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financial aid

I am wanting to go back to school. I will have to try for financial aid. I know it is based on your income, but "can" it pay for it all. Is there still some you have to pick up in the end. Any info is greatly appreciated.


Asked by Anonymous at 9:42 PM on Nov. 10, 2010 in Money & Work

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Answers (4)
  • As a general rule, grants and scholarships will pay for most of your expenses. Be aware that books cost a lot of money and your financial aid may not account for that. You may have to pick up some of the expense, based on how much financial aid you get. When I was in college, I got to school a few days before the semester started and checked out my books from the library and renewed them all semester. That helped a lot, especially when one of my books cost over $600!

    Answer by neebug3766 at 9:52 PM on Nov. 10, 2010

  • It depends on what kind of aid you get. If it's something like a Pell Grant or scholarship (and at least here in VA we have something that I think is COMMA but I can't remember what it stands for), then you don't have to pay anything back and a lot of the time it will cover everything, so long as your income in low enough. Go here and fill out your FAFSA now if you want to start in the spring. If you intend to start in the fall or summer, then wait until you get your tax return next year. At the end of the FAFSA it should give you an estimated amount that YOU will have to contribute. Sometimes you do have to pay for some things, sometimes you don't.


    Answer by Mrs.BAT at 9:57 PM on Nov. 10, 2010

  • It will depend on where you go to school and what grants you are offered. Some people consider Government student loans "financial aid" and it is, minus the fact that you have to pay it all back once you're done... or well even if you don't finish you still have to pay it back.

    The max on Pell Grants is $5500 a year if you qualify. Scholarships are of course unlimited. I *think* that if you are super low income you might be able to qualify for a supplemental grant of about $800. Talk to the school though, they probably have more grants and scholarships as well.

    Bottom line is be wise. Student loans are for life. They aren't bankrupt able, they don't go away and they can garnish your wages, attach liens to assets, wipe out savings and checking accounts WITHOUT suing you first. It might be best to go slow and do it without student loans than to add that burden to your life.

    Good luck!

    Answer by Erica_Smerica at 5:19 AM on Nov. 11, 2010

  • It all depends on the type of aid you receive. Some are loans that you do have to pay back and some are government loans that you do not. It's best to talk to the admissions office at the university.

    Answer by HotMama330 at 4:30 PM on Nov. 11, 2010