides you with money for tuition, books, housing, and a computer if you do not have one. it is a way for lower income families to get a higher education.
FAFSA is run by the government, and thus, is based off your tax information.
2007-01-22 17:42:57 · answer #3 · answered by Kitterkat 5 · 0⤊ 0⤋
If you qualify for a grant [and accept the money], you do not need to pay the money back.
If you qualify for a loan [and accept the money], you need to pay the money back, plus interest.
The FAFSA form looks at your tax forms and calculates how much money you can provide for yourself compared to how much money you need for tuition [and other school necessities]. The difference is given to you in the form of a grant and/or loan.
2007-01-22 17:41:43 · answer #4 · answered by Anonymous · 0⤊ 0⤋
ABSOLUTELY NOTHING FOR ME!!!! they based mine on my parents income b/c i'm under 25, unmarried w/ no children DESPITE the fact that i live alone and work to support myself through school!!! My parents have money but yet won't help w/ school and because of those conditions I'm still considered they're dependant.
2007-01-22 19:00:32 · answer #5 · answered by tara21785 2 · 0⤊ 0⤋
financial aid is free loans u have to pay back... Fasfa i believe is for financial aid
2007-01-22 17:42:09 · answer #6 · answered by undercovernudist 6 · 0⤊ 0⤋