<p>Do i apply after i get accepted to college or before?Also if i get financial aid-do i have to pay anything to the college or its going to be partial?I heard that there are a lot of financial aid options that you can apply for(like if you a minority or an immigrant etc)can you apply for 2 or motr options?In general pleas explain to me how this financial aid thing works</p>
<p>All federal financial aid eligibility is determined from the information a student and his/her parent(s) provide on the FAFSA (available on the web at FAFSA.ed.gov). The FAFSA is completed anytime after January 1st, using income/tax info from 2008. Each school has its own priority deadlines for financial aid, so you need to go to the websites for the schools you are applying to. You do not have to be accepted to apply. The schools won't process your info until you are accepted, but you send them the FAFSA and any other info they want, anyway. The FAFSA is free.</p>
<p>Some schools also require a form called the CSS Profile, which does cost money. Again, check the school's website to find out what is needed and when.</p>
<p>From the info you provide, an Expected Family Contribution (EFC) is determined, using a federally mandated formula. Depending on your EFC, you may be eligible for certain federal need based grants (such as the Pell grant), federal work study, and loans (with the interest subsidized and unsubsidized - that is, interest on a subsidized loan does not accumulate while you are in school; interest on unsubsidized loans begins accumulating right away - neither loan goes into repayment until after you leave school). Schools may have their own funds to distribute for financial aid, as well - these schools use the EFC computed from the FAFSA or the Profile to determine who gets their need based aid.</p>
<p>Each school has a unique Cost of Attendance (COA), which is composed of tuition, room, board, books, and miscellaneous costs. The COA can be found on the school's website. COA - EFC - nonneedbased scholarships/grants = Need. Need based aid can be awarded UP TO the amount of Need. HOWEVER ... and this is very important ... you may not always receive enough aid to cover your Need. In that case, you are "gapped." You will have to come up with your EFC and any "gap." Remember, too, that you will most likely have loans in your need based aid package ... loans are financial aid.</p>
<p>Unsubsidized Stafford loans are not actually need based, but the FAFSA must be completed in order to receive one. The eligibility for an unsubsidized Stafford loan is determined by COA - all need based and non need based aid awarded (grants, scholarships, work study, and subsidized loans) = eligibility for an unsubsidized Stafford loan. You'll notice that the EFC is not a part of this calculation.</p>
<p>There is a maximum amount of subsidized and unsubsidized Stafford loans that a student may borrow each year ... even if he/she has unmet need, no more than the maximum may be borrowed. The current maximums can be found here: Stafford</a> Loan Limits | Office of Financial Aid | Michigan State University.</p>
<p>You can apply for any scholarships for which you qualify. However, if you receive scholarships, your eligibility for need based aid may be reduced. It is always best to receive a scholarship, because it is free & does not need to be repaid. Just remember that you cannot receive need based aid in excess of your actual need. </p>
<p>Say the COA is $!0,000 and your EFC is $7000. You will probably only be awarded a subsidized Stafford loan, and it would be for $3000 (10,000 COA-7000 EFC = $3000 Need). However, you will also be eligible for an unsubsidized Stafford loan of $2500 (10,000 COA - 3000 aid = $7000 eligibility for unsubsidized Stafford ... but maximum sub/unsub Stafford for a freshman is $5500, so you can only actually get $5500 - $3000 sub = $2500 unsub). If you get a scholarship for $5000, though, things change. $10,000 COA - $7000 EFC - $5000 scholarship = no Need. In this case, the student could only get the $5000 in an unsubsidized loan ($10,000 - $5000 = $5000 eligibility for unsubsidized Stafford). Even though the maximum freshman loan eligibity in subsidized/unsubsidized Stafford loans is $5500, this particular student's scholarship affects his situation in such a way that his COA would be exceeded if he got more than $5000 in Stafford loans.</p>
<p>I have 1 more question-its not about financial aid though:P.If I apply to college online applicatin in november.When do I get results?And how do i get them?Do i get an email or a mail letter?And is it true that if college send you a letter in mail you can tell if you got accepted or not by the letter's size?(thin letters-you didnt.Large or fat letters-you did)?</p>
<p>When and how you get the results depends on the college. Go to the admissions page on the website for each college you applied to. Your questions will be answered there. Some schools tell you right away, others may wait all the way until April 1st. Some schools allow you to get your decision online (followed by a letter), others only notify you by mail.</p>
<p>If you get a thin envelope, it does not necessarily mean you weren't accepted.</p>
<p>Re: "when"...look on the college website in the financial aid section. The deadlines will be listed there. There is wide variance in those deadlines from school to school. Just make sure you read carefully and do not miss the deadlines.</p>
<p>Most deadlines are listed on the college website. If it is not visible I would reccomend calling the admissions office at your school</p>