RE: college costs

[Robert <http://dummy.us.eu.org/robert>]

 > From: ", Flora" <http://www.state.vt.us/~Flora.>
 > Date: Thu, 29 May 2014 19:21:53 +0000
 >
 > The fafsa is a federal form that you fill out every year with your income, 
 > untaxed income, savings, number of people in your household, and other info (
 > they do not look at loans you have outstanding). After you fillsthis out, you 
 > get a number. This determines your eligibility for aid. The colleges can give 
 > you whatever they want in aid (scholarships and grants), but you must have 
 > filed this form in order to receive any aid from the college, the federal 
 > government or the state. Both Nick and Xander will be able to take out $10,000 
 > each in federal loans. I'm not sure what the terms are.

I'd like to know what they are.  For example, I could imagine, in lieu of
getting help from family members while in school, that the interest
accrues during the time in college, but that one could prepay the
principal and accrued interest penalty-free after graduation.

 > Any help from family 
 > members must be reported on the fafsa, which in turn may reduce scholarships 
 > and grants - given that the number that you get will may change. From what I 
 > have read, it is best if family members want to help that the student take out 
 > the fewest loans possible and the family members help in their last year of 
 > school (since you will not need to report that year on the fafsa) and help with 
 > the loans once the student graduates. They also say that the interest should be 
 > paid on these loans and not deferred.

I *think* that's what I said above, but I'm not sure.

 > Bottom line, help from family members can affect the aid that you receive. I 
 > should call the schools to see how this would affect the aid that we receive 
 > from them.
 > 
 > -----Original Message-----
 > From: Robert [http://dummy.us.eu.org/robert] 
 > Sent: Thursday, May 29, 2014 2:41 PM
 > To: , Flora
 > Cc: http://www.gmail.com/~flora; Noelle; http://profiles.yahoo.com/flora
 > Subject: RE: college costs
 > 
 > I see from http://en.wikipedia.org/wiki/FAFSA#Types_of_financial_aid that there 
 > are grants and loans.
 > 
 > So, I'll refine my question: do you apply for grants first, and then any 
 > shortfalls using student loans?
 > 
 > Given a grant shortfalls, do you either get a choice of federally-backed 
 > student loans, or help from family members, but not both?