How does Financial Aid work?
Hi, I graduated a few years ago and would like to attend college. I have a one year old and live on my own. I am very low income. I have a few questions regarding financial aid. What exactly is financial aid? How is the amount of financial aid you receive determined? Does it have to be paid back? What percentage of tuition costs does it typically cover in someone who is a low income mother? Where and how can I apply? Are there any other ways to get help paying for school? Thank you so much for any information you can provide!
How does financial aid work at MIT?
While MIT admissions is need-blind, i.e. they don’t look at an applicant’s financial situation at all in making admit decisions, Financial aid at MIT is need-driven.The finance group will look at a large amount of data you and your parents will provide and determine a ‘self-help’ level that they think your family can afford. If you or your parents disagree, you are welcome to discuss any and all circumstances with the MIT finance folks.After establishing the self-help amount, MIT will guarantee to fund the rest of your need through loans, grants, jobs and scholarships. The particular combination will be tailored to your specific case. This also may be discussed with the finance folks.I’ve been impressed over the years with how fair this system is, and while not everyone may agree in their specific case, most will find MIT to have gone out of its way to be fair and considerate. This is possible because of the generosity of thousands of alumni and other donors, and to the prudent investment of MIT’s endowment.International students will be treated similarly, I believe.Good luck in your college quest, and if you become one of the lucky recipients of this or any university’s largess, remember to pay it forward later in life, if and when you can.
How does financial aid for summer work?
All schools are different with summer school. my community college only offers One summer session, this session is taken out of the previous years grants...09 summer..taken out of 08-09 fafsa. But my University has Two summer sessions..summer one taken out of last years fafsa and session 2 taken out of new years fafsa Any left over grant money is YOURS..they write you a check By the way 8 credits in the summer is Dreadful... for financial aid reasons..6 cradits=part time and 9 cradits= 3/4 time If you took one more credit you would recieve ALOT more grant money, but like I said 8 credits in the summer is dreadful Best case: go for either 6 or 9 (both rough) If you are asking if you recieve ALL of 08-09 grant than NO, Example Pell total is 5K/year...you wont recieve 5K, but the correct amount for how many credits you take. read your question carefully? read the Answers carefully!!! talk with your school
How does financial aid work for Law School?
Generally people go for scholarships rather than loans to attend law school. When you apply, they will tell you what they can offer you. You will need to be in the top 5% of the applicant pool and so will need to downgrade your law school to get this but it is well worth doing. My daughter was offered a 95% tuition scholarship at her law school which was also close enough for her to live at home. Makes a massive difference not to start out in life with a huge debt burden.
How does financial aid work? I have the proper stats to get into certain schools, but will they truly give me financial aid based on my family's income?
In the US, sit down with your parents to complete the Free Application for Federal Aid (FAFSA), this will generate an Expected Family Contribution (EFC). Send the report to the Institutions that you are applying to and they will generate an aid package. It may contain any combination of scholarships, grants, work study or loans that you must apply for and sign an entrance form making you aware of the terms of the aid. Some institutions may evaluate your application for admission with need in mind and others do not. Plan your finances for the completion of your study, not just year to year. Try to limit borrowing loans to finance your education in excess of need. Consider applying for scholarships to ease the need and embrace the journey. You decide where to attend when you are paying the Cost of Attendance expenses yourself. I hope this helps.Good luck!
How does financial aid for US immigrants work?
You are eligible for federal aid.You won't likely have a state residence so you won't get any instate rates except for states that grant OOS fee waivers for high stats students.College and University aid will depend on what is available and the individual school policy on how they administer it. How your need is perceived.
How does financial aid work for summer classes?
No, fin aid can not be used from a different academic year most schools consider summer the end of the academic year if fall is the start of the academic year, then you know summer is the end Either you ask your school to spread your fin aid year-round so that there is some remaining for summer or you save up to pay for summer (either with refunded fin aid or out-of-pocket) maintaining a job while in school will help off-set some of this cost plenty of full-time students work full-time
How does financial aid disbursement work?
Well they will process all of your paperwork (if your student information is online like most schools, just keep checking your financial aid status under your student login and make sure they aren't asking for more documentation. That will be the biggest hold-up). Financial aid is disbursed first to your student account. They will apply it to all your tuition, fees, bookstore charges (if your school does that), and any other fees that pop up (like parking permits and other random things). Once all of that is applied, if you have financial aid remaining on your balance (i.e. you got enough financial aid to help pay for your living expenses) your student account will reflect that. The dollar amount on your account will show a negative balance, meaning that is what they owe you after all your tuition and fees have been paid. Normally, schools wait until after the 100% refund deadline for classes...which is usually the second Friday of the term...until cutting checks, because it's just easier for them to keep track of everyone's charges that way. Once they process everyone's refund checks they will either mail them out or let you come and pick them up. Some schools also do direct deposit, but not all of them. You might want to check and see how your specific school sends out the refunds. Each school is different, so it's hard for me to tell you exactly how you will get your check since I don't know what school it is. Hope that helps!