I did this topic last semester, and it is time for everyone wanting financial aid for the fall 2007 semester to apply for it again.
Does anyone have questions about it? I am a financial aid advisor. I will be glad to help anyone through the process or answer general questions about it. You can post or email me.
Have a good one and good luck if your are going,
Danny
Oh! I’ve got one!
I’m graduating as a fifth year senior in humanities this Spring, and I just decided I want to got to Medical School. Since Ancient Greek Epigraphy and History of Medieval Japan usually don’t count for much in the application process I’ll need to go back for 2 years of basic sciences.
Am I eligible for any financial aid if I enroll for a second baccalaureate? Probably not grants, but maybe subsidized loans? What about continuing education? Apparently I can’t attend community college for my pre-req’s and I want to go to school part time while working/volunteering/doing other pre-med stuff the rest of the time. If I am eligible for anything, does it make any difference if I attend full time or 3/4 or 1/2?
If it makes a difference, I’m graduating from a University of California with $5500 in loans and plan on going to a cal state.
Thank you Danny!
You can continue to have financial aid but there is a cop to the amount you can borrow for undergraduate studies. It is currently at $46,000, half of which can be subsidized loans if you qualify for those. The best thing for you to do would be to log on to the NSLDS (National Student Loan Database System) website at http://nslds.ed.gov and check to see the amount you have borrowed so far.
Generally you aren’t eligible for Federal Pell grant money once you have attained your first bachelor’s degree, but you may still be entitled to get grant money from your state or other need based funds of that nature. I work in Texas, so there are different grants available here than in California, but most of the state grants are set up in a similar fashion.
You can also go see your financial aid advisor and they will explain in better detail the things that you can get.
Cool, thanks! I shall consult a local adviser directly.
I’ve got a question. My SIL-to-be was so fixated on her wedding plans that she forgot to apply for financial aid for summer courses. Is she out of luck for this summer, or can she still submit an application?
I’m going to grad school this fall, and will be doing most of my classes as a long distance/blended class format to attain a library science degree. I’ve just applied via the FAFSA as a financially independent student, and the LIS program I’ve gotten into hasn’t mentioned much about financial aid, other than a handful of links. I know nothing about taking out loans, as I don’t have any debt from my undergrad. Is it difficult to only accept a set amount of loans per semester that is smaller than what is offered? Do I need to officially accept every semester’s set of loans every semester? I need a crash course in federally funded loans, as I’m not counting on getting enough financial aid to cover my tuition and books every semester.
I think I posted in another thread you were heading about this stuff, but I have a new question:
I am picking up a 2nd bachelor’s degree, starting this summer. The university I am transfering to (Michigan State University) has me scheduled for orientation the day before classes start. Yes, this means I don’t even know what classes I have to take or will be enrolled in until the day before they start.
Since I don’t know how many credits I will even need, I don’t know if I will be part time or full time, how many semsters I will have to go, if I will be able to work for rent or not, etc etc.
What do I tell financial aid? Should I be calling them ASAP? Note I do not have enough savings to cover tuition until a financial aid check comes in, so I need that when the university wants their money.
I don’t have any questions right now (Don’t know if I’ve been accepted or not) but I probably will have some in May. Could I email you then?
She can still get financial aid for the summer at this point. You can apply for financial aid until the last point of the academic year, depending on the institution and their particular policies. Most likely it won’t come through before the payment deadline for classes, but you can still get it.
Summer 2007 financial aid uses the 2006-2007 FAFSA, which is what was used for Fall 2006 and Spring 2007. If she got aid in one of those semesters, it is usually a simple process. She just needs to go up to the office and fill out whatever they need.
Well the first step is to get your FAFSA submitted to the school you are going to, which sounds like what you did already.
Then you call them up or go visit them if possible to determine if they have received it, then to figure out what you are going to need to fill out on their end to get the financial aid you need. You can specify how much you want to borrow up to the limit, and usually you are awarded for the academic year. (Fall, Spring, Summer…)
Say your bill total is 3000 for both semesters and you are going to need 1000 in books (I know that is a low-ball but just stay with me.) You are awarded a total of 6000 in loans. You can take the 6000 in loans if you want, and get a 2000 back to you, or you can accept only the 4000 you need.
If you have any other questions, lemme know!
Sure. Thats cool.
Ahh. You’re just in time, TD. We finally finished our taxes (later than planned) and filled out all the FAFSA stuff for pullinSon’s college plans this fall. They replied with a unitless number known as an EFC. We’re baffled as to what the EFC actually means. I know it is Expected Family Contribution, but how do I interpret the number? Is it in dollars? Or is it some scale that I have yet to encounter? We asked a coupla teachers about it, but they didn’t know either. Ditto one guidance counselor (I really think she shoulda known, but that’s another subject).
Thanks in advance for your help.
How does financial aid work for graduate school? Is your undergraduate borrowing taken into account? Does it differ depending on if you’re going for a Masters or a Ph.D? Do I use the FAFSA like I did for undergraduate (I’m graduating with my B.A. this April, starting grad school in Fall 2008)? Do I have to go into more debt ($10,000 in student loans right now)? Is there a limit to the amount I can borrow? Are my odds of getting help increased or decreased based on attending an out-of-state university, or doesn’t it matter? What happens now that I’m married? For undergraduate school I was an independent student (EFC = 0) How will that change since the marriage?
Sorry… I have a lot of questions. 
The EFC is your expected family contribution. It isn’t necessairly reflective of money you have lying around, but it does play with the amount of financial need that your son will have, according to the fed gov. Here is how it works:
(here come made up numbers)
Say that the estimated cost of attendence for Joe Schmoe College is 10,000 an academic year. This is how the EFC effects you.
Need: $9,000
Your son would have $9,000 in financial need. Your son’s financial aid advisor will use this to determine what he or she can hook up your kid with.
Ooookay.
Your loan limit is increased when you go beyond your bachelor’s degree and are working on graduate level stuff. For example, currently the total loan limit for undergraduate work is $46,000, half of which can be subsidized loans if eligible.
Once you go beyond your bachelor’s degree, those loan limits are increased. And as long as you are enrolled at least half time in your post grad, you don’t have to pay back your loans because you can get them deferred until you get out.
When you fill out your FAFSA, you will fill out the form that says “Will you have completed your first bachelor’s degree by blah blah blah”, so they know you will be going for graduate work at the school you send it to.
Since you are married, your sig other’s income will come in to play in relation to your EFC. When it asks questions about your spouse, just fill them out.
Pell grant money isn’t available to someone who already has a bachelor’s degree, but other grant money might still be available.
For the rest of your questions, go up there or call the financial aid office at your school of choice. They can fill you in on the really gritty details.
Don’t worry, if you have done the financial aid stuff before, it is pretty much the same for grad school.
Just how much are IRAs factored in when considering a person’s need? My mom (widowed) has tons of money in an IRA and our household income is ~110,000 dollars, so I’m guessing I won’t get any financial aid at all.
Counting IRAs when considering financial aid seems odd (and oh so irritating) to me, because how can one expect his or her mother to spend her retirement money? What’s your opinion?
Thanks in advance.
That is a good question. It does reflect a bit but not much. I don’t have an exact figure for you because the formulas that The Department of Education uses are pretty complicated.
They do the same for net worth of businesses and farms. I don’t really see it as making much of a difference, but it can effect the number.
Everyone can qualify for financial aid, I can’t say that enough. Financial aid is government grants and loans. Even if you don’t have any economic need (which looking at income level, you might be in this boat) you could still qualify for student loans. Take this an another example:
Cost of Attendace for Poe Dunk University = $20,000
Zero Need (negative numbers are automatic zeros)
Well you wouldn’t be eligible for any need based loans or grants but you can get an unsubsidized loan for the maximum amount or up to the cost of attendence.
Shiny. I’ll pass that info along right away. Many thanks, Danny.