Northridge offered me an unsubsidized loan of $5,500. However, under Financial Aid and Scholarships, they state:
“Your financial aid award will also be posted as anticipated aid on your My Checklist in the myNorthridge Portal. If you are offered loans, you must accept them through My Checklist. Once you accept your loans, the amount will appear as actual aid on the myNorthridge Portal. Your fees and other charges will be deducted from this amount.”
I’m confused. Accepting the loan means that I have to pay the money back, right? It’s not coming from FAFSA?
FASFA does not give you aid. FASFA determines if you are eligible for Federal aid. Since you are being offered an Unsubsidized loan, you are not eligible for free Federal aid (Pell Grant) but you may be eligible for California state aid in the form of a Cal Grant.
What is your family EFC from FASFA?
http://www.csac.ca.gov/facts/2016-17_income_and_asset_ceilings.pdf
Accepting the loans means you will have to pay them back after you graduate college.
Your EFC is higher than the cost of attendance for CSUN, so all you will be offered is the Unsubsidized Loan.
It’s just telling you that you have to affirmatively accept the loans in the portal. Once you do that, you’ll have to do some online loan counseling and complete the Master promissory note. Then, no sooner than 10 days before the term starts, the school will post the loans to your statement.
There are some types of student aid that they assume you wouldn’t turn down (grants, scholarships, Pell, talent) and those will be automatically accepted in your portal. Loans and work study usually require a checkmark.
If you change your mind, they can back out the loans, even after they are funded.