When a student gets selected for verification, what's to stop someone from submitting a fake tax return? The financial aid offices don't have access to IRS information. Also, if someone is a single parent and earns about $50,000 a year will financial aid be drastically reduced if the income was $11,000 the previous year?|||The US Department of Education audits the schools to make sure the schools are verifying properly and that the money the school is given to assist need-based financial aid is being apportioned properly. When a student (and parent if dependent) sign the FAFSA that is an agreement that no false information will be given knowingly. On the front page of the FAFSA it states: "WARNING: You must fill out this form accurately. The information that you supply can be verified by your college, your state, or by the U.S. Department of Education.
You may be asked to provide U.S. income tax returns, the worksheets in this booklet and other information. If you can't or don't provide these records to your college, you may not get Federal student aid. If you get Federal student aid based on incorrect information, you will have to pay it back; you may also have to pay fines and fees. If you purposely give false or misleading information on your application, you may be fined $20,000, sent to prison, or both." You can read the financial fraud act here http://frwebgate.access.gpo.gov/cgi-bin/鈥?/a>|||If you read the fine print when you "sign" your fafsa, you will discover that you give the Department of Education permission to do several "data checks". The IRS is just one of these such checks. They will know if you turn in a fake tax return.
If someone is a single parent and earns 40K a year, the max amounts of student loans will be the same... so your loan money won't be reduced, as a matter of fact, the amount you are allowed to borrow should increase. Loan amounts increase as you go up in grade level.
Tuesday, September 27, 2011
In an overheating economy, is financial liberalization useless in the short term?
I think financial liberalization is useless if your economy is overheating as it will create a boom and an overheating economy doesn't need more growth in the short term. Therefore, reform should be made when the economy is not growing fast as we would like.|||it is hard to say whether an economy is overheated or not. If everything is under control or under manageable growing situation, then that is not in an overheating regardless how fast it grows. the economy of nation is always under adjustment constantly for pursuing the best balanced growth. financial liberalization is only a kind of economic adjustment which depends on the economic situation and economic strategy of a nation's further development. it may generate more growth, but does not have to cause overheating...overheat is actually a bubble blowing process, on the other hand financial liberalization may be a part of regulatory reinforcement and openness...|||There is no base in believing that financial liberalization would create more overheating. However it would give it resilience in a downturn.
How do I use my financial aid to buy textbooks?
Classes start on Monday, and I need to buy my textbooks immediately. I was about to place an order online, but it says that you need to use your credit card. I don't want to use a credit card because the total is $700. I want to use my financial aid to buy them but there isn't an option to do that. So if I use my credit card, what happens? I am confused.|||You will probably have the financial aid direct deposited into your account on Monday OR you will need to pick up the check for the cashiers at your college on Monday. (These have been my experiences with financial aid.)
So, if it is direct deposit, you'll have the money in your account. If it is a check, you'll need to go put it into your bank account. Then, Monday afternoon/evening (if the balance is fine in your account), place your orders. Most professors understand that many students order their books online and usually don't have them that first week, week and a half.
So, if it is direct deposit, you'll have the money in your account. If it is a check, you'll need to go put it into your bank account. Then, Monday afternoon/evening (if the balance is fine in your account), place your orders. Most professors understand that many students order their books online and usually don't have them that first week, week and a half.
What is the Difference between Financial Aid and a Pellgrant?
What is the difference between Financial Aid and a Pellgrant?
And what exactly is FASFA?
A clean, easy to read and understand description of each would be most appreciated!|||A Pell Grant is a type of financial aid. Financial aid is any assistance (whether from government funding or private sources) that a college student receives to help pay tuition and/or other costs associated with college (such as books, room/board, etc.). The three general types of financial aid are grants, loans, and work/study.
Grants do not have to be repaid, and require no labor in return. Scholarships are grants. Pell Grants come from the U.S. Government and can only be used to pay tuition. The amount of money a student gets from a Pell Grant is based on income (for most students, it's the parents' income; the exception is if a student can prove that he/she is financially independent of his/her parents).
Loans have to be repaid. There are government programs (both state and federal) that provide low-interest student loans that can pay for tuition, room/board, textbooks, and/or a combination of the above. Most banks also offer their own student loan programs, but shop carefully as rates and conditions vary widely. Usually there is a "grace period" after leaving school before beginning repayment (mine was 6 months). Interest on my state-sponsored loan was 9%, and it took 10 years to pay it off.
Work/study is just as its name suggests. These programs give money that has fewer restrictions on how it is spent, but in return, the student works for the college/university. Graduate assistant teachers, RA's (student "dorm monitors" in charge of a floor or wing of a dormitory), and many "worker bees" at a college are participants in a work/study program. These programs are administered through the individual schools, and positions are highly coveted and competition for these spots can be fierce.
Now that I've been reminded by other responders that the FASFA is the form used to apply for financial aid, I can also remember that that one form will be used to determine eligibility for all federally- (and often, state- and university- as well) sponsored programs. To apply for privately-sponsored funds, you have to do your own networking. Search the Internet, haunt your counselor's office, check out organizations to which members of your family belong. Lots of scholarship money goes unclaimed every year because eligible students don't know it's there.|||YES YOU CAN APPLY FOR BOTH OF THEM. ONE IS 'PELT' IT'S FROM THE GOVT. THIS IS 'FREE' $, YOU DON'T HAVE TO PAY IT BACK. FASA IS FINANCIAL AID AND IT'S ONLY A LOAN FOR WHICH USUALLY AFTER 6 MONTHS AFTER GRADUATION DATE IT MUST START MAKING PAYMENTS AND THEY GIVE YOU TEN YEARS TO PAY FOR IT. AND IF YOU NEED FURTHER FINANCIAL ASSISTANCE THAT IS AVAILABLE THROUGH 'CITIBANK.COM'.|||"Financial Aid" is any outside monetary help you get to pay for college.
Financial Aid includes government loans, grants, federal work study programs, and of course private loans.
When you apply to a university, you also submit the Federal Application for Student Financial Aid (FAFSA).
The FAFSA asks you questions about your student status, financial situation, and that of your parents as well (if they still claim you as a dependent).
From the information you supply on the FAFSA, the government applies a mathematical algorithm that calculates your
E.F.C(expected family contribution), in other words what you have to pay out of pocket. If the cost of attendance exceeds the EFC, your school usually provides you with an aid package that covers these costs.
A Pellgrant is a federal grant (money you don't have to pay back)
available to low-income individuals.
I believe Pell grants total $4000 per school year these days.|||Presdigi has mostly the right answers! The MAXIMUM Pell is 4500 now and not everyone qualifies for the entire amount.|||Either way your a beggar.|||FAFSA = free application for federal student aid; see www.fafsa.ed.gov
The Pell Grant is one form of financial aid.
And what exactly is FASFA?
A clean, easy to read and understand description of each would be most appreciated!|||A Pell Grant is a type of financial aid. Financial aid is any assistance (whether from government funding or private sources) that a college student receives to help pay tuition and/or other costs associated with college (such as books, room/board, etc.). The three general types of financial aid are grants, loans, and work/study.
Grants do not have to be repaid, and require no labor in return. Scholarships are grants. Pell Grants come from the U.S. Government and can only be used to pay tuition. The amount of money a student gets from a Pell Grant is based on income (for most students, it's the parents' income; the exception is if a student can prove that he/she is financially independent of his/her parents).
Loans have to be repaid. There are government programs (both state and federal) that provide low-interest student loans that can pay for tuition, room/board, textbooks, and/or a combination of the above. Most banks also offer their own student loan programs, but shop carefully as rates and conditions vary widely. Usually there is a "grace period" after leaving school before beginning repayment (mine was 6 months). Interest on my state-sponsored loan was 9%, and it took 10 years to pay it off.
Work/study is just as its name suggests. These programs give money that has fewer restrictions on how it is spent, but in return, the student works for the college/university. Graduate assistant teachers, RA's (student "dorm monitors" in charge of a floor or wing of a dormitory), and many "worker bees" at a college are participants in a work/study program. These programs are administered through the individual schools, and positions are highly coveted and competition for these spots can be fierce.
Now that I've been reminded by other responders that the FASFA is the form used to apply for financial aid, I can also remember that that one form will be used to determine eligibility for all federally- (and often, state- and university- as well) sponsored programs. To apply for privately-sponsored funds, you have to do your own networking. Search the Internet, haunt your counselor's office, check out organizations to which members of your family belong. Lots of scholarship money goes unclaimed every year because eligible students don't know it's there.|||YES YOU CAN APPLY FOR BOTH OF THEM. ONE IS 'PELT' IT'S FROM THE GOVT. THIS IS 'FREE' $, YOU DON'T HAVE TO PAY IT BACK. FASA IS FINANCIAL AID AND IT'S ONLY A LOAN FOR WHICH USUALLY AFTER 6 MONTHS AFTER GRADUATION DATE IT MUST START MAKING PAYMENTS AND THEY GIVE YOU TEN YEARS TO PAY FOR IT. AND IF YOU NEED FURTHER FINANCIAL ASSISTANCE THAT IS AVAILABLE THROUGH 'CITIBANK.COM'.|||"Financial Aid" is any outside monetary help you get to pay for college.
Financial Aid includes government loans, grants, federal work study programs, and of course private loans.
When you apply to a university, you also submit the Federal Application for Student Financial Aid (FAFSA).
The FAFSA asks you questions about your student status, financial situation, and that of your parents as well (if they still claim you as a dependent).
From the information you supply on the FAFSA, the government applies a mathematical algorithm that calculates your
E.F.C(expected family contribution), in other words what you have to pay out of pocket. If the cost of attendance exceeds the EFC, your school usually provides you with an aid package that covers these costs.
A Pellgrant is a federal grant (money you don't have to pay back)
available to low-income individuals.
I believe Pell grants total $4000 per school year these days.|||Presdigi has mostly the right answers! The MAXIMUM Pell is 4500 now and not everyone qualifies for the entire amount.|||Either way your a beggar.|||FAFSA = free application for federal student aid; see www.fafsa.ed.gov
The Pell Grant is one form of financial aid.
How old do you have to be to apply for financial aid independently from your parents?
Ok, so my parents total income per year exceeds $300,000 so I can't get financial aid, but they wont give me any money for college. They think I need to learn to fend for myself. Is there any way I can get financial aid besides scholarships? I know sometimes you can apply for financial aid independently from your parents, but how old do you have to be?|||Specific rules govern whether you are considered independent for the purposes of student financial aid. In these situations, at least one of these conditions must apply:
-You are at least 24 years old by Dec. 31 of the award year;
-You are married as of the date the Free Application for Federal Student Aid (FAFSA) is submitted;
-You are or will be enrolled in a master’s or doctoral program (beyond a bachelor ’s degree) during the award year;
-You have least one child who receives more than half their support from you;
-You have dependents (other than your children or spouse) who live with you and who receive more than half their support from you and will continue to receive more than half their support from you through June 30, 2007;
-You are an orphan or ward of the court (or were a ward of the court until age 18); or
-You are a veteran of the U.S. Armed Forces. (“Veteran” includes students who attended a U.S. service academy and were released under a condition other than dishonorable.)
In special or unusual circumstances, the school's financial aid administrator can change your dependency status on reviewing the documents you provide if they think circumstances warrant it.|||25|||born in 1984 i believe|||I had to be 27...I dont remember the reason though. Something odd with my fathers taxes...
So I worked and went to school for my 4 year degree, and paid every dime myself - and I had to put off my graduate work for a long time|||SallieMae's answer is completely correct, but I'd like to add on an important note about the Financial Aid Office's ability to change a student's dependency status:
The Financial AId Office is given the authority by the US Dept of Education to override a student's dependency status and make them independent if their individual situation merits the regulations for awarding a dependency override. Either one of the two following circumstances must be proven in order for a student who is normally dependent to be changed to independent: abuse or abondonment. That's it. There must either be a documented history of abuse between you and your parents or a documented situation of abandonment, where you literally have no contact with your parent and have no idea where they are.
You cannot be made independent simply by the fact that your parents refuse to assist you with college expenses. If that were true, all any student would have to do is come into the Financial AId Office and say, "my parent doesn't help me" without any proof, and EVERYONE would get financial aid. It is unfortunate that your parents feel that way, but it is the federal government's belief that the responsibility for financing a students education lays first and foremost in the hands of the parent. Only if that parent is financially unable to provide that financial responsibility (NOT unwilling) does federal financial aid become awarded.
-You are at least 24 years old by Dec. 31 of the award year;
-You are married as of the date the Free Application for Federal Student Aid (FAFSA) is submitted;
-You are or will be enrolled in a master’s or doctoral program (beyond a bachelor ’s degree) during the award year;
-You have least one child who receives more than half their support from you;
-You have dependents (other than your children or spouse) who live with you and who receive more than half their support from you and will continue to receive more than half their support from you through June 30, 2007;
-You are an orphan or ward of the court (or were a ward of the court until age 18); or
-You are a veteran of the U.S. Armed Forces. (“Veteran” includes students who attended a U.S. service academy and were released under a condition other than dishonorable.)
In special or unusual circumstances, the school's financial aid administrator can change your dependency status on reviewing the documents you provide if they think circumstances warrant it.|||25|||born in 1984 i believe|||I had to be 27...I dont remember the reason though. Something odd with my fathers taxes...
So I worked and went to school for my 4 year degree, and paid every dime myself - and I had to put off my graduate work for a long time|||SallieMae's answer is completely correct, but I'd like to add on an important note about the Financial Aid Office's ability to change a student's dependency status:
The Financial AId Office is given the authority by the US Dept of Education to override a student's dependency status and make them independent if their individual situation merits the regulations for awarding a dependency override. Either one of the two following circumstances must be proven in order for a student who is normally dependent to be changed to independent: abuse or abondonment. That's it. There must either be a documented history of abuse between you and your parents or a documented situation of abandonment, where you literally have no contact with your parent and have no idea where they are.
You cannot be made independent simply by the fact that your parents refuse to assist you with college expenses. If that were true, all any student would have to do is come into the Financial AId Office and say, "my parent doesn't help me" without any proof, and EVERYONE would get financial aid. It is unfortunate that your parents feel that way, but it is the federal government's belief that the responsibility for financing a students education lays first and foremost in the hands of the parent. Only if that parent is financially unable to provide that financial responsibility (NOT unwilling) does federal financial aid become awarded.
What are some jobs in financial services that don't require a BA or BS degree?
I'd like to work in financial services and I'm willing to take any and all classes that pertain to that. But I just don't want to sit through the required classes to get a four-year degree. I'd like to earn about $37K per year. I know that sounds low in this day and time, but that's what I'd like to earn, as material things don't mean a lot to me. Any suggestions?|||I know one - own your own business. LOL. but seriously it is. You can even start your own business without any degree at all. If you are good at numbers and financial services, you should go for a lending corporation or a banking business.|||I would start by determining what exactly you want to do in financial services trade stocks, bonds etc.. or sell insurance, annuities etc... Then you will know what licenses and education will be required. You can also check out www.finra.org Check out my yahoo group for people looking for a business opportunity. http://groups.yahoo.com/group/wehirenow
What if they had a financial Armageddon and nobody showed up?
I mean, now the bailout has been REEE-jected. What if the world's financial system does NOT collapse. Won't a lot of people look like hyperventilating fools?
|||No, they'll just be seen as over-exaggerating greedy thieves.
|||No, they'll just be seen as over-exaggerating greedy thieves.
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