Subscribe in a reader10.24.06 | Why do you have to fill out the FAFSA to get LOANS?
Morning everyone…I just wanted to write a quick note about a common question I hear a lot on a daily basis…”How is a loan considered Financial Aid?”…Well the way in which the U.S. Government determines it is as follows…Stafford and Perkins loans are low interest loans guaranteed by the Federal government…what does this mean for you? Well, it means that you have rights with these loans that you do not necessarily have with a private/alternative student loan. These rights include deferment if you become unemployed, forbearance if you want to put your payments on hold, and loan forgiveness if you become disabled. These benefits are really good; therefore you must fill out a FAFSA in order to get these loans. The government wants to make sure you NEED this loan before they give it to you. Hope this clears some things up.
Ok so i have a difficult situation. I just turned 18, i’ve graduated from high school, and i am now ready to start college. Since i have to pay my way through college i thought i’d fill out a FAFSA form to see if i can get any financal aid. The only problem is that my mother, who i am still dependent of, doesn’t agree with giving out all her personal/financial information. so what do i do?!? how am i supposed to get any financal help if i dont get my FAFSA filled out?!? i dont know what to do…please help!
October 9th, 2008 | #
@Thea: Unfortunately, as long as you are a dependent of your mother, she is required to provide her information to successfully complete the FAFSA. The bottom line for her is that her child is potentially missing out on THOUSANDS OF DOLLARS OF FREE MONEY by withholding information that the government already has, thanks to the IRS. She’s not telling Uncle Sam anything he doesn’t already know in a different department. Feel free to share this with her.
November 12th, 2008 | #