Learn about college financing opportunities from the US Department of Education as they discuss ways to get help paying for college.
Q: Is it better to apply early on Jan 1 WITHOUT the updated info (i.e. filing the tax return) than to apply when you have all the info together?
A: While it does not matter for federal funding, it is better to apply early for state funding which is often limited. Check when your state filing deadline is and make sure to have your application in before that date to be considered for both federal and state funds.
Q: Are interest rates on federal loans vary or are they fixed?
A: Federal loan interest rates are fixed. They are determined in July of the year you are borrowing and will remain for the life of the loan.
Q: How do I know that I completed the FAFSA correctly?
A: You will receive confirmation in 2-3 days that your form was completed correctly. If you are missing any information, they will tell you at that time.
Q: Is the house equity value considered in the FAFSA? How does it affect the eligibility?
A: No, house equity for your primary residence is not considered on the FAFSA. If you do have any other properties, for example rental homes, those do have to be listed and will be considered.
Q: How do I correct my FAFSA to reflect real income due to job loss?
A: After the filing deadline, you cannot adjust your FAFSA form. You should contact the college or university directly to explain your situation.