FAFSA loan amount question

Paying for College
1

<p>Ok, on the part that asks about:
"Student grant and scholarship aid reported to the IRS in the student's adjusted gross income. Includes AmeriCorps benefits (awards, living allowances, and interest accrual payments), as well as grant or scholarship portions of fellowships and assistantships."</p>

<p>They are asking about scholarships and grants,which I have never gotten.</p>

<p>But I did receive loan money from FAFSA last year.Where do they want me to enter this information?Is it ever asked because I am done now (but havent submitted it) and I never saw it asking about loans received for 2005.So do they ever ask?</p>

2

<p>No, they don't ask about loans taken out. Those are not considered on FAFSA.</p>

3

<p>thank you.</p>

<p>What about the part when it asks about money paid or received on your behalf?I assume they arent talking about loans then either?</p>

4

<p>right- that would be someone else paying for you- like some people have a grandparent paying money directly to the school</p>

5

<p>Remember that loans aren't income.</p>

<p>But if you take out a loan and keep the money in a liquid form, like savings or checking, it's an asset that needs to be reported. Generally student loans get spent pretty quickly, though. Don't fill out the FAFSA on a day when you happen to have a couple thousand dollars of loan money sitting in a checking account about to be spent on room and board.</p>