[brandonbkim]

EDIT 10/03/06

PLEASE READ OTHER MEMBER'S POSTS BEFORE POSTING YOUR QUESTIONS. YOUR ANSWER ALREADY MAY BE POSTED.

THANKS!


Thanks jenjenyaj!!

[말라카]

Wow this is perfect thank you! Heres my question:
I'm thinking of working in a part time job during school that is outside of school, but I was wondering if doing so would lower my financial aid package next year. Would it be lowered to the point where I would just basically be working for the same amount of financial aid. Like I would be needlessly working and have to use all the money I'm getting from work towards my college bill.

[brandonbkim]

Wow this is perfect thank you! Heres my question:
I'm thinking of working in a part time job during school that is outside of school, but I was wondering if doing so would lower my financial aid package next year. Would it be lowered to the point where I would just basically be working for the same amount of financial aid. Like I would be needlessly working and have to use all the money I'm getting from work towards my college bill.

Depends what you are getting. If you are receiving grants based on your EFC(expected family contribution) such as PELL grant, then any additional income may effect the amount of the award. I'm assuming that you're a dependant student and living with your parents.
Regarding loans, it should not affect the amount that you are eligible already.

For example, Federal stafford loans has a limit for each grade level.

Maximum as of 08/18/2006
Federal Stafford Loan(Subsidized)
Freshman standing: $2625
Sophmore standing: $3500
Junior Standing: $5500
Senior Standing: $5500

Federal Stafford Loan (Unsubsidized)
Freshman standing: $4000
Sophmore standing: $4000
Junior Standing: $5000
Senior Standing: $5000

Maximum allowed for each loan is $23,000 (combined $46,000).

Good luck

[ttsanhd]

Just curious, I received my financial aide reward for 06 fall-07 spring. And This year my parents goy divorced around July, so im just wondering who info should I use when apply for financial aid again(im assuming my mom cause I live with her and my dad moved out).

[brandonbkim]

Just curious, I received my financial aide reward for 06 fall-07 spring. And This year my parents goy divorced around July, so im just wondering who info should I use when apply for financial aid again(im assuming my mom cause I live with her and my dad moved out).

If you filed the 06-07 FAFSA already and have a SAR (student aid report), then you cannot change the marital status for this award year. So I think basically you're stuck with the high EFC. It's difficult to get grants the way it's set up now. You have to be practically starving or have bazillion kids.

[ttsanhd]

Well we have to fill one out again for 07-08 right? Because that is what im concerned about, I received all the money I need for 06-07 but im worried about 07-08 when applying for aid again right?? Im kinda confusing myself here as well.

[말라카]

Depends what you are getting. If you are receiving grants based on your EFC(expected family contribution) such as PELL grant, then any additional income may effect the amount of the award. I'm assuming that you're a dependant student and living with your parents.
Regarding loans, it should not affect the amount that you are eligible already.

For example, Federal stafford loans has a limit for each grade level.

Maximum as of 08/18/2006
Federal Stafford Loan(Subsidized)
Freshman standing: $2625
Sophmore standing: $3500
Junior Standing: $5500
Senior Standing: $5500

Federal Stafford Loan (Unsubsidized)
Freshman standing: $4000
Sophmore standing: $4000
Junior Standing: $5000
Senior Standing: $5000

Maximum allowed for each loan is $23,000 (combined $46,000).

Good luck

Well my situation is that I have a full tuition scholarship and I'm poor. So yes I get the tap and pell grant, and I haven't taken out any loans. I'm just wondering if I start working does that mean less of a pell grant? I don't want to be working for the same amount I would be getting anyway, or would my income have to exceed a certain level for them to completely remove my pell grant?

[brandonbkim]

Well we have to fill one out again for 07-08 right? Because that is what im concerned about, I received all the money I need for 06-07 but im worried about 07-08 when applying for aid again right?? Im kinda confusing myself here as well.

Yes you have to fill out a fafsa every year. The current FAFSA is good from July 1st to June 30th. When you fill out the 07-08, it will determine the financial need from last year's tax forms as well as your personal assets and investments.
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Well my situation is that I have a full tuition scholarship and I'm poor. So yes I get the tap and pell grant, and I haven't taken out any loans. I'm just wondering if I start working does that mean less of a pell grant? I don't want to be working for the same amount I would be getting anyway, or would my income have to exceed a certain level for them to completely remove my pell grant?


It varies in some cases. For example, a student's EFC must be 0 if they want to receive full pell grant. An independant student making over 20,000 will have a EFC higher than a zero. But lets say that someone is making $10,000 a year and decides to work extra and makes $15,000. Since his total income does not exceed $20k, he will still have an EFC of 0, which means he'll still get the pell grant. But if a student was making $18,000 and now makes $23,000 , then his EFC will be 3000, and it will cut the pell grant by that much.

[himeno15]

how many years of financial aid can you receive if your major coursework requires more than 4 years of completion? does aid end after 4 years or can you still receive some help from the government while you are still working towards your BS when the 4 yr time expired?

thanks for answering

[brandonbkim]

how many years of financial aid can you receive if your major coursework requires more than 4 years of completion? does aid end after 4 years or can you still receive some help from the government while you are still working towards your BS when the 4 yr time expired?

thanks for answering

For federal aid, as long as you're an undergrad and have not exceeded the maximum amount, you should be able to keep receiving aid. For the maximum federal stafford loan amount, refer to my previous post.

[JESS.]

man, i just know i need financial aid, but i don't know where to start. i dind't get ANY aid this year. my mom is becoming a single parent soon, and she doesn't has a job yet, but we do own 3 properties.

[dutsukyampu]

i have a question regarding work study.
i recieved a pell grant(and the academic competitiveness grant with it) and i wasn't eligible for work study(that i know of).
yet i know a many people that do qualify for work study. what do i need to be eligible?
too late for 2006-2007 school year, but possibly next year

[brandonbkim]

man, i just know i need financial aid, but i don't know where to start. i dind't get ANY aid this year. my mom is becoming a single parent soon, and she doesn't has a job yet, but we do own 3 properties.

When you say you did not get any, does that mean you did not get any grants? Because Federal Loan is considered a financial aid. No matter how much your parents made, you should still be receiving some aid. Regarding your question about your mom, the 3 properties may kill the grant possibilities.

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i have a question regarding work study.
i recieved a pell grant(and the academic competitiveness grant with it) and i wasn't eligible for work study(that i know of).
yet i know a many people that do qualify for work study. what do i need to be eligible?
too late for 2006-2007 school year, but possibly next year

When you say many people, do they attend the same school as you? Also, there is a question in FAFSA where it asks "are you interested in work-study?". If you answered NO, then you will not receive any work study options. It's NOT too late to file or revise your 2006-2007 FAFSA. If you haven't done it, or need to change it, do it ASAP.

Hope that helps.

[neferteenie]

I have a question...Would you recommend accepting the PLUS loan that's offered or going out to a bank like Bank of America and getting a student loan? Which one would be better/easier to pay off? I didn't get much financial aid, so I'm depending on loans a lot.

[dutsukyampu]

When you say you did not get any, does that mean you did not get any grants? Because Federal Loan is considered a financial aid. No matter how much your parents made, you should still be receiving some aid. Regarding your question about your mom, the 3 properties may kill the grant possibilities.

*****************************************************************************
i have a question regarding work study.
i recieved a pell grant(and the academic competitiveness grant with it) and i wasn't eligible for work study(that i know of).
yet i know a many people that do qualify for work study. what do i need to be eligible?
too late for 2006-2007 school year, but possibly next year

When you say many people, do they attend the same school as you? Also, there is a question in FAFSA where it asks "are you interested in work-study?". If you answered NO, then you will not receive any work study options. It's NOT too late to file or revise your 2006-2007 FAFSA. If you haven't done it, or need to change it, do it ASAP.

Hope that helps.

thanks so much for the info.
i just changed it right now, but i have another question.i've recieved various student grants, pell grants, and the ACG award, will have changing the work study option to 'yes' affect any of that?
i turned in my fafsa on march 1st of 2006. my EFC is still the same after i changed the work study option.

[brandonbkim]

thanks so much for the info.
i just changed it right now, but i have another question.i've recieved various student grants, pell grants, and the ACG award, will have changing the work study option to 'yes' affect any of that?
i turned in my fafsa on march 1st of 2006. my EFC is still the same after i changed the work study option.

EFC doesn't rely on work study. EFC relies on how much you made the previous year (in this case 2005), as well as your assets and investments.

[SophiaSan]

in order to recieve fiancial aid, how much do your parents have to make? income wise..?

[brandonbkim]

in order to recieve fiancial aid, how much do your parents have to make? income wise..?

Financial aid as in "free money?" Your EFC should be lower than 5000.

[Nana544]

delete this post. wrong reply

[frog]

I feel very embarrass to go to the finacial aid office because it seem like the people there look down on you just because you received financial aid. I also think that professors look down on students just because they're poor..................some even say stuffs like.........this such program can help you such and such if you're income is such and such.........I would recommand it to you...........blah, blah, blah.....and they say it in a very mean way although they may not realize it..........sometimes it hurts my feeling...........seriously