Fafsa eligibility

What is the fafsa? When should I apply for financial aid?

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Fafsa eligibility

Postby PeterLovan515 » Fri Dec 16, 2011 8:50 pm

Hi, I am returning to school full time starting spring semester of 2012. I just completed my FAFSA application and it will take 3 business days to process, but said i may be eligible for the pell grant and stafford loan. My question is that i have some stafford loans already from previous years of school and have been deferred off and on for the past year or two due to my enrollment in college. Will having the loans in deferred status or grace period status affect my FAFSA for 2012? I had heard that if it goes into default you have to rectify the loans before borrowing again, I really need the aid because i am independent now and want to finish school ASAP. Any help or answers would be much appreciated! Thanks!
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Re: Fafsa eligibility

Postby Aid Whiz » Mon Dec 19, 2011 8:25 am

Hi there,

Having your current loans deferred will not affect your eligibility for further aid.

While it is true that defaulted loans need to be rectified before a borrow can become eligible again, it's really unrelated to a deferment. As long as you are enrolled in school, you can continue to defer your loans without any consequences.

Learn more about deferment and default.
Student Advocate, The Student Loan Network

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