Fed Financial
FAFSA and private student loan?
I have been approved for a 10,000 dollar student loan through Astrive for the spring semester of 2007. Is it possible for me to still recieve a grant through FAFSA? I need to use the Astrive money to get things straightened out so i only have to work one job, but when i do that i wont have money left for tuiton. Please Help!
Public Comments
- It's possible, but you may want to wait and recieve the Astrive funding until you've done the fafsa process. You'll get a letter ffrom your school, denoting the amount of sub/unsubsidized loans plus any state grants. If your income is higher now than it will be when you start, but sure to contact the financial aid person and request a special circumstances form. They will go back and recalculate your awards, which might change the amounts in your favor.
- Once the school gets your FAFSA..they will send you a financial aid award letter. At most schools, if you qualify for a pell..they will offer that and less of a loan to you.
- Only if you are going to be a half time student in the spring should you file the fafsa forms for federal student loans. if the astrive loan is going to be paid out to the school, any amount that you receive from the school based on the fafsa will just reduce the amount of the loan with astrive. ask you school if they can account for your living costs to help you retain more of the loan as well as any federal funding. if you are less than half time and you demonstrate large amount of financial need you may still file a fafsa but you will only be reviewed for the Pell grant.
- First fill out your FAFSA. See what your awards package is. See what they can offer you. Second, then look in to loans. Do you REALLY want a private loan? You can consolidate your other student loans with them, but it will seriously hurt you in the future. Federal loans are a much better choice and you can receive a lot of money from them. Your eligibility of these is determined after you fill out your FAFSA. So do that first.
