college financial aid

college financial aid questions and answers

More information about college financial aid at Education News.

Q: What EFC score is necessary for financial college aid?
My EFC (Estimated Family Contribution) is 2971. How much money (if any) does that qualify me to get for college in financial aid? What are Pell Grants exactly? Does my EFC qualify me for Pell Grants? What else might my EFC qualify me for?

A: Anyone can qualify for 'financial aid" regardless of their EFC number. A Pell grant is money the goverment gives to your school to help you pay for tuition, books, fees, dorm, living expenses... etc. It is FREE money that you do not have to pay back. The max Pell grant is 4731 a year. You have to meet strict guidelines (so don't count your chickens before they hatch), but there is no repayment. With an EFC this low, you will qualify for a Pell, just not the full amount... less than 1,000 a semester... but still, it's better than a polk in the eye. You will also qualify for Stafford loans, and if your parents are willing to take out PLUS (parent) loans for you you will have this option. Your school will give you a detailed "Award Letter" giving you the exact amounts of your finanical aid.

Q: Out of state community college financial aid eligibility?
Are you still eligible to receive financial aid, if you're planning to attend an out of state community college. Can the government deny aid because it's out of state?

A: As long as it is an accredited college and is eligible to receive federal funds, then you're still eligible to complete the FAFSA and receive the funds that you're entitled to. You won't be denied because you're attending an out-of-state school.

Q: What is the process for Financial Aid for college?
How does one obtain a scholarship? What is the process and requirements? Same questions for the other forms of financial aid. If you have any information about college financial aid, I would appreciate learning what you know. Thank you!

A: Financial aid is going to start with the FAFSA. This is the Free Application for Federal Student Aid. You can fill this out at www.fafsa.ed.gov. This will look to see if you are eligible for grants (money that doesn't have to be paid back) and will ask you if you are interested in student loans and work study. As for scholarships, these are usually private gifts of money that come from millions of places. Talk to the financial aid department at the school you wish to attend - they can probably give you some leads on available scholarships.

Q: How long does it take to apply and get approved / enrolled into college ? financial aid ?
how long does it take for a parent to process application for child for college ? determine if there is financial aid / borrow money if needed ? what is processing time for this ?

A: Apply for both early in your child's senior year. This will allow plenty of time. If this is your child's senior year, start RIGHT NOW. It's still early in December, so it's not too late; in fact, now is the perfect time. If you're in the U.S., fill out the federal FAFSA form to find out if your child is eligible for Pell Grants (free money!) or other financial aid. If you have your tax returns ready it will take no more than 30-45 minutes to fill out. Web sites like fastweb.com are good places to search for scholarships. You should also Google your state government's education web site to find out what kind of scholarships they offer to students who stay in state. Most students with scholarships get them directly from their school or state government. Good luck!

Q: Faxing letter to college financial aid office?
I am faxing an appeal letter to a college financial aid office, who/what should I address it to? Can I put "Dear Sir or Madam:"? Also, if i have attachments, should I write Enclosure?

A: Yes, you can write "Dear Sir or Madam". Since you aren't enclosing anything, I would say "attachment", but they would understand "enclosure" if that is what you put.

Q: How does missing a college financial aid deadline affect admission chances?
Basically I have been an idiot and missed some specific financial aid form deadlines, some by days and some by a month. I'm debating what should I do now to minimize the damage. Should I apply anyways and hope for the best or just not apply? And does this affect my admissions chance? Please answer this question truthfully, because it is very important to me! Thanks in advance.

A: Financial aid doesn't affect your chances for admission at all. If the deadline you missed was for scholarships, then you probably cannot still try to apply. Those deadlines are firm and they won't consider your application after the deadline. If you missed the FAFSA deadline, then all is not lost. You can still apply. The first deadline you missed was probably the priority deadline. This deadline is the day that the schools start putting together financial aid packages. In the case of some programs such as need-based state programs and some federal programs, the money does run out. If you think you would qualify as a very low income student, then you have probably missed your chance for some of this aid. However, there is other aid such as the Pell Grant and stafford loans that are offered year-round. So, if you qualify, you would get these no matter when you applied.

Q: Do most college financial aid departments look at the parent's assets or income to decide what can be offered?
Some parents have low taxable income certain years for different reasons. Often we have minimal taxable "income", yet a substantial net worth. Does anyone know how in depth the financial aid departments look at a parent's net worth or is "income" generally the larger deciding factor? Of course "income" is always considered. I am asking if anyone knows how financial aid offices view high net worth - low (taxable) income situations?

A: I personally think that they do. If you notice on the FAFSA they ask for a lot of information regarding parents income, tax information, and assets. I think that the financial aid system is challenging because they are trying to be fair with determining what each student/family should get but they really don't take into consideration or have a fair assessment of what each family can contribute based on the information that they gather. There are many situations where parents will say that they aren't supporting their children or providing financial assistance in any way and they will refuse to provide the information which makes it difficult for the child to obtain financial aid. I think that they like to know what type of assets a family because depending on what it is could be possibly used to assist with tuition cost. I think that everything and anything that they ask is a factor in determining what your EFC will be.

Q: What is the CUNY Queens College financial aid deadline?
I am applying as a freshman for the 2009- 2010 school year. When is the deadline for the financial aid applications?

A: i work for cuny in financial aid but not for queens. go to their website, it should show the deadline. most schools set 15 april as the deadline since it is the last date to file a 1040 which is what you need to complete a fafsa.

Q: Does having a bank account hurt my chances of getting college financial aid?
im 17 and i want to get a checking account because my pockets are not the safest way to carry money. id rather have an account. plastic works better. but im not sure if having one will hurt my chances in the future of getting financial aid. is this true?

A: No, just your parents tax information really affects it.

Q: When does obamas college financial aid plan start?
So the idea he had about students doing community service and getting college tuition for it, when does that start and how can a person be involoved.

A: Unfortunately, that plan must be put in to the form of a bill and passed by both chambers of congress before being signed by the president and becoming law. In addition with the state of our federal budget and the current economic crisis, I don't know how much money will be left for new education programs. If the program is created via legislation, it will still take probably six months to a year for the Department of Education to implement it. Stay tuned.....

Q: How much will FAFSA give college financial aid to people under $20,000 income?
I want to get into this college called Pace University in NYC and it costs $30,000/year. I can never afford this much as I make about $20,000 a year. How much can FAFSA grant me with my such low income and such an expensive school and what else can I do?

A: 20K a year may not be considered low income if you are a single person.... just so you know. Anyway, IF you are poor according to the federal government, the maximum Pell grant you can get is $4,731 for the entire year if you attend school full time. The state of NY has grants as well, but I'm not sure what the max is on that one. If you are a dependent freshman in college, you can also borrow 5,500 a year in federal Stafford loans. Dependent students can also ask their parents to take out parent PLUS loans to may most of the remainder.

Q: Going to college financial aid dept. to ask about loans... what info do I need to have with me?
I need a loan for school; actually mostly to pay the rent for the apartment I will be living in during school. The schooling part is going to cost around $5000, and the apartment may be around $15000 (for two years).... I've been told I need to just walk into the financial aid dept. of my college and ask them about loans... but what information do I need to bring with me? They have my fafsa on file and I don't qualify for financial aid, so if you were going to suggest that... it isn't an option.

A: Your best bet is to go prepared: Drivers license - or picture ID Social Security card Your W2's (your parents W2's if your they claim you as a dependant)

Q: College financial aid and programs questions?
My cousin’s daughter will be going to college soon and will need to apply for a student loan/grant, etc. My cousin has a bank savings account with about $50,000 which he strictly set aside for his retirement only. He can’t use his retirement money in consideration for the grant/financial aid (read that the financial aid wants the parent/student to pay as much as possible). Is there anyway my cousin can keep his $50K and still apply for the financial aid? Also, my niece’s nationality is part: Hawaiian (Pacific Islander), African-American, Hispanic (Puerto Rican); Asian/Filipina. What are the best scholarships to apply for with that heritage? And last, she was diagnosed with ADHD; will that increase her chances of getting a loan or is there another program that she can apply? Thanks to anyone who can help!

A: there are plenty of things they will qualify for. there are government grants/loans and then there are the private orgs/business's that offer grants and scholarships. tell them to avoid loans if at all possible. try to aim for grants/scholarships more... they are not to be paid back. its confusing sometimes, but just keep applying. every big (and small) company you see (manufacturer, orgs, corps and groups also) all have grants and scholarships they hand out like candy. Walmart, Kmart, Target, Coke, computer companies etc etc etc heres a link with a HUGE amount of some available. some you will need to copy and paste into a new window. also, fastweb (take the time to fill it in) will search databases and get back to you with a list of scholarships you qualify for. Also contact all mens, womens associations in your state, they almost always have grants & scholarships. What ever field you are going into, contact the orgs, associations etc for them; Also check with professional organizations related to your career interests, such as the American Bar Association or the American Medical Association. they also always have scholarships. Research and dig, call then write. Its all worth it. OVER apply; it doesnt hurt to have too many, and the extra funds can help with housing. http://www.angelfire.com/nj4/njcomputerchick/school.html MORE: http://college-scholarships.com/ http://www.statefarm.com/about/part_spos/grants/grants.asp http://www.gmsp.org http://www.gmsp.org/gmsp_web/(nb5ctd55gavpfi55bb3a3j45)/scholarships.aspx http://www.sfa.ufl.edu:16080/scholarshipcafe/ http://www.fafsaonline.com/ http://www.fafsa.ed.gov/ http://12.46.245.173/cfda/cfda.html http://www.salliemae.com/ http://www.ed.gov/finaid/landing.jhtml http://www.studentawards.com/ http://www.collegeanswer.com/index.jsp http://www.studentscholarshipsearch.com/ http://www.studentscholarshipsearch.com/Detailed/Scholarships/Meta_indexes_and_other_scholarship_directories/Women_s_and_Non-traditional_students_scholarships_meta-directory_126.php http://www.discovernursing.com/nursing-scholarship-search http://bhpr.hrsa.gov/DSA/nsl.htm http://www.nsna.org/foundation/ http://www.4cnas.com http://www.schoolsoup.com/ http://www.blackexcel.org/link4.htm http://www.jackierobinson.org/ http://www.siemens-foundation.org/TeacherScholarship/ http://www.childcareservices.org/ps/teach.html http://www.act.org/goldwater/yybull.html http://www.uncf.org/ http://www.vfw.org/index.cfm <-do search for ‘scholarships’ http://www.finaid.org/ http://studentaid.ed.gov/PORTALSWebApp/students/english/index.jsp http://www.actstudent.org/finaid/scholarshipscams.html http://www.act.org/recognition/clients.html http://www.act.org/kfcscholars/index.html http://www.kfcscholars.org/ http://www.rhodesscholar.org/ http://www.collegedata.com/ http://www.fastweb.com/ http://www.getreadyforcollege.org/gPg.cfm?pageID=139 http://www.policylink.org/EDTK/AH101/Financing.html#4 http://www.hud.gov/grants/index.cfm BECOMING A TEACHER http://www.aft.org/teachers/jft/becoming.htm http://www.fseog.com/ DEPENDENCY or NOT http://www.salliemae.com/get_student_loan/apply_student_loan/understanding/financial_aid/dependency/ LOAN FORGIVENESS (nurses/teachers) http://www.pheaa.org/loanforgiveness/healthier_futures.shtml http://www.aft.org/teachers/jft/loanforgiveness.htm http://studentaid.ed.gov/PORTALSWebApp/students/english/cancelstaff.jsp?tab=repaying STATUS of your student gov loan or aid: http://www.nslds.ed.gov/nslds_SA/ if you don’t have a PIN yet (for your loan / aid status) apply for one: http://www.pin.ed.gov/PINWebApp/pinindex.jsp ESSAY HELP http://www.scholarshiphelp.org/ http://www.gradesaver.com/resources/scholarship.html http://www.collegeadmissionsessays.com/ http://www.nataviguides.com/broke_essay.html http://www.princetonreview.com/college/apply/articles/process/essayjump.asp http://www.scholarshipessay.us/ http://www.freschinfo.com/tips-brainstorming.php http://www.freschinfo.com/tips-topic.php http://essayedge.com/ http://www.korepetycje.com/Essays_Articles/scholarshipessay.html GRANT SCHOLARSHIP SCAM LIST (if you find a scam report it here too) http://www.ftc.gov/ftc/consumer/media_psas_classads.html LOANS http://www.acteducationloans.com/ http://www.finaid.org/loans/educationlenders.phtml http://www.financialaid.com/plus/index.cfm?id=plusloans http://www.alternativestudentloan.com/ http://www.parentplusloan.com/ http://www.financialaidpodcast.com/about/ http://www.myspace.com/financialaidpodcast http://www.FinancialAidPodcast.com GRAD LOANS http://www.gradloans.com/graduate-plus-loan/ DEFAULTED STUDENT LOANS http://www.ed.gov/offices/OSFAP/DCS/index.html CONSOLIDATE LOANS http://www.plusloanconsolidator.com/ http://www.salliemae.com/after_graduation/manage_your_loans/consolidate_student_loans/student_loan_consolidation.htm http://www.salliemae.com/content/privateconsolidation/index.html http://loanconsolidation.ed.gov/ RATE MY PROFESSORS http://www.ratemyprofessors.com/index.jsp INTERNATIONAL STUDENTS http://www.iefa.org/ http://www.iefa.org/resources/ http://educationusa.state.gov/ http://college-scholarships.com/ http://www.studyabroad.com/forum/financial_aid.html http://www.internationalstudent.com/ http://www.internationalscholarships.com/ http://www.internationalstudentloan.com/ http://www.globalslc.com/ http://www.edupass.org/finaid/loans.phtml http://www.abroadplanet.com/student-loans/the-global-student-loan-corporation/ http://www.salliemae.com/international/ HISPANIC SCHOLARSHIPS http://www.hsf.net/ http://www.scholarshipsforhispanics.org/ http://www.statefarm.com/about/part_spos/grants/hispanic.asp http://www.hsfi.org/ http://scholarships.hispanicfund.org/applications/ http://www.chci.org/chciyouth/scholarship/scholarship.htm A lot of corporations want to be seen as "good neighbors" in the community. And they need a way to attract young workers. So some of them grant scholarships, usually from $1,500 to $10,000. When visiting the websites of these companies, on the home page look for something like: ABOUT US or CORP INFO. Click on that, and then look for something like: COMMUNITY or COMMUNITY INVOLVEMENT. check out: 1. BestBuy (2 scholarships from each store for $1,500 and they enter you at their headquarters for a $10,000 scholarship). 2. Comcast (your high school principal must recommend you for a $1,000 scholarship. They also have paid internship at a limited number of locations nationwide.) 3. Cracker Barrel (www.cbrlgroup.com) for employees, or their children - $1,000 4. Kohls (each store awards $50 and a certificate; then submits their winners to the region. Regional winners receive $1,000 and are submitted to the corporate headquarters. Corporate level winners get a $5,000 scholarship and a $1,000 donation to their favorite charity.) 5. Wal-Mart (www.walmartfoundation.org) Each store awards $1,000 to 2 students at each school in their area. Or if you have been an employee for 12 months, you qualify to apply for a $2,500 scholarship. 6. McDonalds (as Ronald McDonald House Charities at: www.RMHC.ORG) varies by region of the county. But a typical award is $1,000. May be from the corporation or from an association of stores in your area. Each of these companies have a simple application (1–2 pages) process

Q: If I am going to college, will financial aid support me if I go to another college?
I did ask a question before on here and I feel so silly, but anyway, I do go to Mt. Olive College which is only one night a week and I would like to further my education and take up a course in psychology. Would Financial Aid support me in both Mt. Olive and wherever I decide to go like Cape Fear Community College?

A: no, your financial aid is determined for one school at a time, and is not transferrable. it could change if you go to a new school, either lowering your tution, keeping it the same, or removing the financial aid. it is determined by the price of your school versus you and your parents income. it will NOT follow you from school to school, as it is independently determined. fill out your fafsa, and add all the colleges you may wish to attend. this is what determines where your financial need lies. Also, a good place to check is... http://www.BestFinancialAid.info/ Best of luck to you.

Q: Is college financial aid calculated as a percent of expenses?
Is it a set dollar amount so students get the same aid for higher priced as lower priced schools? Is it only for students at higher priced schools?

A: financial aid is based on financial need. the fafsa people with their super cool calculators take into consideration many different items such as how much you and your parents made, how many kids you/parents have, how old your parents are, etc. then they come up with a number: efc or expected family contribution. this is how much your family is expected to pay for you to go to school. this number is sent to whatever schools you want. the number doesn't change so it is up to the school to create a financial aid package to make up the difference (let's say your efc is $1,000 and the school costs $20,000, then.... the school has to find you $19,000 in aid). i always tell my students (who generally have an efc of 0 cuz we live in a poor town) that they could have a beat up pinto or a brand new lexus and it will cost them the same. sometimes they just have more loans. but, hey, pay those later and get your education now. hope this helps.