Anonymous asked in Business & FinancePersonal Finance · 1 decade ago

How exactly does FAFSA work in terms of student loans?

I already did my FAFSA. The thing is I'm an American going to college in IReland (that's where my parents are from). So how exactly do loans work for the FAFSA? It's already almost May so I want to get the student loan soon but I'm still waiting for my Atudent Aid package because I corrected my FAFSA a few days ago.

Does it like recommend student loans or something? Or give me a really good interest rate on certain loans from certain banks?

Thanks for the help.

1 Answer

  • rtfm
    Lv 7
    1 decade ago
    Favorite Answer

    FAFSA is a clearinghouse that stores all your financial information and your family's financial information. They come up with a bottom line (your EFC, or Expected Family Contribution) that all U.S. colleges will use when they're putting together your financial aid package.

    I don't exactly know how that works when you're applying to an international school, but if you're going to be applying to any U.S. sources for loans, that's definitely one of the ways they'll check out your financial situation to see what you're going to need.

Still have questions? Get your answers by asking now.