Do I have to pay back FAFSA?
Do I have to pay back FAFSA? This seems to be the headache of most students who apply for FAFSA and do to know their way about especially when they fail. This article however will provide you with information that will make you decide if you should pay back FAFSA or not.
The monetary guide can be a complicated cycle for understudies and guardians. Commonly, many inquiries come up: Will I get sufficient cash to pay for school? What structures do I have to finish up? Do you need to take care of FAFSA cash?
This last inquiry regarding repaying monetary guide that you get through the FAFSA is a vital one. As educational loan obligation keeps on developing understudies are being cautious about how much cash they take out to pay for school.
The short response to the inquiry: do you need to repay FAFSA cash? It depends. Continue to peruse to find out about the kinds of monetary guides that you do and don’t have to take care of!
Financial aid that doesn’t need to be paid back.
The good news for many students is that much of the money they are awarded through the FAFSA does not need to be paid back. This includes need-based financial aid grants that are awarded by individual colleges, as well as federal and state grants like the Pell Grant or Federal SEOG Grants. All of this grant money is free money for you to use in your education. Usually, the only stipulation is that you may need to maintain a specific number of credit hours and GPA to remain eligible for your need-based grants.
Remember, you don’t have to take out all financial aid offered to you.
One of the big misconceptions is that students need to take out all of the financial aid that is offered to them. This is not true and ultimately you can decide to take advantage of specific financial aid options (or not).
Obviously, you will want to accept all of the grant money awarded to you. However, it may not always make sense to take out all of the student loans offered to you. You should always do the math and calculate the amount of money in student loans that you absolutely need to take out. When evaluating this, you should be looking at the student loan interest rate, as well as the specific terms of the student loans.
Remember, winning outside scholarships and merit scholarships will allow you to take out less money in student loans, which is always a good thing!