<p>I applied for fafsa (fed grant) and pheaa (state grant), I have no idea how it works. I plan on going back to school soon, but I dont know when I'm going to see the money or how that all works. From what I understand, they send the money to the school and the school sends the left over money to my bank account for books. I understand that fafsa is dispursed 2 x a year, is that the same thing with a state grant? (2 x a year?). Can I apply for any other grants? Thank you.</p>
<p>FAFSA does not give out any money. It is just a form you complete that then tells your school what your EFC is based on income and assets. The school determines what aid, if any, you are eligible for and any notification will come from the school. To be eligible for the main Federal grant, the pell grant, your EFC must be very low (I believe the cut off is in the 4600 ish range this year). If your EFC is low enough to be eligible for any Pell, then the school will disburse the Pell in equal installments (2 for semester based schools , 3 for quarter based schools) over the school. If your direct school costs exceed your total aid, then you will owe the school money. If your total aid exceeds the total direct costs, then the school will refund you the difference.</p>
<p>FAFSA is generally the application for all grants, loans, and other aid you are eligible for. Some schools may require additional forms such as CSS profile for any of their own institutional aid.</p>
<p>Also you must use the correct FAFSA for the date you are planning to be in school. If you have completed the current year (2012-2013) FAFSA, then that is good for only the 2012-2013 school year. If you are returning to school infall 2013, you would need to apply for the 2013-2014 FAFSA which is available in january.</p>
<p>*From what I understand, they send the money to the school and the school sends the left over money to my bank account for books. *</p>
<p>That only happens if there is any left-over money. Most of the time, students owe the school money after grants and loans are applied.</p>
<p>Fed Pell grants are “up to $5550” per year…depending on your FAFSA EFC. If you’re under age 24, then your parents income will be considered. If your EFC is too high (above about $5000), then you won’t get any federal grants.</p>
<p>What are the req’ts for the state grant and how much is that for?</p>
<p>What schools are you applying to? How much do those schools cost?</p>
<p>Will you be commuting from home?</p>
<p>I’m going to Penn State, and it’s like $18,000 a year. My EFC is 0 cuz I’m a poor bum, but I have some money saved away. I’m just going to wait and see how everything works out. The state grant is $3,700 and I’ll probably qualify. So that’s a huge help and I’m glad cuz I was worried about college debt. I’m going to check out the foums for awhile, I’ll be around. :)</p>
<p>The PA. state grants are paid directly to the college twice a year. Last year, PHEAA was late in getting the money to some colleges, but that is not your problem. </p>
<p>The PHEAA grants are much lower or not available at all if you attend an out of state college. </p>
<p>Be very careful about application deadlines for each college where you are applying, as well as the PHEAA deadline. Some colleges may require additional information beyond the fafsa.</p>
<p>The PHEAA process is fairly simple - it piggybacks on the fafsa.</p>
<p>FYI - the base tuition for main campus of Penn State is around 16K out of state. It is higher for some programs, and lower for branches. On top of that, you need to add about 10K or more for room, board and books.</p>
<p>I’m going to Penn State, and it’s like $18,000 a year. My EFC is 0 cuz I’m a poor bum, but I have some money saved away. I’m just going to wait and see how everything works out. The state grant is $3,700 and I’ll probably qualify</p>
<p>???</p>
<p>Will you be commuting to Penn State? If not, then the cost will be higher than $18k. So, you’ll get a 5550 Pell Grant, and maybe a 3700 grant from Phea…so you’re still going to owe PSU money. You can borrow up to $5500. </p>
<p>FYI - the base tuition for main campus of Penn State is around 16K out of state</p>
<p>Charlie…base tuition for OOS at PSU is much higher than $16k…that’s about the instate rate.</p>
<p>Typo - I meant 16K for PS main campus “in-state”. Since he is getting a PHEAA grant, he must be in-state.</p>