i want to know how and whta processes colleges and banks take back their loans given after graduation.Also what is the calculated interest on studenty loans given out by the bank of america?

Grants are never taken back unless you happen to withdraw during your academic term. If you borrow money during your education you will be responsible for paying back the loans plus interest. The lender will establish a monthly payment based on the amount you borrowed, your interest rate, and federal law in the case of federal loans. The current interest rate on federal Stafford loans is 6.8%…the interest rate on private Bank of America loans varies based on your specific circumstances (i.e. applying with a cosigner, credit check, etc.). You would need to contact Bank of America to determine what your specific rate would be.

Some parents have low taxable income certain years for different reasons. Often we have minimal taxable "income", yet a substantial net worth. Does anyone know how in depth the financial aid departments look at a parent’s net worth or is "income" generally the larger deciding factor? Of course "income" is always considered. I am asking if anyone knows how financial aid offices view high net worth – low (taxable) income situations?

I personally think that they do. If you notice on the FAFSA they ask for a lot of information regarding parents income, tax information, and assets. I think that the financial aid system is challenging because they are trying to be fair with determining what each student/family should get but they really don’t take into consideration or have a fair assessment of what each family can contribute based on the information that they gather. There are many situations where parents will say that they aren’t supporting their children or providing financial assistance in any way and they will refuse to provide the information which makes it difficult for the child to obtain financial aid. I think that they like to know what type of assets a family because depending on what it is could be possibly used to assist with tuition cost. I think that everything and anything that they ask is a factor in determining what your EFC will be.

Just would like to know, if I can get a jump start on applying for scholarships. However, I haven’t gotten around to filling out my FAFSA forms yet. Is it still ok for me to apply for scholarships, and am I still able to keep them if I get them?

you might be able to apply for scholarships

but defenetely not for FAFSA bcuz that is based on your parents income and that will not be the same this year as it would be next year

it could be more or less.

I go on fastweb.com and I don’t think they have a very large selection. When I was in high school (soph in college now) they told us there were scholarships for people with green eyes, freckles etc. Where are these? I will write but I just wish that these weren’t so complicated. Thanks and thanks so much!

try broadening your search or your personal infromation on fastweb. even if you aren’t planning on majoring in some areas of have interest in them, you may can find some more scholarships that way. i have actually found a scholarship that they gave out for being left handed (even though im not i just found it)… they had a scholarship on there ofr having asthma, and there is another scholarship thing on there called brickfish that always has some of the easiest ones like sending in a pic of your fav time of the year, fav toy, fav pairs of shoes.. i get those kinds all the time. i dont know how but i get em and you can enter a pic more than once to incease your chances

I know that teachers are hard to find in some states. Are there any that offer to pay off tuition in exchange for teaching for a certain amount of years? Or, are there any programs that might offer a similar service? I know peace corps and americorps offer a benefit like this.

Check with the agency that issued your loan. Many times they will cancel a precentage of your loan if you teach in a public school that is deemed to be a critical needs school. This is exactly what happened for me many years ago and I teach in Mississippi. This is my 25th year of teaching.
You may want to look into TeachAmerica, I think they offer a similar benefit.

Basically I have been an idiot and missed some specific financial aid form deadlines, some by days and some by a month. I’m debating what should I do now to minimize the damage. Should I apply anyways and hope for the best or just not apply? And does this affect my admissions chance? Please answer this question truthfully, because it is very important to me! Thanks in advance.

Financial aid doesn’t affect your chances for admission at all.

If the deadline you missed was for scholarships, then you probably cannot still try to apply. Those deadlines are firm and they won’t consider your application after the deadline.

If you missed the FAFSA deadline, then all is not lost. You can still apply. The first deadline you missed was probably the priority deadline. This deadline is the day that the schools start putting together financial aid packages. In the case of some programs such as need-based state programs and some federal programs, the money does run out. If you think you would qualify as a very low income student, then you have probably missed your chance for some of this aid. However, there is other aid such as the Pell Grant and stafford loans that are offered year-round. So, if you qualify, you would get these no matter when you applied.

I have ballet and singing classes. Lets say I get distinctions for my examinations for these classes, can I use them to apply for scholarships in countries like Australia or the UK?

Sure. It’s good that you can get distinction for everything. But that’s not enough for applying for scholarships. Generally besides that u need high IELTS score (at least 7 or 7.5) and the university will also assess your ability depends on the academic discipline u’re in (eg. for me is creative portfolio cuz i study fashion design).

Also, some colleges are easier to get a scholarship and some aren’t. So, think carefully. Good luck.

I am a senior in high school, and have been applying for scholarships and colleges like crazy. Everytime I come upon a scholarship that asks for my SSN, I cringe. I have heard so many horror stories about identity theft that I just want to make sure it is safe. Is it safe to enter your SSN online for scholarships and college applications?

Fastweb.com is secure, I use them for all my scholarships.

i am 16 years old and i think i posted a similar question, but theres somethings i need to know that NO ONE has answered, and it is very frustrating. I am 16 years old, soon to be emancipated, and then i am leaving from NY to go to college in long beach, CA. Yes, i know it sounds like a big step and that ateen cant do it, but when i am emancipated, i will be considered an adult, and have many adult privelges and responsibilites like being finacially independent. I need to now EXACTLY how loans work, how long it takes to get them and what they can be used for, and how much i will get. I need to know how Grants work as wel, how much, when, and what they can be used for. to my understanding loans are used for books and what not for school, and grants are used for your living expenses and stuff. I wont be staying in a dorm but i will be getting an apartment by myself, hopefully finding a good roomate. If you want to e-mail me my address is travolta730@yahoo.com, any help would be great!

Perhaps you didn’t get many results because most 16 year olds aren’t seniors yet, but juniors. Better to focus on graduating from high school first. You can’t get college loans for being a senior in high school or for taking college classes while you are a senior in hs.

Loans CAN be used for books, tuition, fees, and any other school related expenses. Most freshman are eligible to borrow 3,500 in federal Stafford loans and some are eligible to borrow Perkins loans as well.
You should apply for federal fin aid at www.fafsa.ed.gov after you have done your taxes (Feb) of your senior year in high school. This is the start of the process for obtaining grants and loans. This book explains everything.

I am faxing an appeal letter to a college financial aid office, who/what should I address it to? Can I put "Dear Sir or Madam:"?

Also, if i have attachments, should I write Enclosure?

Yes, you can write "Dear Sir or Madam". Since you aren’t enclosing anything, I would say "attachment", but they would understand "enclosure" if that is what you put.