Holly IN Posted February 4, 2013 Share Posted February 4, 2013 I got the EFC number (gag). How long does it take for them to process and send us results or packet? Thanks! Holly Quote Link to comment Share on other sites More sharing options...
Nenya Posted February 4, 2013 Share Posted February 4, 2013 It usually only takes a few days for the FAFSA to be processed. At that time the colleges that you have listed on the FAFSA will have access to the info. Each school your child has applied to will put together a financial aid package for your child. This will happen at different times for each college. The only information you will get from FAFSA is your EFC and the amount, if any, of PELL grant and Federal Student loans you are eligible to receive. Quote Link to comment Share on other sites More sharing options...
Lolly Posted February 4, 2013 Share Posted February 4, 2013 My girls are waiting financial information to make a final decision between two schools. One of the schools has told me it will March before they let us know. We have received official news from the state the other school is in that tells what the maximum is that we can be given for that school, but final decisions seem to be up to the school itself. I don't get this. It is all a load of cr@p if you ask me. If you are eligible for a certain amount, it should be that amount. Why does the school make the decision? Quote Link to comment Share on other sites More sharing options...
Nenya Posted February 5, 2013 Share Posted February 5, 2013 Whatever federal government aid you are eligible for will be the same at each school. The school decides how to distribute their own pool of money from their donors. Each school will have different levels of endowments, different numbers of students eligible for varying amounts of aid, and different criteria for dispensing those funds. Financial aid awards can vary greatly from school to school. Quote Link to comment Share on other sites More sharing options...
Jane in NC Posted February 5, 2013 Share Posted February 5, 2013 Whatever federal government aid you are eligible for will be the same at each school. The school decides how to distribute their own pool of money from their donors. Each school will have different levels of endowments, different numbers of students eligible for varying amounts of aid, and different criteria for dispensing those funds. Financial aid awards can vary greatly from school to school. My son does not have any loans at this point (knock on wood) so I am not an expert, but isn't it true that Stafford loans could be subsidized at one school but not at another? Or that a student might qualify for work study at one school but not at another? These are both federal programs.Correct me, please, if I am wrong. Quote Link to comment Share on other sites More sharing options...
Nenya Posted February 5, 2013 Share Posted February 5, 2013 My son does not have any loans at this point (knock on wood) so I am not an expert, but isn't it true that Stafford loans could be subsidized at one school but not at another? Or that a student might qualify for work study at one school but not at another? These are both federal programs.Correct me, please, if I am wrong. I'm not sure if the subsidized and unsubsidized portions of the loan will vary from school to school or not, but the maximum loan amounts are the same for everyone. The subsidized portion is need based, the unsubsidized is not. If I recall correctly, my kids were offered the same sub/unsub portions at all the schools they applied to. Not sure about work study either, but that is not guaranteed even if you are eligible and it shows up in your aid package. It is dependent on there being job available for you. You could also get an on campus job and earn more than the awarded work study amount, depends on the school. I have had kids in these situations as well. Quote Link to comment Share on other sites More sharing options...
Lolly Posted February 5, 2013 Share Posted February 5, 2013 I'm not sure if the subsidized and unsubsidized portions of the loan will vary from school to school or not, but the maximum loan amounts are the same for everyone. The subsidized portion is need based, the unsubsidized is not. If I recall correctly, my kids were offered the same sub/unsub portions at all the schools they applied to. Not sure about work study either, but that is not guaranteed even if you are eligible and it shows up in your aid package. It is dependent on there being job available for you. You could also get an on campus job and earn more than the awarded work study amount, depends on the school. I have had kids in these situations as well. From the state, my children (different schools) have different maximum amounts. (For grants, not loans.) The original amount fafsa gave us was the same for all 3. Then, we got a letter from the state saying what each school would have as a max. That amount was different by half from one school to another. The amount from the state was less than the amount stated by fafsa for all 3. Then, we have to wait to hear from the schools. They will most likely give us a number lower than what the state set as a max. Quote Link to comment Share on other sites More sharing options...
Nenya Posted February 5, 2013 Share Posted February 5, 2013 From the state, my children (different schools) have different maximum amounts. (For grants, not loans.) The original amount fafsa gave us was the same for all 3. Then, we got a letter from the state saying what each school would have as a max. That amount was different by half from one school to another. The amount from the state was less than the amount stated by fafsa for all 3. Then, we have to wait to hear from the schools. They will most likely give us a number lower than what the state set as a max. Are these state grants? FAFSA will not give you an amount for a state grant. Each state has their own formula for determining their own grants. They may use FAFSA information to determine need, but their grants are likely also based on cost of attendance at any particular school. At least ours, in PA, are; and, yes, when I had multiple children in college in state, the state grant amounts varied for each (even the one year I had 2 at the same school, their grants were different). Quote Link to comment Share on other sites More sharing options...
Lolly Posted February 5, 2013 Share Posted February 5, 2013 Are these state grants? FAFSA will not give you an amount for a state grant. Each state has their own formula for determining their own grants. They may use FAFSA information to determine need, but their grants are likely also based on cost of attendance at any particular school. At least ours, in PA, are; and, yes, when I had multiple children in college in state, the state grant amounts varied for each (even the one year I had 2 at the same school, their grants were different). Federal as far as I know. How do you know? It's like they are operating in some sort of secret room that no one knows where is or the rules for behaving in the room if they stumble upon it. I figure they are federal because they are fafsa? That is federal... Quote Link to comment Share on other sites More sharing options...
Holly IN Posted February 5, 2013 Author Share Posted February 5, 2013 Ok what is the difference between subsidized and unsubsidize?? Holly Quote Link to comment Share on other sites More sharing options...
Nenya Posted February 5, 2013 Share Posted February 5, 2013 Federal as far as I know. How do you know? It's like they are operating in some sort of secret room that no one knows where is or the rules for behaving in the room if they stumble upon it. I figure they are federal because they are fafsa? That is federal... But you're getting the letter from the state telling you what the maximum grants are? The only letters I've ever received from the state were regarding state aid. Most states use the FAFSA as the initial application for their state grants. Pell grants are federal, as are SEOG and TEACH grants. Direct Loans (formerly Stafford loans), Plus loans, and Perkins Loans are also federal aid. Direct loans accrue interest while you are in school. A subsidized loan is one where the federal government pays the interest on the loan while you are in school and for the 6 month grace period until you begin repayment of the loan. Unsubsidized loans add the accruing interest to the loan unless you pay it as it accrues while you are in school. Quote Link to comment Share on other sites More sharing options...
misty.warden Posted February 5, 2013 Share Posted February 5, 2013 Ok what is the difference between subsidized and unsubsidize?? Holly Subsidized loans don't accrue interest until after graduation, unsubsidized loans start compounding immediately. Paying student loan interest on unsub loans is tax-deductible and you're sent a statement with how much has been paid for your tax records. Quote Link to comment Share on other sites More sharing options...
Kareni Posted February 6, 2013 Share Posted February 6, 2013 My son does not have any loans at this point (knock on wood) so I am not an expert, but isn't it true that Stafford loans could be subsidized at one school but not at another? Or that a student might qualify for work study at one school but not at another? These are both federal programs.Correct me, please, if I am wrong. Since my daughter was accepted by eight colleges, we were able to compare financial aid offers from all of those colleges. They did differ. (Rather widely and wildly!) The amounts of Federal aid such as Pell grants varied somewhat and work study awards did differ. The amount of Federal subsidized and unsubsidized loans were fairly standard from school to school in my daughter's case. Regards, Kareni Quote Link to comment Share on other sites More sharing options...
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