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Federal Student Aid

Gordon Said:

Does a direct school loan count as federal student aid?

We Answered: - it provides some tips about applying to US federal and state grants for college students.

Sherri Said:

Can I receive federal student aid for a three credit class?

We Answered:

yes you can.
just fill out fasfa as a PART-TIME student.

Katie Said:

Will my federal student aid go down if I start working?

We Answered:

It might when you apply for the fafsa the following year; however, it's likely that you'll earn more working than what you might lose (i.e. - you might earn $7,000 working part-time this year and might only lose $4,000 in grant money). You can play around with an efc calculator (with your expected earnings) to see how your aid might be affected. Your federal aid that you were awarded for 2010-2011 will not be affected because it was based off of 2009 income. Your aid for 2011-2012 may change (or it may not), but you won't know until you file.

Gary Said:

How will my federal student aid effect my tax return?

We Answered:

I was surprised by how much I got back last year and I am student as well. I claimed head of household and I have a child (that may be why) and I did not make too much over 30k last year... I ended up getting like 4k in taxes back and only paid like 1/4 of that in... Just remember to save receipts for any school property you purchased out of pocket: laptops ect. and you should be refunded for that as well (I just found that out lol)... Good luck!

Milton Said:

What's the highest amount of income for federal student aid (fafsa)?

We Answered:

There is no "maximum" amount of money that you can make. The formula for determining how much aid you qualify for is set in the law, and there is no dollar limit on it. It all depends on how your information calculates out using the formula.

In order to qualify for a Federal Pell Grant for the 09/10 school year, the maximum EFC you can have is 4617. But that won't get you the maximum Pell (which is $5350 for a year), only a small one. So if the school you're attending costs more than whatever Pell Grant you qualify for (if you do), you'll probably end up with some Stafford loans, which are included as federal student aid.

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