I'm applying for my Financial Aid for Summer of 2008. . HELP ?

Question

What information do I need ? I ranked as a dependent person. I'm living with my boyfriend. I'm not working. My mom is a single mom. She doesn't make that much money. . Do you think I'll get a lot of money back ? What information do I need ? Thanks.

Answer 1

If you are single, under 23, not a veteran or orphan, and have no dependents, you will need to use your mom's 2006 Tax  Return, as well as your own 2006 Tax Return for your FAFSA. The FAFSA you're filling out is for the 2007-08 school year, which is why you are using the previous year's tax return.

Financial aid is based on income (both your income and your mom's if you're considered a dependent student), household size (you would be included in your mom's household for Fin Aid purposes), and number of people attending college. The Fin Aid Office (FAO) may ask how you support yourself if you're not working, etc., etc. DON'T BE SCARED OFF BY THOSE QUESTIONS! They need to make sure that students who really need help are getting it.

Prior to sitting down to do your FAFSA, make sure you have your mom's tax Federal tax return and yours from 2006, like I said above. If you didn't file one for '06, then check the box that says you didn't file one. Just be honest with your information and you'll be fine.

Your FAO should be able to assist and answer questions you may have as well. If you plan on having Fin Aid in place for the summer semester, you might want to get moving on it quickly so you'll know how much aid you may be working with for tuition, fees, and books.

Each state has different reward eligibilities for students to meet. Federally, there is the Pell Grant and SEOG, which is need-based. Student loans have two types available -- subsidized and unsubsidized. The subsidized loans are paid back after you stop attending and/or drop below 6 credit hours (with a 6 month grace period). The unsub loans are the ones where you don't have to pay the prinicpal as long as you're attending classes part time (over 6 credit hours), but you ARE responsible for the interest each month.

Good luck!

Answer 2

You'll need your mom's 2007 and your 2007 tax information. You can file a FAFSA online. You might also ask the financial aid dept. at your school about any state assistance that you might qualify for as well. In CA we have a Board of Governors Waiver that you can qualify for even if you live alone.