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Financial Adi!!! Please help me!!!!!


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Hello, I was recently accepted into PA school, but still ...I have 4 more interviews coming up in the next 2 weeks and one of those is my first choice school. Now the school that already accepted me starts early next year and they already sent me everything I need in order to start my financial aid process. Now my questions is, if I sign up for FAFSA and select this school, then what if I get accepted later on my first choice school, would I still be able to change schools in my FAFSA Application? Even after signing the Master Promissory Note (MPN)? PLEASE HELP ME!!!!

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First of all calm down. When you submit FAFSA you need to submit to ALL schools that you might attend (that would be the one you were accepted at, the four you have interviews at, and any that you are still waiting for interview invites at).

 

The school shouldn't need you to sign the MPN until right before they actually distribute funds. In theory, you should be able to sign the MPN, but as long as you don't accept any funds you wouldn't run into any trouble...but if it was me, I wouldn't sign the MPN unless I knew I was going to take the money. Also, usually you aren't asked to sign anything until your financial aid package is complete.

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Thank you so much!!!! for your quick response!!! I was really worried since I know how competitive this is and I am so happy and blessed to have this acceptance and it means a lot to me, but I don't want to close the doors for the other 4 options that I have. So I will go ahead and complete my FASFA and add all of these schools. THANK YOU!!!!

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I am not 100% sure since my brain is fried from studying all day, but I think you might need to consider that the other schools (not the one you got into) might not need you to do a FASFA for them until 2013 when you have filed your 2012 taxes. It sounds like the school you got into wants you to do a 2012 FASFA with tax info from 2011. Which one they want should depend on when the schools start. I got into programs that started in May of 2012 and even though I got in in Sept 2011 I had to wait until Jan 2012 to do my taxes and file FASFA. Unless every school you applied to is a very early 2013 start you will probably need to do a FASFA for each year.

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Summer classes are usually considered part of the previous school year, so unless a school doesn't start until the fall semester, you will need to file BOTH 2012-2013 and 2013-2014 FAFSA for your first year of school (and then file again every year after that).

 

Since there is no harm in submitting FAFSA to a school you don't end up attending and estimating the panic level of the OP (from the quantity of exclamation points), I chose to gloss over this detail.

 

Here's what the FAFSA schedule looks like:

2012-2013 FAFSA

- uses 2011 taxes

- most people filed in January 2012, this year's applicants should file ASAP if required by their school

- covers Fall 2012, Spring 2013, and Summer 2013*

 

2013-2014 FAFSA

- uses 2012 taxes

- file in January 2013, as soon as your 2012 taxes are done

- covers Fall 2013, Spring 2014, and Summer 2014*

 

*again, each school handles summer financial aid differently

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