Your Questions About Fafsa

Mark asks…

What is the absolute latest time I can apply for financial aid from FAFSA?

I’m a senior in high school, and I desperately need money for college. I’m planning on applying for financial aid from FAFSA, but I’m worried it may be too late. Does anyone know when the absolute latest time to apply is?

John answers:

The March 2nd deadline is for really so you can get ALL the available aid to you, it is referred to as the “priority deadline”. You can apply for financial aid through out the school year but the amount of aid available is limited and if you wait until after March 2nd you aren’t in the running for all of the grants. I HIGHLY recommend you apply soon before the March 2nd deadline since you are graduating, new college freshmen have Cal-Grants that you may qualify for through the FAFSA application. Once you’re in college and the school year end approaches and you still haven’t applied then you may not get all the paper work in on time to qualify for that year and you’re out of luck so don’t wait. Good luck, hope this helped!

Susan asks…

How much fafsa grant will be deducted corresponding to my investment asset??

I am a 20 year old dependent.
I have 2000dollars to invest in stocks.
However, I do not have any jobs. Therefore I have no income.
So, the only possible income for me right now is investment income.
I want to ask. For having 1000usd or 2000usd with scottrade, how much money will be affected for my fafsa grant?

John answers:

Your grant will not be affected by the purchase of stock. The only possible scenario that could affect your grant is if you purchase $2000 of stock, the stock goes up and you sell the stock. At that point, your capital gains become income. If your stock goes up and you do not sell, it is not income. Just hold onto your stock until you are finished borrowing money and you will be fine.

Lisa asks…

How long does it take for the school to recieve the FAFSA application?

I filled out a FAFSA around two weeks ago and I listed the school I plan on attending. I checked my account for that school and it says “You do not have a current financial aid application on file.” and I have been frequently checking my email for messages from them. I’m just wondering approximately how long does it usually take for schools to recieve your FAFSA.
I’m currently a high school senior planning on attending in the fall 2011 semester

John answers:

Depending on when you’re starting, like later in the fall, they haven’t put a package together for you.

A school usually gets the FAFSA report, if all signature requirements have been met, in 3-5 business days. Sometimes more, sometimes less.

Give them a call to get a true answer to what’s going on.

Michael asks…

How long does it take for a FAFSA to get processed?

I finally got to filling out my fafsa like 2 days ago. How long does it usually take for it to get processed, and sent to my college?

John answers:

You and your parents will have to show proof of ya’lls income unless you are independent and then only you will have to send your tax papers in. And it depends if you filled out everything out right if not you will have to correct it and send it back in

Carol asks…

How will getting a new car affect my FAFSA school aid?

My family is considering getting a new car, and was planning to buy one under my name to help raise my credit score. I was wondering if this would affect my chances of receiving government aid from FAFSA?

John answers:

One has nothing to do with the other.

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