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Financial Aid

  • How do I apply for financial aid (FAFSA) if my parents don’t file taxes?

    I’m currently a senior in high school and applying for college/fafsa, but my dad has never payed taxes since he works under the table. Is there a way around this situation and apply for financial aid regardless?
    6 answers
  • I only got $580 from financial aid how can i pay of the rest of my tuition?

    I applied to my local community college. But i only got $580. I still gotta pay $880 not inlcluding books. How do i pay off the rest?
    7 answers
  • Will my student loans really be forgiven after 20 years?

    Best answer: Theoretically it is possible to have a portion of your loans forgiven. But the reality is that it's not likely and could actually cost you more. In order to qualify for forgiveness of federal student loans, you have to be enrolled in certain income based payment plans that extend your loan term from the standard 10 years to 20-25 years. You have to make payments under that plan for the entire time, so you won't get the whole loan forgiven--only the portion that remains if it isn't paid off at the end of the term. The hook is that if you make all those payments, most (if not all) of the loan will be paid off by then. In the meantime, while you are making those reduced payments, interest is still accruing on the loan and your debt is actually increasing. So, it's likely that if anything gets forgiven, it will be just a portion of all that interest that you wouldn't have had in the first place if you had paid the loan off in the standard 10 year term. There are also some other issues to be considered. Since you only qualify for forgiveness if you are in an income driven repayment plan, you have to reapply every year based on your current income at that time. Most people's income increases over 20 years, and if it does, you might not qualify to continue in the program and have to go back into the standard 10 year payment plan.
    As a result, you no longer qualify for forgiveness, and your debt is also larger because you have all that extra interest. If you do remain in the program for the full time and end up having some of your debt forgiven, the amount that you have forgiven is considered taxable income and you'll get socked with a huge tax bill in the year that the forgiveness occurs. It the amount forgiven is substantial, that tax bill can be thousands of dollars, and the IRS isn't going to give you 20 years to pay it off. If your income at that point is low enough to still be in the program, that tax bill can be a huge burden. Another problem: having this long term debt can affect your credit for the next 20 years and make it more difficult to use your credit to take steps that build wealth, such as purchasing a home or qualifying for lower interest credit cards and car loans. In the long run, that can cost you a lot more than the amount that would be forgiven. Keep in mind that the income driven repayment plans haven't been around very long, and the first cohort of students that would be eligible for forgiveness hasn't reached the 20 year mark yet, so there's no track record for what percentage of borrowers who are in these programs will actually have some of their debt forgiven. If the record for the Public Service Forgiveness Program is any indication, very few will qualify. That program has a 10 year term, and the first cohort of borrowers who might qualify for it just reached that point a year ago. As of Sept, 2018, about 99% of applications have been rejected and out of 28,000 applications, only 96 have been approved and have actually had loans forgiven. The biggest problem seems to be that the requirements for it are complicated and very few applicants understood them well enough to meet every requirement throughout the 10 year period, so in the end, they were disqualified. This does not bode well for the other loan forgiveness programs, but it's too soon to tell for sure. If you're in a profession where the wages are very low and you don't expect to make any progress over the next 20 years, then it might make sense to participate in the program, but for most people, you'll probably come out further ahead it you work to increase your income and just pay off the loans sooner. You can find general information about federal student loan forgiveness programs at https://studentaid.gov--but it don't expect to find information about the pitfalls of the programs there.
    36 answers
  • No work experience or education. I m looking for work but get denied and I would go to college but can t afford even with financial help?

    4 answers
  • Had anyone of you dropped out of community college and later went back?

    I dropped out for 2 years and know im going back. Am i alone or have more people done this?
    6 answers
  • If i'm applying for a college and i'm not working am I automatically entitled to some kind of funding from them?

    like travel etc? The problem is I don't want them knowing how much money I have in my bank account, will they require a bank statement which will show my balance?
    9 answers
  • Are there any good grants for single mothers to get a car?

    Best answer: If you are on public assistance, some states have programs to match people up with dependable used cars - speak to your social worker.
    4 answers
  • Student loans?

    Best answer: Or, you could join the military for 4 years and contribute to the GI Bill. And upon your honorable discharge you would have some college money you would never have to pay back. You could also get the right job in the military (most likely easiest if you join the Air Force) and you might be able to go to school part time and have the military pay for that while you're enlisted.
    4 answers
  • Do you guys know what that term is called when elder people gets free money from the government every month?

    i've been recently researching about how much money elders 65+ get every month from the government. I don't know what its called but when i searched up free money for elders, it doesn't give me any results i wanted. I want to find out how much Canada gives to its elders compared to the U.S. What is the name of that money? is it elder grants or something?
    6 answers
  • Why have only 300 applications out of the 30,000 for public service loan forgiveness been approved for discharge?

    Best answer: Some of the denials are due to paperwork errors. Some are due to ineligible repayment plans. Some are due to irregular repayment which disqualifies them. Some are due to the mistaken belief that ANY public service qualifies the borrower.
    4 answers
  • Is there a mortgage company that will approve anyone?

    I cannot find a cosigner but would really like to get a home and not keep renting. my credit is ok, but student loans are causing my "debt to payment" ration all screwed up even though my student loans are dealt with via Income Repayment Plan. I don't care about high interest. i just want to find a place that will help me get a home and won't hold my student loans against me. i don't want to be a victim of having a Debt sentence :(
    9 answers
  • Why am I not receiving financial aid?

    I am not receiving any financial aid for college simply because my EFC did not meet requirements. I am 24 and for the past 2 years of college I've been accruing so much debt because I don't get financial aid. Meanwhile many friends and peers receive aid who are only having to pay about $200 per quarter for tuition while I am borrowing gov money $3000 per quarter. My family cannot contribute to my education because of living expenses. What can I do to get aid? I've tried applying for many scholarships but it's usually very small or I don't get any. I am getting frustrated going to financial aid offices and being told I have aid, which are student loans. To me, It's not really an aid if you still have to pay for it. I've also heard that once I'm 25 I can qualify for aid? Why would someone say that and what's the explanation for that belief?
    4 answers
  • Do you think i can return to this community college?

    So i dropped out of college almost 2 years ago. I have been working part-time for a while know. But i dont want to be stuck in this job forever. I could go full time if i wanted too but i think i wanna give college a try again. But i badly mest up. The account for my community college is still active and i have a 2.1 gpa. I know i lost the scholarship and i do not know if i will be eligible for financial aid anymore. I do have about $12k saved up and my parents are willing to help me pay. But im not sure is they can register me again?
    6 answers
  • Why FASFA not letting me do it?

    FAFSA on the Web has encountered an error. We apologize for any inconvenience this may cause. Click "OK" to return to the FAFSA on the We
    5 answers
  • Should I apply to more than 1 college even if I know where I m going for scholarship benefits?

    I m applying to a school that I will definitely get into because I want to stay with my girlfriend there. My grades and scores are way higher than average so I m sure I ll get in. My question is should I apply to another school that I m not planning on going to so the schools compete to give me better scholarships? Is this possible for them to see where I m applying or will this help me get scholarships? Thanks
    5 answers
  • Will I get my financial aid taken away?

    I’ve been a college student at a community college near me, I’ve been receiving financial aid for a year and I’m on my 2nd year of college. I am receiving partial help from financial aid because of my parents income but currently we’re in a tough spot, and I’ve been scheduling enough credits (such as 6,9,12 credits even) to get my tuition covered completely because I can not afford it. I’m currently taking Anatomy and physiology 1 as part of a requirement for my nursing degree and I’m finding myself not doing so well and I know if I fail my class I would get my financial aid suspended. And I don’t want that to happen so I thought about Withdrawing from the class and retaking it the following quarter. But would I have to pay the money back for withdrawing since the tuition was completely covered by financial aid? Please help!
    7 answers
  • Does Everyone get this notice from financial aid?

    I got a notice reminding me that if I fail them I’m not eligible for financial aid for the spring. Is that a notice for everyone or are they specifically telling me that I’m failing?
    8 answers
  • Should the government/colleges write off all the unpaid student loans?

    Best answer: There are numerous loan forgiveness programs for occupations such as doctors, nurses, teachers and lawyers. They typically agree to work for a certain number of years in an underserved area (usually rural) in exchange for having their loans forgiven.
    4 answers
  • Which loan is better to take, private or federal?

    Best answer: federal, they have set interest rates and are very low. The only potential problem is that the amount you can get from federal is limited for every academic year.
    4 answers