Fafsa

Paying for College
1

<p>Ok, this is to anyone whose already done the FAFSA and knows about it...</p>

<p>So far, I know that the earliest you can submit the FAFSA is Jan 1st of your graduating year (so its Jan 1, 2009). But when is the earliest and/or best time to get it all done? and how long does it take for the PIN number to get created? (should you request a PIN a week in advance, two weeks, a month, etc.?) Finally, if your family earns around $100,000 a year do you think there'll be much federal aid given?</p>

<p>thanks</p>

2

<p>Apply for your PINs (one for student and one for a parent) soon - you can do that now. You will use the same PIN each year. We had problems with our son's PIN which took a few days to sort out so don't leave it till right when you are ready to file.</p>

<p>
[quote]
Finally, if your family earns around $100,000 a year do you think there'll be much federal aid given?

[/quote]

You will not qualify for federal grant aid with a $100k income. You will qualify for unsubsidized Stafford loans which are not need based (everyone qualifies for those). You may qualify for subsidized Stafford and work study if the school's COA is higher than your EFC.</p>

3

<p>aw man...so that means there won't be any free money? lol</p>

4

<p>There may be scholarships that require the FAFSA.</p>

<p>As for the deadlines, each state is different and each school is different. I think the state deadlines are posted on the FAFSA web site. Your school deadline should be posted on their web site.</p>

5

<p>Schools that award institutional aid might have grant money for you with an income of $100,000 per year. You won't know unless you apply.</p>

<p>You and one of your parents should apply for your PIN numbers now. You can do the FAFSA any time after January 1, 2009 for next year. If you do it before you file your taxes, you will do it using the "will file" status and you will be using the BEST estimates you can give for your income and interest income, etc from 2008. You will list your assets (savings, etc) as of the date you do your initial filing. Then as soon as possible after February 1, complete your 2008 taxes. This is not the year to file your taxes in April. Get them done ASAP. Once completed, you will go back to the FAFSA website, and amend the form to reflect the accurate info from your 2008 taxes...and change your filing status to "completed". </p>

<p>If your school requires the Profile, you do the same thing...the difference is that the Profile cannot be amended online. You usually have to print out the form and write in the corrections...and mail it to the school.</p>

<p>Now...check your school websites...if your deadline is after Feb 1, and you can get your taxes done first...and then do the FAFSA and Profile, that is easier. But it's really fine to do submissions of both with GOOD estimates and correct later.</p>

<p>But remember....any financial aid award you get prior to amending with your 2008 return info will be an estimate....so get those taxes done as soon as you can.</p>

6

<p>wow..seems a bit complicated to me, but I guess that's because I dont do the taxes.</p>

<p>Is the FAFSA a requirement?? And if I'm already getting a full scholarship to the school (no expenses at all), then is it still necessary?</p>

7

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<p>You would need to ask the school that awarded you the full scholarship that question. They may require the completion of the FAFSA and they may not. Ask them.</p>

8

<p>The FAFSA really isn't all that complicated to fill out (the Profile is another story!). The best way to do it is to go to FAFSA4caster</a> - U.S. Department of Education now. You'll get your PINs (yours & a parent's), and you can fill out an estimated FAFSA using last year's tax info. You'll get an idea of your EFC. As soon as your parents get their taxes done, you can update the financial info & add school codes. The other info (non-financial) rolls over onto the official FAFSA, making life easier.</p>

<p>If you get full tuition, room, and board from a school you won't need need-based financial aid! However, if you really need to, you can borrow an unsubsidized Stafford loan in the amount of Cost of Attendance (tuition/room/board/fees/books/misc.) - scholarships - any other aid. I would guess with your family income & a big scholarship, you'll only be eligible for the unsubsidized loan. Of course, I would recommend against any loans unless absolutely necessary.</p>

9

<p>yeah...i definitely don't want any student loans..i mean even though they have a low interest rate and you dont have to pay for them until a few years after you're out of college, i plan to go to med school, so im already gonna have a lot of expenses from there...:/</p>