lv1291 Posted January 10, 2014 Share Posted January 10, 2014 Hi everyone! As far as paying for school goes is it possible to pay for everything under FAFSA? Or do most people also supplement FAFSA loans with private loans and/or scholarships? I will be filling out my FAFSA soon but I don't even know where to start for private loans or scholarships! Any help would be greatly appreciated!! Thanks (: Link to comment Share on other sites More sharing options...
EMSGuy1982 Posted January 10, 2014 Share Posted January 10, 2014 The way I understand it is that it is possible to get most of your tuition paid for (depending on income ect) through FASFA. Any remainder can be covered by supplemental loans.I submitted my FASFA and haven't heard back yet. Unfortunately FASFA cannot help supplement your income if you are quitting your job to go to school. That's where private loans come into play and there are a lot of them out there. Definitely get as many scholarships as you can. 500 here 150 there can really add up. I am excited to start school! Link to comment Share on other sites More sharing options...
GreatChecko Posted January 10, 2014 Share Posted January 10, 2014 Your school should have a financial aid budget which includes nominal living expenses. In most cases, you can borrow up to the full amount of said budget through the government in the form of various types of loans. Some are need based and some require a credit check to qualify. The FAFSA is just the first step in this process. I'd contact the financial aid office of your school to get the particulars because it is an involved process and what you may qualify for can be different than what I qualified for. Link to comment Share on other sites More sharing options...
cinntsp Posted January 10, 2014 Share Posted January 10, 2014 Grad plus loans should be plenty to live on unless you have a big family or a lexus. Sent from my Nexus 5 using Tapatalk Link to comment Share on other sites More sharing options...
lolita09 Posted January 20, 2014 Share Posted January 20, 2014 I am going to jump on in this conversation because this is all new to me and I am seeking some advice as well. I am currently working and will be quitting shortly before school starts. Since my taxes will show a descent size income from last year, how will this affect how money I can borrow? I am single, no dependents, have a mortgage (plus all the expenses of being a home owner) and a car payment. How will this all be taken into consideration? Link to comment Share on other sites More sharing options...
GreatChecko Posted January 20, 2014 Share Posted January 20, 2014 I am going to jump on in this conversation because this is all new to me and I am seeking some advice as well. I am currently working and will be quitting shortly before school starts. Since my taxes will show a descent size income from last year, how will this affect how money I can borrow? I am single, no dependents, have a mortgage (plus all the expenses of being a home owner) and a car payment. How will this all be taken into consideration? Two things here. Your FAFSA calculated personal contribution will probably be high. How this will affect you, I don't know the details and can only speak from my experience. However, I had a job in the previous year and made some decent money, so my contribution would have required spending pretty much all my savings in the first year. While spending meager savings vs taking out a loan can be argued, the projected contribution has not impacted the amount I could take out in loans. The loan amounts are based upon the budget the school puts together and then you can adjust down. As for your mortgage or car payment, I really don't know how you can handle that since I have neither. However, I do know that the financial aid loans can only be spent on things that the budget has outlined, which is pretty much education related expenses, with a small portion for rent, utilities, and vehicle expenses, so it may not cover what you will need. Hopefully, someone that has experienced this will come along and will share what they know. Link to comment Share on other sites More sharing options...
ethergore Posted February 21, 2014 Share Posted February 21, 2014 I am going to jump on in this conversation because this is all new to me and I am seeking some advice as well. I am currently working and will be quitting shortly before school starts. Since my taxes will show a descent size income from last year, how will this affect how money I can borrow? I am single, no dependents, have a mortgage (plus all the expenses of being a home owner) and a car payment. How will this all be taken into consideration? I'd love some info on this too. Link to comment Share on other sites More sharing options...
tariesen Posted February 22, 2014 Share Posted February 22, 2014 I don't think it affects what you're able to borrow. I'm in the same boat as you both and I believe we still are able to get the $20,500 Direct Stafford Loan. I'm looking to supplement the Stafford with a private loan as I will not be charged origination fees from the bank I'm looking at (I think the gov't charges you up to 4% - ridiculous). There are other benefits as well. This link is quite helpful if you're looking at private loans: http://www.finaid.org/loans/privatestudentloans.phtml Link to comment Share on other sites More sharing options...
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