Top 5 Student Financial Aid Scams & Fraud to Watch Out for
FAFSA.com is not a scam but it is also not FAFSA.gov, which is the site that many unsuspecting families think they are reaching when they land on its home page. ... FAFSA.com charges money for help with FAFSA completion, which the actual FAFSA site, FAFSA.gov, does not.
There are four main types of financial aid: grants, scholarships, student loans and work-study. Some of them are specifically for foster youth, like the Chafee Grants.
Most scholarship scams charge some kind of a fee. The fee may be small and reasonable, such as an application fee, processing fee or taxes, but legitimate scholarships do not charge any fees. Requests unusual information. Beware of scholarships that ask for your credit card number or Social Security Number.
No one can promise immediate and total student loan forgiveness or cancellation. A student loan debt relief company may claim to get rid of your loans quickly, but most government forgiveness programs require many years of qualifying payments and/or qualifying employment in certain fields before loans can be forgiven.
PSLF forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer. Learn more about the PSLF Program to see whether you might qualify.
In short, yes. The financial aid that a student receives from submitting the FAFSA is supposed to be money that pays for their full cost of college, also known as the “cost of attendance.” ... Basically, the FAFSA will help students pay for any expense related to their college education.
Is the FAFSA a Loan or Free Money? The FAFSA application is not a loan. It is simply an application that you fill out in order to determine your eligibility for receiving a federal loan. There are three main types of financial aid that a student may be deemed eligible for after completing a FAFSA application.
Budgeting your federal or state financial aid
Your school applies that money to your tuition, fees, and room and board costs. If there is money left over, your school will send you those additional funds, and it is up to you to use that money to cover other educational-related expenses.
Scholarships and grants are two types of college financial aid that don't need to be repaid.
File the FAFSA to Get More Money in College
The FAFSA is a form that you fill out to determine if you qualify for financial aid. In strict terms, the answer to “Do I pay back FAFSA?” is no, because FAFSA is not a loan. ... A lot of the financial aid that comes through filling out the FAFSA does need to be repaid.
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