Hey everyone new to the forum, Im looking to go to college this fall so i completed the fasfa as recomended. My efc came out to 9700 based off of last years taxes which is fine except for the fact i lost my job and im collecting unemplolyment currently. So my question is will i still qualify for a stafford loan ? my school should be about 4000 a year.
If you are a freshman, you qualify for a Direct Loan of $5500.
You can also submit a request for reconsideration because of a change of status. Contact your FA office and ask for the form. They will ask questions about your unemployment, any additional funds you receive. The form may also be on the website.
Are you independent (24 or older)?
Thanks for your responses ! and yes I am 24 and independent. Does that change things ?
As an independent student freshman, you can get $9500 in Direct unsubsidized loans.
I can get that even with an efc of 9000?
The unsubsidized loans are not need-based, but if your school only costs $4,000 you should only borrow what you absolutely need. These types of loans accrue interest right away. With your EFC your prior income must have been pretty good. If you’re collecting unemployment now can you still receive it while in college or are you a part-time student? I thought to get UC benefits you had to be willing and available to work. Also you might want them to withhold taxes from the UC benefits so you don’t owe next year.
Last year I grossed about 39,000 so I guess that’s about rite and I’m not completely sure I believe I can still collect while in school. I’ll be going full time and then when unemployment runs out or I find a job which ever comes first, I’ll be working full time as well. Also do they do a credit check before your eligible for a loan ? My credit isn’t exactly up to par.
I don’t think there is credit check for undergraduate student loans, but hopefully someone more knowledgable can confirm this?
There is no credit check.