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I am in college and am wanting to get financial aid. I know I have to fill out Fafsa. What else do they look at. My credit score isn’t the best, when going for government student loans does that make a big impact? How do they determine how much you get and can you request how much you need?

5 Thoughts on question about financial aid?
  1. Reply
    August 13, 2011 at 11:03 pm

    its determined by your parents income whether they support you or not……credit has nothing to do w/ fafsa..but i think the deadline for this year is Sept. 15th….

  2. Reply
    August 14, 2011 at 12:00 am

    I dont think they look at you credit score, if that was case I would not get any.

    They look at how much you made, that is why they want your W-2 informaiton.

    You dont request they money, they mainly go by what you make. Lots of times you have to get a loan or find scholarships and grants to take care of the rest.

  3. Reply
    m c
    August 14, 2011 at 12:47 am

    Your credit rating has absolutely nothing to do with FAFSA. You and your parent’s income is what determines how much assistance you will be getting.

    I honestly feel that how much assistance you may get also depends on how stubborn you are with the financial aid office. I’ve had friends get more grant money awarded simply by writing a few letters to financial aid administrators and government officials. True story!

  4. Reply
    August 14, 2011 at 1:06 am

    Credit scores don’t matter. Income and assets matter. They determine how much you can borrow based on your classification (freshman, sophmore, jr sr) and your dependency status.

    Dependent freshman can borrow up to 5,500 per year with a federal Stafford loan.

  5. Reply
    August 14, 2011 at 1:49 am

    Federal financial aid (Stafford/Perkins Loans…Pell Grants, etc.), which is the aid you would be applying for by filling out the FAFSA form doesn’t go by your credit at all. It’s based on financial need.

    They determine how much you make by your income (and your parents’ income(s) if you are under 24). I don’t know the exact formula they use, but they go by what the adjusted gross income on your tax return for the previous year when doing their calculations. So the lower your (or your parents depending on your age) income, the greater your financial need.

    The way they determine how much you “need” is done by your school. Each school has it’s own set of dollar amounts they allot for tuition, fees, housing, transportation, food, etc. You can usually find this on the financial aid or tuition/fees page of your school’s website.

    Whatever the school’s student budget amount (for example, the University of Oregon’s in-state student budget including tuition/fees/books/housing/etc. for the 2008-09 school year is $ 18,228), that is the amount your “need” would be. It doesn’t mean you will be given that much since federal financial aid has a cap as to how much they give out to each student, but you that amount is the maximum you would be considered for.

    Once you fill out a FAFSA (and the sooner the better since they take an average of 6 weeks to process), your information will go to your school and they will create a financial aid award package for you based on that information. It will give you a breakdown of how much is in the form of loans and/or grants.

    If you find that it’s not enough money to cover all of your expenses, there are private loans (Chase, Astrive, etc.) but those DO go on your credit score, and if it’s not high enough you will have to have a co-signer who’s is.

    Hope that helped!!

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