Anonymous asked in Business & FinancePersonal Finance · 1 decade ago

FAFSA or other government education program?

My dad told me there is a program from government that pay student about $800 per month if you are a full time student.

Does this have anything to do with the FAFSA? IF it is then what is it?

How many month in a full school year? I want to know that as well.

Any Suggestion?

3 Answers

  • 1 decade ago
    Favorite Answer

    You need to fill out a FAFSA at the beginning of each academic year.

    The government evaluates your income and, if you are under 25, not married, have no kids, and aren't in the military, your parents income. They come up with the amount your college "costs". These costs usually include tuition, room and board, class fee, transpotation, and books. Say the total for your school is $25,000 annually. They then look at your income and your parents income and estimate how much of that should be going to your school For example's purposes we'll say $1000, They work out a formula that looks like this:

    School Cost: 25000

    Parent's Contribution: 1000

    Total amnt of aid: 24000

    That is $24000 for the year. Divide it by 2 for each semester and you get $12000. If your tuition is $4000, they immediately pay that to your school. If you live on campus, they also subtract that and pay it to the school (for example purposes, say this is $1000). This leaves you with $8000 a semester. They usually either mail you that check or deposit into your bank account.

    There are no monthly payments from the government for financial aid. It is up to you to manage your money that you receive.

    A full school year generally starts in Mid-August, goes to Mid-December, picks up again in Mid-January and goes untill that is roughly 8 months.

    This is all for University or college level right? Because that is what my advice is for.

  • 1 decade ago

    FAFSA: Free Application for Federal Student Aid. There are several financial aid programs for college students. Your financial aid advisor at school should be able to tell you about each and every program available to you. Financial aid does not have to be paid back and is paid for each semester. The amount of money you receive depends on parents income and ability to pay. I don't know where this figure of $800.00 comes from.

    Hope this helps.

    Linda b

  • 1 decade ago

    There are grants (non-loan assistance) available such as the PELL grant. Your school's financial assistance staff can help, but it all begins with the FAFSA.

    It's not your question, but I would steer away from loans. Work part time while you attend. You aren't going to want a multi-thousand dollar loan facing you when you're out of school...especially if for some uncontrollable reason, you can't finish.

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