Questions and Answers

Your Questions About Fafsa

August 6, 2013

Donna asks…

What is the difference between Ford loans and FAFSA?

I know they are both federal loans but what makes them different? I have already applied and recieved acceptance for my fafsa but will I get more money if I apply for a Ford Loan?
Also will the ford loan be more expensive than FAFSA?

Administrator answers:

The FAFSA is merely a FORM from which the Department of Education assesses your eligibility for Federal Financial Aid. Yes, all FEDERAL and most STATE aid in the form of either grants or loans come from that form!

REPEAT: The FAFSA is a form that your FA Office will send to the DOE to see whether or not you are eligible for any grants or loans. Grants are NEED-BASED and never have to be paid back. Any LOANS you have to take out will go into repayment mode 6 months after you leave school or drop below 1/2 time.

Lisa asks…

How can the FAFSA form for the 2010-2011 school year have a priority deadline of February 1st?

Some parents don’t even get their W2 forms until after February 1st, so they don’t know what their gross income is, let alone their adjusted gross income. If somebody that is filling out the FAFSA 2010-2011 school year form or somebody else who knows can help me clear this up, that would be great. Thank you.

Administrator answers:

When filling it out choose “WILL FILE” then enter the information from 2008, if it’s about the same. Later you can update it with “HAS FILED” and the correct information. :)

Ken asks…

How long does it take for a school to receive my fafsa if I do it online?

My mom is finishing up her taxes now and is going to file them in the next couple days. My first choice school’s deadline to receive my fafsa and the collegeboard profile thing is February 1st. How long, after completed and submitted, does my fafsa take to get processed and arrive at the school? Thanks.

Administrator answers:

Once you finish the FAFSA you have to wait for it to be processed. This means they are taking in your information, seeing if anything is missing. It can take up to 2 weeks if you did it online (usually less). You can log onto your FAFSA and it will say processed when it has been processed. You wont get an email about the processing status, just check daily yourself. Then you wait while they put that information into a formula they used which the result will be your EFC, estimated family contribution. This number is not how much you get or how much you pay. This is just a result of the formula they use and a measure of your financial strength. They will then put this EFC and a recap of your FAFSA in a report called SAR, student aid report. From the time your FAFSA says processed to the time your SAR is ready will be up to 2 weeks (usually less). You will get an email saying our SAR is ready. You just log into FAFSA to view it. They will also send this SAR directly to the colleges you listed on your FAFSA. Those colleges which you applied to who offer you admittance will then create a financial aid award offer for you based on your EFC. The lower the EFC the more financial aid you need based on your FAFSA results. They will then create a financial aid award offer for you. This can include grants, student loans, parent loans, federal work study and aid your college offers and state offers. Usually for fall the award offers will get to you by early mid april by email, snail mail or both. Then you look over the offers from the different colleges, choose a college to attend, and then you will accept and deny each type of aid they may offer you. The way you receive the aid differs per school but federal aid is most always deposited into your college account. My daughter gets hers per semester on the disbursement dates which is about 2 weeks before the semester. These dates she knows because they are posted on her account she logs into. The college will automatically take out their charges like tuition, fees, housing and meal plan and any left over is your refund. They could mail it or my daughters college uses a debit card visa

John asks…

How will getting a new car affect my FAFSA school aid?

My family is considering getting a new car, and was planning to buy one under my name to help raise my credit score. I was wondering if this would affect my chances of receiving government aid from FAFSA?

Administrator answers:

One has nothing to do with the other.

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