Find solution
How does financial aid work?

How does financial aid work?

  • I am applying for financial aid (FAFSA). I am wondering if they do a credit check before approving you for the financial aid? Basically, I am wondering what the basis of approval is for financial aid?

  • Answer:

    According to http://www.fafsa.ed.gov/faq003.htm To be eligible to receive federal student aid, you must meet certain requirements. You must: Be a U.S. citizen or eligible non-citizen Have a valid Social Security number (unless you're from the Republic of the Marshall Islands, the Federated States of Micronesia, or the Republic of Palau) Comply with Selective Service registration, if required (see www.sss.gov for more information) Have a high school diploma or a General Education Development (GED) Certificate or pass an approved ability-to-benefit (ATB) test Be enrolled or accepted for enrollment as a regular student working toward a degree or certificate in an eligible program at a school that participates in the federal student aid programs Also: You must not owe a refund on a federal grant or be in default on a federal student loan You must have financial need (except for unsubsidized Stafford Loans) You must not have certain drug convictions Other requirements may apply. Contact your school's financial aid office for more information. Goodluck.

michelle t at Yahoo! Answers Visit the source

Was this solution helpful to you?

Other answers

NO CREDIT CHECK.... THEY GO BY HOW MUCH MONEY YOU MAKE AND HOW BIG YOUR HOUSEHOLD IS.

Jenn S

You fill out a questionaire--they want all the facts on family and you---then if they see a need for money--you get it and start to repay it as soon as school ends. the questionaire gives the aid people all the info to track you down if they don't get regular agreed payments--no tax refunds--the IRS will give the aid people your money--You are nothing but a number when you get financial aid---they will know you better than you know yourself. I wouldn't go for it !! I'd rathert wait on tables or take a small loan and see if I could repay it wiithout any trouble---just be careful before accepting any assistance. Even new doctors cannot get licensed if they miss payments---any professional accreditations are held up if you miss payments. No mortgages in later life--no auto loans--NOTHING if the computer shows the aid is not getting repaid properly. It is a loan that is arranged thru banks with a government guarantee to be repaid--but it is still on you to repay it--financial aid office workers are entertained lavishly by the banks that are doing business with them---believe me--you can get your own money without going to fin aid. This is all a sham--a scam and a disgrace to our young people.

fire_inur_eyes

They look a few key household facts to determine eligibility. How much money the family makes. Number of people in the household. How many people in the household are in college How expensive the school is. If the student is going full or part time. None of these involve a credit check - although they do check to see if you are defaulted on any previous federal student loans. Here is a good publication regarding the min and maximum amounts you can get in fin aid and how they determine if you get it. Good Luck.

Found-1

Related Q & A:

Just Added Q & A:

Find solution

For every problem there is a solution! Proved by Solucija.

  • Got an issue and looking for advice?

  • Ask Solucija to search every corner of the Web for help.

  • Get workable solutions and helpful tips in a moment.

Just ask Solucija about an issue you face and immediately get a list of ready solutions, answers and tips from other Internet users. We always provide the most suitable and complete answer to your question at the top, along with a few good alternatives below.