need some help with my FAFSA

[eLiTeGoodGuy]

Can anyone explain to me how a FAFSA works?

I wanted to go back to school and finish up my degree.

I was told by my school to go online and fill out a FAFSA.

I did, and I have no clue what it means.

My wife and I combined made 40k last year, school I'm considering going to is around 18k a year. and it says my Expected Family Contribution is $10,572 (estimate for now till things are approved)

Does that mean I have to pay 10k while I'm going to school FT?

 

[miniMUNCH]

No it doesn't. It means they'll try to hook you up with some grants (maybe).

The main thing is...you'll be eligible for student loans once your in school/accepted because you filed your FAFSA.

I just finished my FAFSA, etc. so I can get a little loan to suppliment my stipend.

What you going back for and where to? I went back after 4 years out of school and just finished my first year...I'm lovin it.

Cheers!

 

[eLiTeGoodGuy]

Originally posted by: miniMUNCH
No it doesn't. It means they'll try to hook you up with some grants (maybe).

The main thing is...you'll be eligible for student loans once your in school/accepted because you filed your FAFSA.

I just finished my FAFSA, etc. so I can get a little loan to suppliment my stipend.

What you going back for and where to? I went back after 4 years out of school and just finished my first year...I'm lovin it.

Cheers!

well they said because of what we made combined we wouldn't qualify for Grants (not sure why 40k between 2 people is not alot of money)

Goin back to ECPI in VA. I went there about a year ago, stopped going cause my parents were paying $1685 a month for it and to me it was a waste. Finally I figured I'd finish it up instead of throwing away the money that we've already paid for.

 

[Heisenberg]

The EFC is more or less a rating of where your need ranks. I don't begin to understand how it's calculated or what it really means, but basically it determines what type of aid you qualify for. Even if you don't qualify for grants, you can still get the loans. There's basically two types, subsidized and non-subsidized. With the subsidized, the government pays the interest as long as you are in school. So it's essentially "free" money as long as you're in school. The non-subsidized, you start having to pay interest right away. So obviously subsidized are better, but the amount is less. Once your application is processed, the school's financial aid office will contact you and you can decide which loans you want to accept and the amount. Then you'll have to go online and fill out the master promisory note, and take some silly quiz telling you not to blow the money on prostitutes and gambling. Then eventually you'll get the money itself. HTH.

 

[Syringer]

Originally posted by: eLiTeGoodGuy
Can anyone explain to me how a FAFSA works?

I wanted to go back to school and finish up my degree.

I was told by my school to go online and fill out a FAFSA.

I did, and I have no clue what it means.

My wife and I combined made 40k last year, school I'm considering going to is around 18k a year. and it says my Expected Family Contribution is $10,572 (estimate for now till things are approved)

Does that mean I have to pay 10k while I'm going to school FT?

Yes. The amount of money they give you in grants and loans equals cost - EFC.

 

[gsaldivar]

oops