Financial aid...what a wonderfully EVIL thing you are! But I love thee!
If it was not for you, I would not be able to go to school and pay for books.
Financial aid...
There was so much I did not know about financial aid and so much I still do not know.
I seriously think, in my opinion, that even the financial aid office doesn't know EVERYTHING there is to financial aid.
From the beginning, I knew that apply for financial aid and the whole process was going to be long and annoying. Therefore, I started shortly after filing taxes, which I did in February.
First, you DO NOT have to pay to apply for financial aid! DO NOT PAY!!! There are sites out there that say they will file your FAFSA (Free Application for Federal Student Aid) for a fee. Really? It is a FREE application! So here is the direct link to get to the FAFSA http://www.fafsa.ed.gov/
Start EARLY! Do not wait until the month before school starts to do your financial aid. The earlier the better!
Now, once you get started, you have to do some waiting. Sometimes it is for a day, sometimes it is for weeks! Make sure you are prepared with all your information so the process will go smoothly. Keep all your financial aid papers together and at hand. And be patient!
I finally finished my FASFA in April. That is the first step. Then you have to wait for the Financial Aid Office at your school of choice.
I was able to keep track of my Financial Aid status on my schools website. A green check mark next to a document means that it is in and in the clear, a red flag means that it needs to be done or something is wrong. Stay on top of those red flags!
Between completing my FAFSA and getting the "Go Ahead" from the school to get my books and start class, there was counseling to do on the computer, promissory notes, LOTS of different papers to fill out and sign, I had to decide what kind of loans I wanted to apply for (Subsidized or Unsubsidized, PELL GRANTS), how much of those loans I wanted to take out, etc. I had everything turned in and ready by the end of June.
You can imagine the "Happy Dance" I did once everything was in the clear! OMG! I was ready for school! July was a stress free month, and then August hit! Classes start in August! And at the beginning of the month, I saw that I had "red flags" next to both promissory notes. WTF? What happened in the last month? Can I still go to school? Can I still pick up my books from the bookstore? ? ? ?
I contacted my Financial Aid Office via email, phone, and, eventually, walked in! They informed me that towards the beginning of semester, they have to confirm the loans etc., so red flags show up next to those items while in that process. While speaking to an awesome lady in the office, she looked up on their end of things and found that everything was going great! Everything had been approved and I could go to school and get my books and be happy again!
So... Here I am. Waiting for school to start in a week and a half. I bought my books. My student ID is in my wallet. (Oh I need to get my FALL sticker... crap!)
The above experience is mine, and not exactly the norm. Apparently, some people have a harder time with Financial Aid and some have an easier time. And it can change from one year to another! Next year, I may not have to complete so many documents and jump through so many hoops!
Here are a few things about Financial Aid that can make life a bit easier:
- There is a difference between Subsidized Loans and Unsubsidized Loans:
- Subsidized Loans do not accumulate interest that you have to pay for at the end. The Government pays the interest until you are out of school. So all you pay for is the loan itself.
- Unsubsidized Loans accumulate interest while you are in school and you have to pay the loan and the interested once you are out of school.
- You have to pay back your Student Loans even if you do not finish school.
- You are able to take out more money than what is needed for your tuition and fees. You may use this money for books and materials, gas, bills, food, etc. Just a reminder that you have to pay back anything you take out!
-Grants do not have to be paid back! They are free money! TAKE THEM!
- If you can get Grants and Scholarships, then use that money before the Financial Aid.
Do any of my readers have anything else they would like to add about Financial Aid? Horror stories, good stories, advise, etc.?
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