How do student loans affect financial aid?
This year (freshman) all of my tuition is getting paid by economic governance. However, I need the money for other things such as housing and credit cards. Next year an 'loan of Annex; s economic aid even if all money was spent? What kind of Annex loan would be better to obtain confidential or federal?
Show My Shots
If all your tuition is getting paid then you really don’t need a student loan. Taking out a loan to pay for credit cards is not really a good idea because you just going to have to pay it off later with interest.
If you decide to get one anyways, Federal loans charge a lower interest rate than private loans. I believe it’s 6.54% and is capped at 8%.
On the FAFSA form, I didn’t see any related to debt or loan so that I can assume that loan does not affect your Financial Aid but your income or/and parents’ income does affect Financial Aid…also, you grade in college(contract)
It should not effect it because it is not income it is debt. Be careful. You don’t want to get overextended before you are employable. I recommend a part time job