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i always do semester loans bc i sometimes take summer classes and it's easier to keep track of which loan is for which term but that's just me lol
One more consideration: if you're uncertain about whether you'll attend both semesters (perhaps due to an internship opportunity, study abroad, or other reasons), semester loans give you more control and prevent overborrowing. Just remember that each semester loan will have its own origination fee (around 1.057% for Direct Loans in the 2025-2026 award year), but that's applied regardless of how you structure the loans.
Thanks for all the help everyone! I think I'm going to go with the annual loan since my plans are pretty set for the full year, and it seems like it'll be simpler for repayment later. Really appreciate all the different perspectives!
when i did my fafsa they just asked for my adjusted gross income from my taxes, not all the schedule c stuff separately? maybe its different for different people idk
You're right that the FAFSA asks for AGI from your tax return, but the system also looks at other forms like Schedule C for business owners. Your AGI already includes your net business income/loss, but they may request additional information about business assets over certain thresholds. The simplified FAFSA has made this less complicated, but self-employed people often still need to provide more details.
I wanted to update everyone - we got our 2023 tax transcript directly from the IRS website and were able to complete our daughter's FAFSA yesterday! We didn't need to wait for our accountant at all. The process was much easier than I expected once we had the right information. Thank you all for your help and advice!
That's great news! Make sure to save a PDF copy of your submitted FAFSA in case there are any verification requests later. Some schools will ask for additional documentation, especially for self-employed parents. Having everything saved in one place makes that process much smoother.
Good idea - just downloaded a copy and saved it to our financial aid folder. I'll let our accountant know we didn't need his special worksheet after all! 😅
ok everyone keeps saying this is normal but MY COUSINS FAFSA got totally rejected after getting one of these emails!!!! they had already gotten a big aid package from State and then after this "verification" their SAI went up by like $8000 and they lost a grant!!!
That situation is different - it sounds like your cousin's FAFSA had incorrect information that was caught during verification. If you use the IRS Data Retrieval Tool and report all income correctly, verification won't change anything. The only time SAI numbers change dramatically is when there's unreported income or incorrect figures on the original application.
Update: site is back up for me now. you might wanna check yours
If you're struggling to get through the FSA phone line, seriously try Claimyr.com - it saved me days of frustration. They connect you with an agent without you having to wait on hold. Their video demo (https://youtu.be/TbC8dZQWYNQ) shows exactly how it works. With all these FAFSA delays, getting actual answers from a live agent made a huge difference for us.
Cedric Chung
Glad to hear it! Now your selected schools should receive your information within 3-5 business days, and they can start preparing financial aid packages. Make sure to check each school's financial aid portal or student portal for any additional documentation they might require.
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Nia Watson
Thank you! I'll let my daughter know to keep an eye on her school portals too. This whole process is so different from when I applied for financial aid years ago!
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