Confused about Financial Aid? Get the Answers Here!

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Discussion Overview

The discussion revolves around understanding the financial aid system, including types of aid such as scholarships, grants, and loans. Participants seek clarification on the processes involved in obtaining financial aid, particularly in relation to the FAFSA and the implications of accepting loans.

Discussion Character

  • Exploratory
  • Technical explanation
  • Homework-related

Main Points Raised

  • One participant expresses confusion about the financial aid system and seeks a comprehensive explanation of its components, specifically mentioning scholarships, grants, and loans.
  • Another participant explains that filling out the FAFSA can lead to receiving grants and subsidized or unsubsidized loans, highlighting the differences between them regarding interest accrual.
  • A participant inquires about the process for obtaining grants and scholarships without taking loans, questioning if filling out the FAFSA automatically results in loans.
  • There is a suggestion that participants can refuse loans if they prefer not to take them, but one participant advises considering taking the loan for potential financial benefits.
  • Another participant lists various forms that need to be filled out for financial aid, including the FAFSA and university-specific forms, and seeks confirmation on whether additional forms are necessary.
  • Resources for financial aid and scholarships are shared, including links to websites that provide information on funding options.

Areas of Agreement / Disagreement

Participants express varying levels of understanding and seek clarification on different aspects of financial aid. There is no consensus on the best approach to obtaining aid without loans, and some participants provide differing advice on whether to accept loans.

Contextual Notes

Participants mention specific procedures and forms related to financial aid, but there are unresolved questions about the implications of accepting or refusing loans and the exact processes for obtaining grants and scholarships.

Who May Find This Useful

Individuals seeking financial aid for education, particularly those unfamiliar with the FAFSA process and the distinctions between different types of financial aid.

apples
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OK, I've tried to learn about financial aid, but I still am utterly confused. I don't have a financial aid counselor, and there isn't any financial aid night in my school either. So I have no idea about the financial aid system.
So please can someone explain the whole system?
What I understood is that there are the types of aid
1) Scholarship
2) Grants
3) Loans

Am I right?
And you have to return the loans in some time span wit some interest. Right?
Can someone just explain the whole thing.
 
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apples said:
OK, I've tried to learn about financial aid, but I still am utterly confused. I don't have a financial aid counselor, and there isn't any financial aid night in my school either. So I have no idea about the financial aid system.
So please can someone explain the whole system?
What I understood is that there are the types of aid
1) Scholarship
2) Grants
3) Loans

Am I right?
And you have to return the loans in some time span wit some interest. Right?
Can someone just explain the whole thing.

fill out your fafsa, you'll either get grants + subsidized loans or unsubsized loans.

subsidized means that the government is paying the interest on them while you're in school. once your done with school they start acruing interest.

unsubsized obviously means that they acrue interest while you're in school.

both you have to pay back. both are not covered by bankruptcy. both can be deferred a couple of times.

obviously grants you never have to pay back and scholarships are handled private organizations.
 
If I want grant(s?) and/or(?) scholarship(s?), and not loans, then what do I do?
If I fill out my FAFSA, do I automatically get loans?
What's the process if I want to do this.

Thanks a lot
 
First, you fill out your fafsa. At the end of the application, it will ask you to send it to the colleges you applied to. Depending on what state (if you live in the US) you live in, you might get additional grants and scholarships that are state specific. You have to fill out a fafsa in order for your college/university to give you financial aid (loans, grants, scholarships, work study, etc.).
 
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if i only want grants and scholarships and no loans.
then if i get a loan, can i cancel it?
any specific procedure for this?
 
apples said:
if i only want grants and scholarships and no loans.
then if i get a loan, can i cancel it?
any specific procedure for this?

yes you can refuse the loan but my suggestion is to take it. even if you don't spend it stick it into a high yield bank account or cd or something
 
OK, thanks a lot for the advice people.
One more thing.
i need to fill out my fafsa, university finaid forms, the CSS form on collegeboard(?), the financial aid profile on collegeboard.
Anything else?
 
you don't have to fill out anything on collegeboard, unless they look for scholarships for you or something
 
A Few FA Sites

I've found a few fianancial aid/scholarship sites in my travels that I found handy. Hopefully you find the same. You may want to check out:

http://www.finaid.org/" - Tons of info on all sorts of funding options from scholarships to grants to student loans.
http://www.nextstudent.com/" - While they provide student loans and consolidation their site has a bunch of tools and resources. If you look in the left-hand navigation you'll find links to their tutorial, tools & resources and a school directory.
http://studentaid.ed.gov/" - The site the government puts up on the subject. Good to get some advice right from the source when it comes to loans.

Hope this helps. If you find some other good resources please feel free to post them. Information is power. :)

Regards.

Steve
 
Last edited by a moderator:

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