I'm starting to fill out the FAFSA for financial aid and I came across a section about housing plans. What does this mean and how will it affect my financial aid package? Any guidance would be appreciated!
When filling out the FAFSA, the housing plan section is asking you to indicate your intended living arrangements while attending college. You'll likely see options such as on-campus, off-campus, or living with your parents. Your selection can impact your financial aid package because different living situations are associated with varying costs of attendance.
Here's a brief explanation of each option:
1. On-campus: This option includes living in dormitories or other university-owned housing. If you choose this option, your cost of attendance will factor in the room and board fees associated with living on campus. Financial aid received may be applied to cover these costs.
2. Off-campus: Selecting off-campus means that you'll be living in housing not provided by the university. This can include renting an apartment or sharing a house with roommates. Colleges typically have an estimated off-campus living cost based on local rental rates that will be factored into your cost of attendance. Your financial aid can be used to help cover these expenses.
3. Living with parents: If you choose to live with your parents or other relatives while attending college, your cost of attendance will be lower since there are no room and board charges. As a result, your financial aid may be reduced, but you'll still be eligible for assistance in other areas, such as tuition and fees, books, and transportation.
Keep in mind that your housing selection on FAFSA is not binding, and you can change your housing plans as your college plans solidify. However, doing so might result in adjustments to your financial aid package. It's essential to communicate with your school's financial aid office if you update your housing plans, as they'll be able to provide you with accurate information about any changes in your aid.
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