I'm just going to start a new thread here...Follow

...rather than hijack Hellboy's, even if I am more interesting:

If there are folks that are contemplating college and are uncomfortable navigating the whole financial aid deal, I'm happy to answer any questions you have. I've done financial aid applications about a thousand times I'd guess. You may pm me if you're more comfortable, but if it's a general question, post it here so that others with the same question can benefit from the answer. Additionally, please don't post misinformation. If you're not %100 sure of something, don't post it here and scare folks off please.

In general, and to start, anyone thinking about attending college in the Spring of 08 or the Summer of 08 should fill out the Free Application for Federal Student Aid as soon as possible. You will not get the maximum possible financial aid award from your school as it is so late in the year and awards are usually given out in the late spring. If you are planning on going to school next fall, you should fill out the FAFSA as soon after January 1st as you are able.

1. The FAFSA can be filled out online at www.fafsa.ed.gov. DO NOT fill it out on any other site, such as fafsa.com as this is an @#%^ pay service that will charge you for nothing.

2. Prior to filling out the FAFSA online, I suggest going to www.pin.ed.gov and applying for a PIN for the FAFSA. This will take a couple of days to be emailed to you, but it allows you to "sign" your FAFSA electronically, rather than printing out a signature sheet to mail in and sign. Edit: Sign and mail in...the other way would be exceedingly difficult.

3. It is helpful to have your previous year's tax return in front of you, because most income questions go line by line, but if you are filing in January for the fall, do not feel obligated to wait for your W-2, as you CAN USE AN ESTIMATE AND UPDATE LATER. The earlier you get it in, the better.

That's the general gist of it. If you have questions, don't be afraid to ask.

Nexa

Edited, Nov 4th 2007 6:49am by Nexa

My guess (and it's a guess) is that your loan was probably sold...it happens all the time. If your loans are not yet consolidated, I'd get that done ASAP. It'll save you a bunch of money and give you just one payment.

Keep in mind though, that if the going consolodation interest rate for the Stafford Loans you have is less than that of any Perkins loans, you'll want to keep the Perkins Loans separate or they'll pull up the interest rate of the entire consolodation.

I went through Sallie Mae for my consolodation and I've liked their set up.

To answer your initial question, yes, call AES. While your loan may technically be getting paid down, you may be ******* up their accounting and setting yourself up for a headache.

Nexa

Sorry, you lost me. You're currently in the Navy and would like to use the MGIB to take a class because you're home right now?

Nexa

Well, quick look into the most updated GI Bill stuff I could find says:


That's all from: http://www.gibill.va.gov/pamphlets/CH1606/CH1606_Pamphlet_General.htm

Nexa

Yea my sister got enough loanage to pay for her Uni fees so it's all good.

I'm not actually going to college I just wanted to see what you'd say.

And it was funny, so good show old bean.

I'm sure I have some questions, but I really have none right now.

For FAFSA, where would I get an estimate while waiting for a W-2? A lady I worked with this summer said I should fill it out asap, but also said they're upping the funding in 2008, so I was gonna wait.

This year will be the first year I pay taxes also, so Idk if I'll have most of the info.

Also, I was planning on looking for somewhere in Fall '08, but would it be better to start in Spring '09 since thats when financial aid is given out?

Ok, hold up, it seems you have some misinformation:

1. The FAFSA for academic year 08 (starting in September of 2008), should be filled out as soon after January 1st 2008 as possible. Filling out one today would be for THIS academic year, which runs from September 2007 through Summer 07 (most places...there are a few that count the summer with next year, best to check at your school).

2. Financial aid is given out every semester, not just Spring. Summer is iffy some places because if you take it in the summer, it may give you less in the fall, so check with your financial aid office.

3. An estimate would be found possibly on your most recent check stub (they often report for the year). You may need other estimates depending on what you do for a living, if you have other sources of income, etc.

4. Keep in mind that the FAFSA is FREE, and obligates you to NOTHING. If you fill it out and don't go to school, nothing happens! It will never hurt you to fill it out. I fill it out every year, JUST IN CASE I decide to go back to school at some point. For example, I fill it out currently even though my employer pays for my classes, just in case I lose my job.

Nexa

Where are you planning on taking college classes that doesn't require a diploma or GED?

Nexa

If your loans are subsidized, just keep track of them...if they're unsubsidized, pay the interest if you can. That way, at least you'll only owe what you borrowed while you were in school instead of also owing on capitalized interest.

Of course, if you're otherwise debt free and find yourself with some extra money, it also doesn't hurt to start paying on them early. If your loans are subsidized, a more financially responsible move though would be to invest extra money, even in just a savings account, to accrue interest since you're not paying any on the loans themselves and then you'll be able to pay more off once they come due (six months after you graduate or cease taking classes).

Nexa

I will ask a quick question, but if you don't know the answer, just say so, and I'll try to dig deeper to find it.

I'm attempting to get my loans discharged. Do you know how long after your loans are discharged (from default loans) that you qualify for financial aid again? I've been delaying the discharge because of my own anxiety (which is why I'm getting them discharged in the first place). BUT I am working on my medical conditions in the hope that in a few years I can go back to college and finish a degree.. So yeah, do you know?

Just a question for the current undergrads out there: are you working?

I worked ~16 hours a week during my undergrad education and the money made a huge difference.

Currently still in, but trying to get information on how to tap into that $65,000. You're links helped significantly though. Thanks a lot.