FAFSA v. Need Base Fin Aid Forum

[cj346]

It's looking like I won't get a full scholarship to my top choice so I am trying to figure out the best route for getting the remaining amount. Is there any conventional wisdom as to whether FAFSA or Need Based Fin Aid from the school is better?

[lymenheimer]

I'm not sure you completely understand the difference between the two or how they are allocated. Of course, it varies by school, but Need Based Aid usually comes in the form of extra scholarship funds. Depending on the school, you may have to submit both Fafsa and Need Access to be considered for this extra scholarship. FAFSA is for government loans which can cover up to the total estimated cost of attendance as calculated by the school (includes tuition + COL + etc). So, regardless, there should be money to cover the extra (if you are not an international applicant).

eta: and if you knew all that then I really don't know exactly what your question is. I mean, basically, it's better to get as much scholarship money as you can because the interest rates on government loans are ridiculous. but that seems too obvious an answer to need to offer.

[cj346]

I'm not sure you completely understand the difference between the two or how they are allocated. Of course, it varies by school, but Need Based Aid usually comes in the form of extra scholarship funds. Depending on the school, you may have to submit both Fafsa and Need Access to be considered for this extra scholarship. FAFSA is for government loans which can cover up to the total estimated cost of attendance as calculated by the school (includes tuition + COL + etc). So, regardless, there should be money to cover the extra (if you are not an international applicant).

eta: and if you knew all that then I really don't know exactly what your question is. I mean, basically, it's better to get as much scholarship money as you can because the interest rates on government loans are ridiculous. but that seems too obvious an answer to need to offer.

For some reason I was thinking "Need Based Fin Aid" meant a loan from the school. Thinking about it now, that doesn't make any sense at all. Thanks for the clarification!

[lymenheimer]

I'm not sure you completely understand the difference between the two or how they are allocated. Of course, it varies by school, but Need Based Aid usually comes in the form of extra scholarship funds. Depending on the school, you may have to submit both Fafsa and Need Access to be considered for this extra scholarship. FAFSA is for government loans which can cover up to the total estimated cost of attendance as calculated by the school (includes tuition + COL + etc). So, regardless, there should be money to cover the extra (if you are not an international applicant).

eta: and if you knew all that then I really don't know exactly what your question is. I mean, basically, it's better to get as much scholarship money as you can because the interest rates on government loans are ridiculous. but that seems too obvious an answer to need to offer.

For some reason I was thinking "Need Based Fin Aid" meant a loan from the school. Thinking about it now, that doesn't make any sense at all. Thanks for the clarification!

Some schools do offer that (I think Harvard is one?). And I was going to mention that. But I looked through your post history and I don't think any of your schools do. But I guess you could still ask.

[yunjh2725]

^what is the interest rate for government loans? I know it may vary but generally?

Thanks!

[lymenheimer]

^what is the interest rate for government loans? I know it may vary but generally?

Thanks!

http://lmgtfy.com/?q=federal+loan+interest+rate