18 April, 2017

I probably don’t qualify for aid. Should I apply for aid anyway?

2018-03-08T16:24:21+00:00April 18th, 2017|, |

Yes. Many families mistakenly think they don't qualify for aid and prevent themselves from receiving financial aid by failing to apply for it. In addition, there are a few sources of aid such as unsubsidized Stafford and PLUS loans that are available regardless of need. The FAFSA form is free. There is no good excuse [...]

19 April, 2017

How do I apply for a Pell Grant and other types of need-based aid?

2018-03-08T16:24:21+00:00April 19th, 2017||

Submit a FAFSA. To indicate interest in student employment, student loans and parent loans, you should check the appropriate boxes. Checking these boxes does not commit you to accepting these types of aid. You will have the opportunity to accept or decline each part of your aid package later. Leaving these boxes unchecked will not [...]

19 April, 2017

Do I have to reapply for financial aid every year?

2018-03-08T16:24:21+00:00April 19th, 2017||

Yes. Most financial aid offices require that you apply for financial aid every year. If your financial circumstances change, you may get more or less aid. After your first year you will receive a "Renewal Application" which contains preprinted information from the previous year's FAFSA. Note that your eligibility for financial aid may change significantly, [...]

19 April, 2017

I got an outside scholarship. Should I report it to the financial aid office?

2018-08-14T17:06:06+00:00April 19th, 2017||

Yes. If you are receiving any kind of financial aid from college or government sources, you must report the scholarship to the financial aid office. Unfortunately, the college will adjust your financial aid package to compensate. Nevertheless, the outside scholarship will have some beneficial effects. At some colleges outside scholarships are used to reduce the self-help [...]

19 April, 2017

Is it legal for a 17-year-old student to sign a promissory note for a student loan, even though the student has not yet reached the age of majority?

2018-03-08T16:24:21+00:00April 19th, 2017||

Normally, a minor cannot be held liable for a contract that they sign. However, in 1992 the Higher Education Act was amended to permit eligible students, defined as per Title IV regulations, to sign promissory notes for their own Federal student loans. As such, student loans represent one of the few exceptions to the so-called [...]

19 April, 2017

Are work-study earnings taxable?

2018-03-08T16:24:21+00:00April 19th, 2017||

The money you earn from Federal Work-Study is generally subject to federal and state income tax, but exempt from FICA taxes (provided you are enrolled full time and work less than half-time). Federal Work-Study earnings during the calendar year should be included in the totals for AGI and Worksheet C on the FAFSA. Work-study earnings [...]

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