<p>I just received an updated FA package. I asked for a revision of my FA. What I got is along with stanford scholorship, this time they just included loans
( perkin-$1200 and unsub. safford $5500 ) </p>
<p>If I decline safford loans(unsubsid) , would it affect my financial aid next year? the interest rate is very expensive compared to what I can get from my country at this point. I am worried about this. Also I am trying to get a loan from my grandmother with 0 interest instead of $2500 federal work study because of my tight schedual this year. </p>
<p>Please can anyone give their experience or know about this</p>
<p>I don't think not accepting loans (federal or otherwise) will negatively affect you next year. If you have need next year, in all probability you will still be offered Stafford loans.</p>
<p>perkins loan is only 5% and the subsidized part of the stafford is 6% and the interest doesn't accrue while you are in school. If you can beat that, then by all means, do so. But for Americans, that is usually the best deal available. The unsubsidized portion of the stafford ($2K in your case I think) has a rate of 6.8% and interest does accrue while you are in school</p>
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<p>the interest rate is very expensive compared to what I can get from my country at this point>></p>
</blockquote>
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<p>This implies that you are from another country. Is that true?</p>
<p>My question to the board...do international students qualify for Stafford Loans? </p>
<p>Regardless, it is my understanding that the Stafford Loan will be offered to you in future years even if you decline it this year. One of my kids declined the unsubsidized Stafford last year, and was still offered it this year.</p>
<p>Thumper,
If this student has been offered Federal funding as the original posting implies, then s/he must be considered an eligible non-citizen.</p>
<p>I just awarded federal aid yesterday to a student who is a Ghana citizen here on a diplomatic visa and is considered by DOE regualtions to be an eligible non-citizen and therefore, eligible for federal funding.</p>
<p>Typically, declining stafford loans for one year has no affect on eligibility for the next year as the funds are unlimited each year (at least at this point). Depending on the school's budget and quality of work study students, declining work study may be that it isn't available next year....but one can never tell for certain until that year comes.</p>
<p>For federal funding, the FAFSA must be submitted every year...not sure about CSS.</p>
<p>I've never heard of a school that didn't require FA information every year. Whether that's the CSS or some other form is another question. My d's school required the Profile for freshman year but had their own form for subsequent years.</p>
<p>For need based aid, you must apply annually, but the forms required may change after freshman year. DD had to do both the Profile and FAFSA as an incoming freshman. She only has to do the FAFSA for renewal of her need based aid (no school form..no tax returns...just a FAFSA).</p>
<p>I would bet Stanford wants the Profile every year. They have extremely generous financial aid, and I am sure it requires careful monitoring of each student's situation on an annual basis in order to properly manage their resources.</p>