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I am still very much exploring my options here... and totally clueless.

Once I get my FAFSA and Need Access, do I then have to apply for the loans? Do I wait until the schools get back to me with what I'm eligible for?

I'm really confused. Also, how recent of bank statements do you need? Do they fact check everything to the nearest $.01?

Fellow 0L here jumping through the process of filling out these forms. I have experience from my undergraduate years dealing with this stuff though.

CordeliusX wrote: Once I get my FAFSA and Need Access, do I then have to apply for the loans? Do I wait until the schools get back to me with what I'm eligible for?

Generally, the process is as follows:

1) Fill out the FAFA and any other forms required by your institution.

2) Wait until the financial aid department gets back to you with what amount of loans and grants you can claim.

3) Choose which loans and grants you wish to claim for the following academic year.

4) Select from a list of banks or other federally backed lender who will be the actual institution providing your loans.

5) Fill out a promissory note and other forms required by selected institution.

From here it normally depends on the school or institution. In my personal experience, when distributing the loan money, the lending institution first paid the university then, if any money was left over, deposited the rest of the money into my savings/checking account.

I hope this is useful to you. It has been a while since I did anything after step 3 as after your first year at an institution you don't have to do 4 or 5 anymore.

conformalgeom wrote:Fellow 0L here jumping through the process of filling out these forms. I have experience from my undergraduate years dealing with this stuff though.

CordeliusX wrote: Once I get my FAFSA and Need Access, do I then have to apply for the loans? Do I wait until the schools get back to me with what I'm eligible for?

Generally, the process is as follows:

1) Fill out the FAFA and any other forms required by your institution.

2) Wait until the financial aid department gets back to you with what amount of loans and grants you can claim.

3) Choose which loans and grants you wish to claim for the following academic year.

4) Select from a list of banks or other federally backed lender who will be the actual institution providing your loans.

5) Fill out a promissory note and other forms required by selected institution.

From here it normally depends on the school or institution. In my personal experience, when distributing the loan money, the lending institution first paid the university then, if any money was left over, deposited the rest of the money into my savings/checking account.

I hope this is useful to you. It has been a while since I did anything after step 3 as after your first year at an institution you don't have to do 4 or 5 anymore.

That was a HUGE help, contormalgeom!! I didn't do loans for undergrad so I really had no idea how any of this worked.

conformalgeom wrote:I hope this is useful to you. It has been a while since I did anything after step 3 as after your first year at an institution you don't have to do 4 or 5 anymore.

Should be stickied somewhere... thanks!!!

jks289 wrote: That was a HUGE help, contormalgeom!! I didn't do loans for undergrad so I really had no idea how any of this worked.

Glad to be of service! I personally find the entire system rather frustrating and tedious, especially when you have to dig up your parents' assets. I am not expecting to be eligible for anything beyond the stuff *everyone* tends to be eligible for (unsubsidized stafford and gradPLUS). I really wish there was a "my parents make too much money" toggle(even though I am going to be completely financing law school through loans and possibly scholarships ).

How much can you toggle the living costs, etc? I am confused on how precise these forms need to be.

I am hoping to do my FAFSA over the weekend... or at least my taxes. This just sucks.

are the gradplus loans an entirely seperate process from the fafsa? thanks!

miami.. wrote:are the gradplus loans an entirely seperate process from the fafsa? thanks!

This is not based on any personal experience: I would say no. If gradPLUS loans are anything like parentsPLUS loans(similar in structure to gradPLUS, but taken out in your parent's name) you will be informed regarding what amount you can take out for the next year by your financial aid department. I never did parentsPLUS loans during my undergrad, but it basically just requires some more forms and a credit check which can be done through the lending institution you are getting your Stafford loans from.

Hmm, I don't think I'll be eligible for need-based aid since my EFC is around 15k (should have lent my life savings to my parents -_-). If a school requires both FAFSA and Need Access, but I only fill out the FAFSA, will I still be eligible for federal loans?

If I complete my parent's FAFSA information, then they don't have to complete a FAFSA like they did in UG? My parents already owe SO MUCH money for my UG loans. I want the law school loans to be entirely in my name. They won't have to co-sign,, will they?

Muddy wrote:If I complete my parent's FAFSA information, then they don't have to complete a FAFSA like they did in UG?

They shouldn't, but I haven't finished filling out the FAFSA and other stuff yet.

I want the law school loans to be entirely in my name. They won't have to co-sign,, will they?

For Stafford loans, you shouldn't need a co-signer. For gradPLUS loans, the answer will depend on whether or not your credit rating is good enough for your selected lender.