David asks…
FAFSA resullts, why did I recieve different amounts of financial aid at the schools I applied to?
I just got my FAFSA report back from both colleges I applied to. I got 2000 more dollars in loans at Oklahoma State University than I got at Texas A&M. Why are the amounts different if the tuition costs are roughly the same?
Nagesh answers:
If you are talking about your “Award letters” from both schools then you must understand that your awards WILL be different from school to school. Usually the difference is in state aid (if you are a resident of Oklahoma you likely qualified for state aid there). Or sometimes the school will automatically offer you a Subsidized Stafford loan, while NOT offering you the UnSub Stafford loan. Texas A&M may make you go back and ASK for the UnSub loan. Each school has its own awarding “standards” and they are not uniform and VERY situational to YOU like how early you did your fafsa and how quickly you turned in all your paperwork to each school.
Also, if you are comparing schools from different states the “Cost of Attendance” may be significantly higher at one, causing the amount of parent PLUS loans to be a great deal more.
Without more knowledge of what you are being offered, it’s hard to tell, more info would be helpful. There are certain federal aid you get that will be uniform no matter what school you attend, but not all, esp state and school aid will be the same. ALWAYS look at the bottom line of how much the school is going to COST you in the end (loans and cash) rather than how large your aid package is.
Good luck.
Betty asks…
How does dropping and fafsa work in the UC system?
If I were to drop out from UCLA after just one quarter, how would that work? I got a loan of 3,500 and fafsa was going to cover the rest, so would I be able to drop out after the first quarter? If so, will I still have to pay for the entire year of dorm, meal, and tuition or how would it work? Also, if I were to want to start a cosmetology school instead will fafsa help me out? Please, only answer if you are sure of how the system works. Thank you.
Nagesh answers:
Everyone’s first semester in college you’re on probationary status, and by dropping your classes the college isn’t allowed to disburse FAFSA financial aid (student loans or grants) in your name. So you will have to pay that money back before you’re allowed to be eligible for aid in the future.
Cosmetology schools are not eligible for financial aid.
Sandra asks…
How do I reduce my EFC legitimately for FAFSA and CSS PROFILE?
How do I reduce my EFC legitimately for FAFSA and CSS PROFILE? Can I reduce my EFC by not reporting certain savings and investiment assets that aren’t verifiable? If not, what other legitimate ways to fill out FAFSA and CSS PROFILE such that I get the lowest EFC?
Will shifting student’s savings and assets to parent’s savings and assets help reduce EFC?
Nagesh answers:
You have to and must put down everything into the FAFSA and the amount for everything must be the truth and exactly the right amount. If the government, IRS .. Those people that find out that you cheated, it would be a big trouble.
The only way for the EFC to go down – it would be one of your parents quit their job and not working. Even if your parents are divorce, I think you would have to still report the other parent.
Chris asks…
How long does it take to receive fafsa money?
I sent in my fafsa over a month and a half ago and i haven’t received anything in the mail. How long does it take for the money to come. My school has contacted me and i turened in all the extra paperwork they needed; but i need this money now! how long will it be?
Nagesh answers:
Wow I doubt you will get any soon this process is supposed to be done as early february to get money this school year. I applied for fafsa in March and didnt get the money to my school until one day before classes started
Carol asks…
How long does it take the online fafsa to process?
I already completed my fafsa online but when do I get the grants or loans?
Nagesh answers:
It takes FAFSA about 48 hours to process your application. However, FAFSA doesn’t award you anything, your school does. Your information will be sent to the school that you indicated on your FAFSA. They will then put together your award letter. This can take your school up to 8 weeks.
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