Martin Lynch
Guest
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| Posted: Sat Jan 17, 2004 10:55 am
Post subject: Calculation of student loan amount |
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Let's say hypothetically I have $40K saved up.
And let's say my college estimates yearly cost of attendance to be
$40K, and it is a 4 year program.
When calculating my eligibility for loans, will the gov't assume that
the $40K I have in the bank will ALL go to college my first year, and
then when I am flat broke the next 3 years, I will be eligible? Or is
it more like they will estimate that I can use $10K of my savings each
year for four years?
Thanks
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Steve Blank
Guest
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| Posted: Sun Jan 18, 2004 10:17 am
Post subject: Re: Calculation of student loan amount |
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Martin Lynch wrote:
| Quote: | Let's say hypothetically I have $40K saved up.
And let's say my college estimates yearly cost of attendance to be
$40K, and it is a 4 year program.
When calculating my eligibility for loans, will the gov't assume that
the $40K I have in the bank will ALL go to college my first year, and
then when I am flat broke the next 3 years, I will be eligible? Or is
it more like they will estimate that I can use $10K of my savings each
year for four years?
Thanks
|
When the FAFSA is processed, 35% of the student's assets will be
expected to go toward college. The following year 35% of whatever assets
he has then will be expected toward college.
And this is not just for loan eligibilty, but also for any other
financial aid including grants and awards.
--
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761 |
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