Late FAFSA, will money be available?

Paying for College
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<p>Good morning everyone. I've read around your forum and couldn't find anything about my concerns.</p>

<p>I never went to college because I had always thought that FinAid was based on your credit, which mine is not that good. I've come to find out that its not always the case.</p>

<p>My FAFSA was 9800. A friend of mine got 16000 and ended up getting about $8800 in aid (Stafford Loan). I figure that this would mean I should get at least the same, but she did hers a few months ago.</p>

<p>I really wanted to get in this upcoming term (starts Sept 28th). I know that since I did it late, I might have to pay for the term myself to start with, but I want to be sure that I'd get some aid.</p>

<p>Which brings me to my question, does the Stafford Loan run out of money? And if so, would it this late? I have until Oct. 8th to drop classes with no fee, so Im not terribly worried about that, but I'd have to pay at least $600 for books which I could not get back. Thats why I was hoping to find out from someone with experience that if you file real late and have a FAFSA like I got, should I expect to get some aid?</p>

<p>My other concern is that I turned 23 this year. FAFSA concidered me a dependent student, but I've lived on my own since I was 18. Would this put me in the Dependent category and only get a max of 5500 from Stafford? Or will it put me in the independent? (Though I suppose a moot point, because come next year I will be able to answer the age question and it would put me in the independent category, correct?)</p>

<p>Thank you so much for anyones input. I appreciate it.</p>

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<p>No Stafford loans are not limited funding and do not run out of money so you should be able to get Stafford loans. Stafford loans do not require a credit check. However the maximum Stafford for a dependent freshman is $5500. If your friend got $8800 in Stafford loans she must be an independent student. </p>

<p>You are a dependent for FAFSA purposes. Does not matter that you have lived on your own. My son went back to school at 22 after being self supporting for 3 years and was still a dependent and had to report our income. If he were still in school next year (2010-2011 - which he won’t be :D, unless something unexpected happens) he would be independent as he turns 24 in 2010.</p>

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<p>Thank you much Swim, thats what I was hoping to hear. So it sounds like at a worst case, id only get a stafford and get up to 5500. Ill be good this year and then next year ill reapply and be independent (as ill be turning 24). =D</p>

<p>Thanks again for resting my concerns :)</p>