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Old 05-29-2014, 10:07 PM
 
Location: Maryland's 6th District.
8,358 posts, read 25,166,145 times
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Quote:
Originally Posted by TySky View Post
I will be planning on being a full time student for this fall. I believe that I missed the deadline for my community college financial aid.

I also need to finish up my FAFSA


Since its too late to get money from my school, Could I still barrow money from the government like a Subsidize loan? Before the fall semester starts!
You can file for financial aid at anytime. The FAFSA just tells the school what types of aid you qualify for and for what amounts. From there it is really up to the school to decide how much you would actually receive, even in Federal loans.

Seeing as how the academic year is from September to May (technically beginning with June but summer sessions are typically not a part of the regular academic calendar) the school's fiscal year is generally the same (ending in May). So, it makes sense to place the financial aid deadline in or near March as the fiscal year is coming to a close giving the school a general idea of how to budget for the next fiscal year.

However, community colleges not only have open admissions they also have rolling admissions. A good number of students "miss" the deadline. You will get aid if you apply...soon... You more-than-likely would be offered the full amount in at least one of the loan programs and if you get grant money it probably would not be as much as you would have received had you applied by the deadline.

By the way, the borrowed "money from the government" is actually from the school (hence why the school decides not only the amount you will ultimately receive but also if you ultimately qualify. You can always repeal a decision). Basically, the Fed. Gov. gives the school X amount of money; the school decides who gets what and when; a contractor to the U.S. Dept. of Education (Nelnet, Great Lakes, FedLoan Servicing, et al.) collects your repayment and handles repayment issues.

Quote:
Originally Posted by Unoriginator View Post
You would need to be enrolled into summer term at least half term with a completed FAFSA for the 2013-14 school year and an award letter issued from your school before you can borrow any type of federal student aid.
True, for the summer session. The next fiscal year will begin in September, when the next academic year will also begin. So, if the OP is not interested in summer school the school year beginning the Fall is 2014-2015.
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Old 05-29-2014, 10:28 PM
 
66 posts, read 113,518 times
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Quote:
Originally Posted by Unoriginator View Post
You would need to be enrolled into summer term at least half term with a completed FAFSA for the 2013-14 school year and an award letter issued from your school before you can borrow any type of federal student aid.
As Unoriginator well stated, you need first a Financial Aid Award Letter from your school for the academic year or summer term. Undergraduate students qualify for both subsidized and unsubsidized loans. Eligibility for subsidized loans is based on your income.

Your school determines the loan type(s), if any, and the actual loan amount you are eligible to receive each academic year. The loan amount you are eligible to receive each academic year will depend on:
  • what year you're in school and
  • whether you're dependent or independent student.
Graduate students are eligible for unsubsidized loans only. Please avoid any loan offered to you by a private lender, even if the interest rate seems to be lower than federal student loans. Private lenders are sharks and, after graduation, you won't have the same flexibility in repayment plans as with federal loans. Borrow with responsibility and you'll be fine.
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