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how does financial aid/federal loans work?
- Thread starter zixxer
- Start date
This should help se7enty7: http://www.fafsa.ed.gov 🙂
VictorLazlo
Senior member
When I went to college, the school gave me a grant which paid half my tuition. I qualified for a Pell grant, Stafford loan, and perkins loan to pay the other half plus living expenses. If you go into the financial aid office and sit down with a councelor, they can help you workout a plan to pay for college. I'm sure you qualify for all sorts of financial aid.
AccruedExpenditure
Diamond Member
Oh goodness, you should be swimming in financial aid.
dullard
Elite Member
With your family income in the $7000-$8000 range yearly you WILL qualify for full tuition coverage (loans you pay back), PELL grants (free money you don't pay back), work study (minimum wage crap paying jobs but you often just sit around and if you use that time to study you'll do well in school), and some loans to cover living expenses (loans you pay back).
With that income level, all of the loans will be subsidized - meaning the federal goverment pays your loan interest for as long as you are in school - 0% interest for many years is the best type of loan possible.
Of course if you have a drug history or financial abuse history then you qualify for nothing...
Rich people can afford college because they are rich. Poor people can afford college since they get 0% loans to cover everything. Middle class people can afford college if their parents help. The only group who cannot afford college is middle class kids with parents who won't pay a dime. (Ok they can afford college but only with exeedingly expensive bank loans).
With that income level, all of the loans will be subsidized - meaning the federal goverment pays your loan interest for as long as you are in school - 0% interest for many years is the best type of loan possible.
Of course if you have a drug history or financial abuse history then you qualify for nothing...
Rich people can afford college because they are rich. Poor people can afford college since they get 0% loans to cover everything. Middle class people can afford college if their parents help. The only group who cannot afford college is middle class kids with parents who won't pay a dime. (Ok they can afford college but only with exeedingly expensive bank loans).
dullard
Elite Member
Yes, student income is a major factor. Very rarely does a 19 year old have 20k-30k salary while in college and at the same time can honestly say "I seriously cannot afford college". College at a major university starts at ~$3k a year (tuition + fees + books). You CAN fit that into your budget. With a 30k salary, that would change most of my conclusions in my post above. But you still should fill out a FAFSA and find out what you will get (it doesn't hurt to fill it out, and it is free).