Join us as we look over the the 10 Most Commonly Asked Questions from students when it comes to School Loans.
1) When should I apply?
Apply as early as possible in the calendar year in which the aid is needed to go to school.
2) Will I be eligible for financial aid if I only go to school part-time?
More than half of all college students receive aid of some kind. Complete the financial aid form provided by your school to determine your eligibility.
3) Must I be accepted for admission before I can apply for financial aid?
Possibly. See your college financial aid office for qualifications.
4) Does financial aid cover only tuition?
Not necessarily. You may apply for financial aid at the same time you apply for admission, but you must be enrolled in school before your receive any assistance.
5) How do I apply for financial aid?
Answer: Start by completing the Free Application for Federal Student Aid (FAFSA). In addition, some colleges may require you to complete their own application.
6) Even though I’m a dependent, my parents will not be providing money for my college expenses. What can I do?
Most programs assume a certain level of family contribution. Discuss your situation with your financial aid counselor.
7) My parents want to help but can’t afford the amount of the family contribution. What can I do?
You need a Private Student Loan. You can use these loans to satisfy your family’s contribution.
8) What if my parents earn high salaries? Won’t applying for aid waste my time?
No. Financial aid isn’t just for lower income families. Many middle income families and even those with relatively high incomes can qualify. You can also receive scholarships based on academic merit, athletic ability or other special skills.
9) Are funds sent to me or my school?
Once your loan is approved, funds are sent to your school by electronic funds transfer and credited to your student account. Talk with someone in your school’s financial aid office to learn their disbursement rules and schedule.
10) When will I get my student loan?
Once your loan is approved, funds will be sent to your school by electronic funds transfer and credited to your student account. To learn about your school’s disbursement rules and schedule, contact the financial aid office.