Page 1 of 1

financial aid

Posted: Fri Nov 05, 2010 2:21 pm
by northwood
I just sent in all of my applications, andam wondering when I should send out my financial aid info:

Should I wait until I hear if Im in or out before doing it ( I dont want to waste time), or just suck it up and apply for financial aid to all schools anyways ( I have done fasfa for this year, and have my 2009 tax returns done- but i know i will need the 2010 tax stuff to do the aid)

thanks for your help

Re: financial aid

Posted: Fri Nov 05, 2010 2:27 pm
by homestyle28
northwood wrote:I just sent in all of my applications, andam wondering when I should send out my financial aid info:

Should I wait until I hear if Im in or out before doing it ( I dont want to waste time), or just suck it up and apply for financial aid to all schools anyways ( I have done fasfa for this year, and have my 2009 tax returns done- but i know i will need the 2010 tax stuff to do the aid)

thanks for your help


You'll be applying for aid for 2011-12, You can't submit that FASFA until Jan 1 2011. Schools vary if they have seperate aid apps, and those deadlines. Except for the FASFA, it's nothing you need to worry about until you get some admits.

Re: financial aid

Posted: Fri Nov 05, 2010 2:29 pm
by Frankie55
Wondering something similar that doesn't deserve its own thread.

I'm sure the answer is that "it varies," but assuming you fill out the FAFSA first thing in January, how long until you start hearing back on packages? (Assuming you've been admitted/received merit at a few places already.)

Re: financial aid

Posted: Fri Nov 05, 2010 2:30 pm
by homestyle28
Frankie55 wrote:Wondering something similar that doesn't deserve its own thread.

I'm sure the answer is that "it varies," but assuming you fill out the FAFSA first thing in January, how long until you start hearing back on packages? (Assuming you've been admitted/received merit at a few places already.)


I think people hear a lot between March and April.

Re: financial aid

Posted: Fri Nov 05, 2010 2:31 pm
by Frankie55
So you basically have weeks or less to take in all that information and put down a deposit somewhere? Crazy.

Re: financial aid

Posted: Fri Nov 05, 2010 4:11 pm
by northwood
the part that im still confused is that im trying to get need based aid for next year. In order to have it done, i need to submit this info with my initial application. I called the school, and even though im 27 and have been financially independent since 21, since im under 30 they need to have my parents financial info in order to determine how much aide im eligible for ( it would be agrant that i dont have to pay back- which would lower my overall cost of attendance).

Re: financial aid

Posted: Thu Nov 11, 2010 11:41 am
by Perch
Question: On an application I just submitted, one question was "Will you be applying for financial aid?" I selected yes, thinking it was to make you eligible for scholarships, but now I'm starting to realize/think that "financial aid" is probably something different. Am I right?

Re: financial aid

Posted: Thu Nov 11, 2010 11:49 am
by homestyle28
Frankie55 wrote: called the school, and even though im 27 and have been financially independent since 21, since im under 30 they need to have my parents financial info in order to determine how much aide im eligible for
That sounds fishy to me. I've been in graduate programs since I was 26 and have applied for aid every year, never needed this info.
Perch wrote:Question: On an application I just submitted, one question was "Will you be applying for financial aid?" I selected yes, thinking it was to make you eligible for scholarships, but now I'm starting to realize/think that "financial aid" is probably something different. Am I right?

Financial Aid is a broader category that encompasses scholarships, loans, grants, and work study. Saying you plan on applying for FA should not affect your eligibility for schollys.

Re: financial aid

Posted: Thu Nov 11, 2010 11:55 am
by Perch
homestyle28 wrote:
Perch wrote:Question: On an application I just submitted, one question was "Will you be applying for financial aid?" I selected yes, thinking it was to make you eligible for scholarships, but now I'm starting to realize/think that "financial aid" is probably something different. Am I right?

Financial Aid is a broader category that encompasses scholarships, loans, grants, and work study. Saying you plan on applying for FA should not affect your eligibility for schollys.


how about affecting admissions?

Re: financial aid

Posted: Thu Nov 11, 2010 11:59 am
by northwood
it does not affect your admission chances.

Re: financial aid

Posted: Thu Nov 11, 2010 12:00 pm
by YCrevolution
..

Re: financial aid

Posted: Thu Nov 11, 2010 12:05 pm
by 1Levening2013
homestyle28 wrote:
Frankie55 wrote: called the school, and even though im 27 and have been financially independent since 21, since im under 30 they need to have my parents financial info in order to determine how much aide im eligible for
That sounds fishy to me. I've been in graduate programs since I was 26 and have applied for aid every year, never needed this info.
Perch wrote:Question: On an application I just submitted, one question was "Will you be applying for financial aid?" I selected yes, thinking it was to make you eligible for scholarships, but now I'm starting to realize/think that "financial aid" is probably something different. Am I right?

Financial Aid is a broader category that encompasses scholarships, loans, grants, and work study. Saying you plan on applying for FA should not affect your eligibility for schollys.


this is very common amongst law schools. for fafsa purposes you are automatically considered independent (whether or not you are actually dependent), but many (if not most) law schools require your parents information for need-based aid

Re: financial aid

Posted: Thu Nov 11, 2010 12:08 pm
by Perch
YCrevolution wrote:
Perch wrote:
homestyle28 wrote:
Perch wrote:Question: On an application I just submitted, one question was "Will you be applying for financial aid?" I selected yes, thinking it was to make you eligible for scholarships, but now I'm starting to realize/think that "financial aid" is probably something different. Am I right?

Financial Aid is a broader category that encompasses scholarships, loans, grants, and work study. Saying you plan on applying for FA should not affect your eligibility for schollys.


how about affecting admissions?

Extremely unlikely. You're borrowing money from the federal government, so it doesn't make that much difference to the school. For UVA, they used to ask (and I think they still ask) so that they can send you financial aid information in Janurary/February.


so will everyone who is not paying straight cash on their own or having someone else pay for it (ie. parents) check "yes" for the financial aide question?

Re: financial aid

Posted: Thu Nov 11, 2010 12:13 pm
by YCrevolution
..

Re: financial aid

Posted: Thu Nov 11, 2010 12:30 pm
by vanwinkle
homestyle28 wrote:
Frankie55 wrote: called the school, and even though im 27 and have been financially independent since 21, since im under 30 they need to have my parents financial info in order to determine how much aide im eligible for
That sounds fishy to me. I've been in graduate programs since I was 26 and have applied for aid every year, never needed this info.

I can say with certainty that several top law schools do require this information for people under the age of 29 (how they picked that figure I'm not sure) in order to perform determinations for need-based grants. They will factor in your parents' income if you're below the age threshold, whether or not your parents actually intend to contribute; at some schools there's no way around it, while at others they let you opt out by choosing only to be considered for merit-based grants instead of merit and need-based grants.

Either way you're still eligible for federal loans up to the full cost of tuition and calculated living expenses.