<p>Well i am very interested in some colleges but find they are realy expensive for my family. Alot of these colleges are about 30000- 40000 dollars a year. my number one pick is Fairfield University in Connecticut. Would FAFSA help me out alot with these expensive colleges I am looking at and can a loan be a good solution to paying for most of my college funds?</p>
<p>It is impossible to say as we do not know anything about your family financial situation. Financial aid is based on what the government and your college think your family is able to pay not what you think you are able to pay. FAFSA uses your families income and assets to calculate a figure called the EFC (Estimated Family Contribution). The difference between the EFC and the colleges COA (Cost Of Attendance) is your 'need' and that is what financial aid is based on. If you have no 'need' you will not get financial aid. If you have 'need' you will get some sort of aid which can consist of grants, loans and work study. Your full need may not be met - this is called gapping. Some schools promise to pay full need - others do not.</p>
<p>The more expensive and private colleges aften require another form css/profile to be completed which asks for more information about your family income and assets. In that case FAFSA is used to calculate federal aid and css/profile to calculate institutional aid.</p>
<p>There is a web site called finaid.org that has excellent information about financial aid. It also has calculators that give a fairly accurate prediction of your EFC (as long as you enter income/asset figures accurately).</p>
<p>FinAid</a>! Financial Aid, College Scholarships and Student Loans
FinAid</a> | Calculators | Expected Family Contribution (EFC) and Financial Aid </p>
<p>A certain amount of loan debt is ok. I would strongly recommend graduating no more than @ $20,000 in debt for your undergrad education.</p>
<p>Hey!</p>
<p>Yeah, it's definitely worth filling out the FAFSA when you first apply to college. In addition to simcatsmom's posting, completing the FAFSA form every year right after January 1st can help you get first dibs on opportunities to get awarded financial aid (whether in terms of grants or Federal student loans). </p>
<p>You might also be interested to know that since the amount of Federal aid you receive can be based on "need," many students (such as myself) are turning to credit-based private student loans to cover, or fill in, the gap between what they have and what they need to attend college. What's also good to know is that with some lenders, if you qualify you can borrow up to $45,000 a year, which is a lot more than what Federal student loans offer. </p>
<p>What's also great about private student loans is you can use them on practically all college-related expenses, not just tuition. I got a private student loan for next semester to help cover the costs of my textbooks and registration fees as well as tuition. Ill need a new laptop soon, so it should help cover that, too. Whether you pursue private student loans or not, definitely fill out the FAFSA first and see what kind of scholarships, grants and Federal aid you can get first.</p>
<p>The company I got my private loan through is <a href="http://www.OneSimpleLoan.com%5B/url%5D">www.OneSimpleLoan.com</a>. Check them out if you're interested or maybe keep them in mind after you've been awarded the maximum financial aid based on your (and your familys) financial situation...it's up to you :)</p>
<p>I just checked and they have a link to the FAFSA Form, too: <a href="http://www.onesimpleloan.com/student_loan_forms.asp%5B/url%5D">http://www.onesimpleloan.com/student_loan_forms.asp</a></p>
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<blockquote> <p>you can borrow up to $45,000 a year>></p> </blockquote>
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<p>It's not all that easy to get a loan in that amount with the student as the only signer on the loan. The reality is that students do NOT have the income or assets for this large a loan, and would likely need a cosigner. And...if you borrow this amount, you would need to pay $180,000 back when you graduate. Your monthly payments would be huge. In my humble opinion, that is MUCH too much debt for a new college graduate to shoulder. Re: the FAFSA form...just go to FAFSA.gov and you'll find it there. That is the official government website for the FAFSA. </p>
<p>One of the most important things students should do is discuss the finances of college with their families. Most students have a dream school, and for some it's an expensive one. It's important to have a broad range of schools that you like including ones that are affordable for your family. Simply put...it's disappointing to get your heart set on a school and not be able to attend because of the costs. Look at a broad range of options.</p>
<p>Call me cynical and suspicious, but new poster(s) asking and answering questions about loans and touting a particular loan program sounds a lot like an advertisment to me.</p>
<p>I'll be even more candid about this loan business. Our family has far less than $180,000 worth of debt and that includes our mortgage. We are a dual income family both salaries are professional level salaries. We feel the debt we HAVE is too much...and we're grown ups with a good amount of income and assets. I would NEVER want my kids to have this kind of debt leaving college for college loans. It's just too much.</p>
<p>I absolutely agreee with what Thumper said. Please do not saddle yourself with $180,000 worth of debt for a bachelors degree.</p>