Financial aid - January Start

[onlyinthemorning]

I'm starting this January and was wondering if I'm covered with the Stafford loans. I filled out a FAFSA for 2005-2006 thinking I would be starting in August. I'm assuming that I'll get half of what I would have received and then fill out another one in January for 2006-2007 and so on. The thing I'm wondering though is that there are 5 academic years for which we're supposed to receive aid. Does this mean I will be able to receive Staffords 5 times over my SGU time and how does that affect the normal procedure of filling out the FAFSA at the start of the year for the upcoming Fall? Will all of this be explained when I get my Fin. Aid packet?

Before you mention it, I've run a search already. I'll run another one if it makes you happy.

[jaywalk81]

I'm starting this January and was wondering if I'm covered with the Stafford loans. I filled out a FAFSA for 2005-2006 thinking I would be starting in August. I'm assuming that I'll get half of what I would have received and then fill out another one in January for 2006-2007 and so on. The thing I'm wondering though is that there are 5 academic years for which we're supposed to receive aid. Does this mean I will be able to receive Staffords 5 times over my SGU time and how does that affect the normal procedure of filling out the FAFSA at the start of the year for the upcoming Fall? Will all of this be explained when I get my Fin. Aid packet?

Before you mention it, I've run a search already. I'll run another one if it makes you happy.
try posting this in the finacial aid forum. you might get a better response.
usually the fafsa is for 1 yr and it will be disbursed twice in one yr.
but i will let someone with more expereince tell you more.

[rokshana]

try posting this in the finacial aid forum. you might get a better response.
usually the fafsa is for 1 yr and it will be disbursed twice in one yr.
but i will let someone with more expereince tell you more.

If you are entering in the Jan class, you'll fill out the FAFSA for 2005-2006 which will cover you for terms 1 and 2(til Dec)- so you get 2 disbursements one in Aug and one in Jan, then next Jan you'll fill out the FAFSA for 2006-2007 which covers you for terms 3,4,and 5(this is where it gets a little tricky)- Term 5 is a financial aid tem, not an academic one and it covers the 1st month in St. Vincent, so there are 3 disbursements, one in Jan, one in Mar, and one in Aug. Now in June(2007), during 4th term, you will fill out the FAFSA for 2007-2008 which covers Terms 6 and 7- Term 6 is again a financial aid Term (the classes in St.Vincent go from Aug to Dec, even though 2 terms are listed for St. Vincent)and there are 2 disbursements, one in Sept and the other 10 days before you start 3rd year rotations(Term 7),which is usually in May for the Jan entering class. After that- I have no idea, because this is as far as I have gotten!!!
Hope this was helpful and not too terribly confusing.

[onlyinthemorning]

Thanks Rokshana that's a little clearer. Does the financial aid packet detail all of this or did you have to figure it out as you went along?

[rokshana]

Thanks Rokshana that's a little clearer. Does the financial aid packet detail all of this or did you have to figure it out as you went along?

Well, a little bit of both. The timeline only came clear as I did it - the financial aid staff does come down from bayshore during the term and while they do try to scare the bageebers out of you about just how much debt you will be in, they can answers questions you have, so I would suggest going to the meeting(they also feed you and give free gifts!!).

[onlyinthemorning]

Oh one more thing, you said: "term 5 is a financial aid term not an academic one"

Could you elaborate on that, how do you mean?

[rokshana]

Oh one more thing, you said: "term 5 is a financial aid term not an academic one"

Could you elaborate on that, how do you mean?

Well, because we started in Jan and have a really long break after St. Vincent (6 months), they needed to find a way to get the students money for the period of time that they aren't in school(Jan-May), so there are "2" terms that get disbursed in Vinnie's- Term 5, which is part of the loans that covers terms 3,4, and 5(for me - Fafsa year 2004-2005)- the last disbursement in Aug should cover you til Dec(in my case 2005), but then the FAFSA year 2005-2006 kicks in and you get a disbursement for Term 6 in Sept- really this should be a disbursement for Jan 2006 to cover Jan- May 2006, but since I'm technically not in school I wouldn't be able to get a disbursement in Jan.
Now if I haven't confused you enough, when you look at the transcript for your classes in Vinnie's you will see a grade for a 14 credit pathophys class, a 6 credit hr pharm class and a 4 cred hr adv clinical skills class- these classes academically start in August and end in Dec, but when you pay for them, you will get a tuition bill for a term 5 load covering some thing like a 1/4th of the hours, so you get billed for 4 hours of pathophys, 2 hours of pharm and an hour of ACS- you get billed the remaining hours under the term 6 bill a month later.

Still confused and really need to know- pm me and we can talk.