What is the financial aid package?

What is the financial aid package?

A financial aid package is the total amount of financial aid (federal and nonfederal) a student is offered by a college or career school. The school’s financial aid staff combines various forms of aid into a “package” to help meet a student’s education costs.

Can I go back and accept more financial aid?

Understand how to decline a loan: Most schools use an online portal that allows students to fully accept, decline or accept a smaller portion of a loan, Obenauer says. If they reject a loan and an unexpected cost comes up, they can go back to the financial aid office and request it.

What happens if I don’t use all my financial aid money?

Your school will still send you a refund check in this case, but keep in mind that the money you receive is still borrowed money. You will accrue interest on it, and you will have to repay that principal amount.

What assets does fafsa look at?

Now, under the federal need analysis formula only (not the IM or CM), 529 and ESA assets owned by students are considered assets of the parent for federal aid purposes, therefore they get more favorable aid treatment than other assets like savings accounts, mutual funds, stocks and bonds.

How does fafsa verify income?

During verification, the college financial aid administrator will ask the applicant to supply copies of documentation, such as income tax returns, W-2 statements and 1099 forms, to verify the data that was submitted on the Free Application for Federal Student Aid (FAFSA).

Will fafsa know if I lie?

You lose the money. If you received student financial aid because of lying on the FAFSA, you must return it. The Inspector General at the Department of Education will be alerted to your fraud after a school audits your FAFSA.

What happens if you fill out fafsa wrong?

Update your information online If you do indeed need to make a correction, you’ll need to log in to your FSA account and select “Make FAFSA Corrections” from the MY FAFSA page. You’re required to update the Department of Education if you have a change in dependency status.