Well, you need FAFSA for the subsidized loans I believe.
You’d have to ask the school. I’m not an expert on aid. I applied because all the schools seem to suggest is because you never know.
I’m guessing it doesn’t matter what you checked but you can contact the school to ask if you can change it.
Some seem to think it will impact admissions decisions at need aware schools if you apply for it. It won’t - because when they see you have no need, they won’t care.
Wow times have changed! I remember when it was free or at least no interest would accrue while in school. Is that no longer the case?
For those with financial need, federal subsidized loans are available. The government will pay the interest while you are in school. For the rest, interest starts when the loan is taken out, but you don’t have to start paying back until after college.
“Some seem to think it will impact admissions decisions at need aware schools if you apply for it. It won’t - because when they see you have no need, they won’t care”
Depends on if applying EA/ED or not. FAFSA forms are not due till after EA/ED decisions come out. So for RD, they will be able to use FAFSA forms to know whether you need aid or not; for EA/ED your declaration that you are not applying allows them to know.
But won’t have any idea what your need is - so yeah, not sure this year how they’ll handle. Maybe will be more deferrals.
Anyway, now OP sounds like they’ll want the loan - so correct me if I’m wrong, to get the lowest cost one, you need to do FAFSA.
Anyway, now OP sounds like they’ll want the loan - so correct me if I’m wrong, to get the lowest cost one, you need to do FAFSA.
Yes, for federal loans you have to fill out FAFSA.
You can always fill out the FAFSA - year one, year six, in Oct/Dec when it opens or in the spring right before the semester ends. You may not get any money from the school, but if you are eligible for a Pell grant or want a loan you can get it during the school year (most schools have a deadline 2 weeks or so before the end of the spring semester).
Actually, you need to file a FAFSA for both subsidized and unsubsidized Direct Loans. If you don’t file the FAFSA, your kid can not take out the Direct Loan.
For subsidized loans, interest doesn’t accrue. BUT for unsubsidized Direct Loans, interest starts accruing when the money is disbursed to the college.
This is what I was concerned about - if we complete Fafsa after saying don’t plan to, will that be held against us? Don’t expect to get need based aid or even subsidized loan. But unsubsidized wouldn’t exactly hurt. And if that doesn’t pan out, it will still be fine but my husband wants to at least try. If it’s better to wait until after decisions are out, then that’s an option too, I guess. But you’re right, most EA decisions will be out by the time we submit Fafsa. And most of the applications are EA so maybe I answered my own question
Again….you can file the FAFSA any time during your student’s current academic year to access the Direct Loan.
If you qualify for subsidized loans interest doesn’t accrue until after graduation ($3000 was subsidized, $2500 was unsubsidized). We did qualify when we had 3 in at the same time, otherwise they were all unsubsidized.
Plus there are fees.
Getting loans are pricey unless you need them.
Saying you are not applying does not preclude you from applying. However, in the event that there is an admission advantage of not needing FA in the EA round (not known, but possible), I’d go with the declaration that you’re not submitting so that they receive the message that they don’t have to pay for your kid. I’d also wait till after the EA decisions to fill out FAFSA in case it affects the message. (Although it may not matter, in the admissions lottery, I’d want to maximize my chances, especially if I know from schools’ NP calculators that no school money is coming my way.)
Thank you!!
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