Am I eligible for Financial aid if I'm not a Resident?

I am a permanent resident and I qualify for financial aid for college, but should I if I have a cosponsor?

• I have been a permanent resident for almost 2 years now and I have decided to attend school once again(college). I qualified for financial aid, but I am hesitant to accept the financial aid due to the fact that I have a cosponsor, for a number of years i forgot how long, and I fear that they might bill him for aid that I am eligible to receive. Please help, I would like to gain an education but without financial aid it will be impossible.

• Answer:

  ratm: Your immigration sponsor will not be liable for your educational debt, unless he/she voluntarily agrees to accept it. There are three primary types of financial aid - "need-based aid", like grants and scholarships that do not need to be repaid, government loans, and "private loans". No one will be required to repay the need-based aid. If you stay in school, you'll keep the grants and scholarships, and you won't be required to repay them - nor will anyone else. The government loans do not require a cosigner - the only person who is responsible for that type of debt is YOU, the borrower. If you are eligible for financial aid, you are eligible to borrow from the government lending programs, and your immigration sponsor has no role in the process, and no responsibility for the debt. Private loans do require a cosigner. Your sponsor may be a good cosigner, or he/she may not, but they don't become cosigners by virtue of being your immigration sponsor. They become cosigners only if they sign the promissory note for the loan. If your sponsor chooses to sign such a note, then they will be responsible for repaying the loan, but only because they agreed to, not because they are your sponsor. Your financial aid has no impact on your sponsor, nor your sponsor on your financial aid. Complete the FAFSA form and accept any and all aid that you need with confidence. Good luck!