What do your taxes have to do with student loans?
Mac Hine asked:
Maybe if I was applying for finanacial aid – but, I am using my student loans – they are different. What do my taxes have anything to do with my student loan elgibility?
Maybe if I was applying for finanacial aid – but, I am using my student loans – they are different. What do my taxes have anything to do with my student loan elgibility?
3 Responses to “What do your taxes have to do with student loans?”
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They determine what your EFC is. Your EFC is your estimated family contribution. That determines what types of loans and grants you recieve. If you make little enough money for the previous year, your EFC could be as low as 0, which means your schooling will be paid in full. Along with that you will also get scholarships, grants and loans.
The student loans for college are a different type of loan and you still must be eligible for them. That’s why you have to show your tax return. Since you don’t have to pay the loan back until after graduation and the interest rate is a lot lower than if you went and just got a loan anywhere, they have to make sure you qualify for it. Make sense?
They should not; however, if you apply for federal grants your taxes will be required.
Loans are can be based on several different factors, like current credit, employment, current income, and the amount of loans do vary from community and university colleges.