| Author |
Message |
No One
Guest
|
| Posted: Mon Jul 12, 2004 6:34 pm
Post subject: More Stafford loans than you need. |
|
|
I have a question:
I am seriously low income and living on my own. I'm a senior at college and
only have 2 semesters left before I graduate. I am expecting my award
package for financial aid shortly. I believe I will qualify for a Pell Grant
since my expected contribution was around < 3000.
Anyway, I wanted to know if I can take more Stafford loans out than I need.
Say I only need $1500 in a loan to pay for my tuition after grants. can I
still take up to $2500 or the maximum on a Stafford loan instead of just
what I need for my tuition? I ask this because last year I ran into big time
trouble by only taking the amount of my tuiton. Books for each semester cost
me $520 in the Fall semester and $470 in the spring semester and I had to
scratch, beg and plead to find the money. I don't want this to happen again
and would like to take out a little more than I need to guard against this.
thank you.
|
|
| Back to top |
|
 |
Steve Blank
Guest
|
| Posted: Mon Jul 12, 2004 8:58 pm
Post subject: Re: More Stafford loans than you need. |
|
|
The award letter will tell you how much Stafford loan you may borrow,
and you may accept up to that amount. It sounds like you have been
choosing to accept only the amount needed to pay the college.
But the college defines your need differently than you do. You're just
thinking of what you have to pay the college for tuition and fees, but
when they determine your need they also include an allowance for books,
transportation, food and other miscellaneous expenses in the total Cost
Of Attendance (COA). For a full time student, the COA will typically be
a few thousand more than than just the tuition and fees. Subtract your
EFC from the COA (your school can tell you what the COA is) and that's
the maximum 'need', or aid eligibility.
For example, in my state the community college tuition and fees are
about $2,300, but for a full-time student the COA is actually about
$8,500. With a $3,000 EFC you'd be eligible here for up to $5,500 in
need-based aid. You would be offered the Pell Grant (about $1,000 on
your EFC of about $3,000), whatever grants they are giving, and the
balance in a subsidized Stafford loan if need remains.
As a senior you can get up to $5,500 in Stafford loan. If your need
after other aid leaves $5,500 it will be all subsidized (interest free).
Otherwise it may be a combination of subsidized to cover remaining
need, plus unsubsidized up to the total of $5,500. but you cannot
receive more aid in total than your COA.
In other words, it is possible to actually receive more aid than the
college bills you (up to the full COA), and that excess is refunded to
you for buying books, etc.
Just accept as much of it as you want, but remember that it is a loan
that you will have to begin repaying after graduation.
--
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761
No One wrote:
| Quote: | I have a question:
I am seriously low income and living on my own. I'm a senior at college and
only have 2 semesters left before I graduate. I am expecting my award
package for financial aid shortly. I believe I will qualify for a Pell Grant
since my expected contribution was around < 3000.
Anyway, I wanted to know if I can take more Stafford loans out than I need.
Say I only need $1500 in a loan to pay for my tuition after grants. can I
still take up to $2500 or the maximum on a Stafford loan instead of just
what I need for my tuition? I ask this because last year I ran into big time
trouble by only taking the amount of my tuiton. Books for each semester cost
me $520 in the Fall semester and $470 in the spring semester and I had to
scratch, beg and plead to find the money. I don't want this to happen again
and would like to take out a little more than I need to guard against this.
thank you.
|
|
|
| Back to top |
|
|
No One
Guest
|
| Posted: Wed Jul 14, 2004 4:10 pm
Post subject: Re: More Stafford loans than you need. |
|
|
Thank you,
I know I am eligible for $5500 in stafford, am I also eligible for an
additional $5000 Stafford? Last year I borrowed $10,500 in Stafford loans
(an additional $5,000) when what they put in my package wasn't enough.
I will post when I receive my financial aid package and ask for help in
getting as much as possible. I understand it is a loan and I will be
responsible for paying back all amounts. However I do not want to run into
problems like last year, and since I live on my own, paycheck to paycheck I
want to take as much as possible for all expenses. Thank you for all help.
"Steve Blank" <steve@randallblank.com> wrote in message
news:zGxIc.206$Yx4.177@newssvr17.news.prodigy.com...
| Quote: | The award letter will tell you how much Stafford loan you may borrow,
and you may accept up to that amount. It sounds like you have been
choosing to accept only the amount needed to pay the college.
But the college defines your need differently than you do. You're just
thinking of what you have to pay the college for tuition and fees, but
when they determine your need they also include an allowance for books,
transportation, food and other miscellaneous expenses in the total Cost
Of Attendance (COA). For a full time student, the COA will typically be
a few thousand more than than just the tuition and fees. Subtract your
EFC from the COA (your school can tell you what the COA is) and that's
the maximum 'need', or aid eligibility.
For example, in my state the community college tuition and fees are
about $2,300, but for a full-time student the COA is actually about
$8,500. With a $3,000 EFC you'd be eligible here for up to $5,500 in
need-based aid. You would be offered the Pell Grant (about $1,000 on
your EFC of about $3,000), whatever grants they are giving, and the
balance in a subsidized Stafford loan if need remains.
As a senior you can get up to $5,500 in Stafford loan. If your need
after other aid leaves $5,500 it will be all subsidized (interest free).
Otherwise it may be a combination of subsidized to cover remaining
need, plus unsubsidized up to the total of $5,500. but you cannot
receive more aid in total than your COA.
In other words, it is possible to actually receive more aid than the
college bills you (up to the full COA), and that excess is refunded to
you for buying books, etc.
Just accept as much of it as you want, but remember that it is a loan
that you will have to begin repaying after graduation.
--
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761
No One wrote:
I have a question:
I am seriously low income and living on my own. I'm a senior at college
and
only have 2 semesters left before I graduate. I am expecting my award
package for financial aid shortly. I believe I will qualify for a Pell
Grant
since my expected contribution was around < 3000.
Anyway, I wanted to know if I can take more Stafford loans out than I
need.
Say I only need $1500 in a loan to pay for my tuition after grants. can
I
still take up to $2500 or the maximum on a Stafford loan instead of just
what I need for my tuition? I ask this because last year I ran into big
time
trouble by only taking the amount of my tuiton. Books for each semester
cost
me $520 in the Fall semester and $470 in the spring semester and I had
to
scratch, beg and plead to find the money. I don't want this to happen
again
and would like to take out a little more than I need to guard against
this.
thank you.
|
|
|
| Back to top |
|
|
Steve Blank
Guest
|
| Posted: Wed Jul 14, 2004 7:37 pm
Post subject: Re: More Stafford loans than you need. |
|
|
Juniors and seniors who are independent students, or dependent students
whose parent have been turned down for the PLUS loan, may borrow an
additional $5,000 unsubsidized Stafford loan. It's $4,000 for freshmen
and sophomores.
Since you apparently qualify, you may borrow the extra Stafford so long
as the total of financial aid plus the extra Stafford does not exceed
the total cost of attendance.
--
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761
No One wrote:
| Quote: | Thank you,
I know I am eligible for $5500 in stafford, am I also eligible for an
additional $5000 Stafford? Last year I borrowed $10,500 in Stafford loans
(an additional $5,000) when what they put in my package wasn't enough.
I will post when I receive my financial aid package and ask for help in
getting as much as possible. I understand it is a loan and I will be
responsible for paying back all amounts. However I do not want to run into
problems like last year, and since I live on my own, paycheck to paycheck I
want to take as much as possible for all expenses. Thank you for all help.
"Steve Blank" <steve@randallblank.com> wrote in message
news:zGxIc.206$Yx4.177@newssvr17.news.prodigy.com...
The award letter will tell you how much Stafford loan you may borrow,
and you may accept up to that amount. It sounds like you have been
choosing to accept only the amount needed to pay the college.
But the college defines your need differently than you do. You're just
thinking of what you have to pay the college for tuition and fees, but
when they determine your need they also include an allowance for books,
transportation, food and other miscellaneous expenses in the total Cost
Of Attendance (COA). For a full time student, the COA will typically be
a few thousand more than than just the tuition and fees. Subtract your
EFC from the COA (your school can tell you what the COA is) and that's
the maximum 'need', or aid eligibility.
For example, in my state the community college tuition and fees are
about $2,300, but for a full-time student the COA is actually about
$8,500. With a $3,000 EFC you'd be eligible here for up to $5,500 in
need-based aid. You would be offered the Pell Grant (about $1,000 on
your EFC of about $3,000), whatever grants they are giving, and the
balance in a subsidized Stafford loan if need remains.
As a senior you can get up to $5,500 in Stafford loan. If your need
after other aid leaves $5,500 it will be all subsidized (interest free).
Otherwise it may be a combination of subsidized to cover remaining
need, plus unsubsidized up to the total of $5,500. but you cannot
receive more aid in total than your COA.
In other words, it is possible to actually receive more aid than the
college bills you (up to the full COA), and that excess is refunded to
you for buying books, etc.
Just accept as much of it as you want, but remember that it is a loan
that you will have to begin repaying after graduation.
--
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761
No One wrote:
I have a question:
I am seriously low income and living on my own. I'm a senior at college
and
only have 2 semesters left before I graduate. I am expecting my award
package for financial aid shortly. I believe I will qualify for a Pell
Grant
since my expected contribution was around < 3000.
Anyway, I wanted to know if I can take more Stafford loans out than I
need.
Say I only need $1500 in a loan to pay for my tuition after grants. can
I
still take up to $2500 or the maximum on a Stafford loan instead of just
what I need for my tuition? I ask this because last year I ran into big
time
trouble by only taking the amount of my tuiton. Books for each semester
cost
me $520 in the Fall semester and $470 in the spring semester and I had
to
scratch, beg and plead to find the money. I don't want this to happen
again
and would like to take out a little more than I need to guard against
this.
thank you.
|
|
|
| Back to top |
|
|
No One
Guest
|
| Posted: Thu Jul 15, 2004 11:01 am
Post subject: Re: More Stafford loans than you need. |
|
|
I don't understand. If it doesn't exceed the total cost of attendance, how
can I get any refund back to use for books and expenses?
"Steve Blank" <steve@randallblank.com> wrote in message
news:nGaJc.1289$4L7.1110@newssvr33.news.prodigy.com...
| Quote: | Juniors and seniors who are independent students, or dependent students
whose parent have been turned down for the PLUS loan, may borrow an
additional $5,000 unsubsidized Stafford loan. It's $4,000 for freshmen
and sophomores.
Since you apparently qualify, you may borrow the extra Stafford so long
as the total of financial aid plus the extra Stafford does not exceed
the total cost of attendance.
--
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761
No One wrote:
Thank you,
I know I am eligible for $5500 in stafford, am I also eligible for an
additional $5000 Stafford? Last year I borrowed $10,500 in Stafford
loans
(an additional $5,000) when what they put in my package wasn't enough.
I will post when I receive my financial aid package and ask for help in
getting as much as possible. I understand it is a loan and I will be
responsible for paying back all amounts. However I do not want to run
into
problems like last year, and since I live on my own, paycheck to
paycheck I
want to take as much as possible for all expenses. Thank you for all
help.
"Steve Blank" <steve@randallblank.com> wrote in message
news:zGxIc.206$Yx4.177@newssvr17.news.prodigy.com...
The award letter will tell you how much Stafford loan you may borrow,
and you may accept up to that amount. It sounds like you have been
choosing to accept only the amount needed to pay the college.
But the college defines your need differently than you do. You're just
thinking of what you have to pay the college for tuition and fees, but
when they determine your need they also include an allowance for books,
transportation, food and other miscellaneous expenses in the total Cost
Of Attendance (COA). For a full time student, the COA will typically be
a few thousand more than than just the tuition and fees. Subtract your
EFC from the COA (your school can tell you what the COA is) and that's
the maximum 'need', or aid eligibility.
For example, in my state the community college tuition and fees are
about $2,300, but for a full-time student the COA is actually about
$8,500. With a $3,000 EFC you'd be eligible here for up to $5,500 in
need-based aid. You would be offered the Pell Grant (about $1,000 on
your EFC of about $3,000), whatever grants they are giving, and the
balance in a subsidized Stafford loan if need remains.
As a senior you can get up to $5,500 in Stafford loan. If your need
after other aid leaves $5,500 it will be all subsidized (interest free).
Otherwise it may be a combination of subsidized to cover remaining
need, plus unsubsidized up to the total of $5,500. but you cannot
receive more aid in total than your COA.
In other words, it is possible to actually receive more aid than the
college bills you (up to the full COA), and that excess is refunded to
you for buying books, etc.
Just accept as much of it as you want, but remember that it is a loan
that you will have to begin repaying after graduation.
--
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761
No One wrote:
I have a question:
I am seriously low income and living on my own. I'm a senior at college
and
only have 2 semesters left before I graduate. I am expecting my award
package for financial aid shortly. I believe I will qualify for a Pell
Grant
since my expected contribution was around < 3000.
Anyway, I wanted to know if I can take more Stafford loans out than I
need.
Say I only need $1500 in a loan to pay for my tuition after grants. can
I
still take up to $2500 or the maximum on a Stafford loan instead of
just
what I need for my tuition? I ask this because last year I ran into big
time
trouble by only taking the amount of my tuiton. Books for each semester
cost
me $520 in the Fall semester and $470 in the spring semester and I had
to
scratch, beg and plead to find the money. I don't want this to happen
again
and would like to take out a little more than I need to guard against
this.
thank you.
|
|
|
| Back to top |
|
|
Steve Blank
Guest
|
| Posted: Thu Jul 15, 2004 8:01 pm
Post subject: Re: More Stafford loans than you need. |
|
|
There's a difference between what the school charges you, and what the
total Cost Of Attendance (COA) is.
The school will charge you for tuition, fees, room and board, but the
COA budget includes other out of pocket expenses that you will have
during the year such as books, transportation, and miscellaneous
personal expenses - including some food if you are commuting.
So while a school might charge $15,000, the COA budget could be $18,000.
If the aid you obtain exceeds the $15,000 that the school is billing
you, you receive a refund.
--
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761
No One wrote:
| Quote: | I don't understand. If it doesn't exceed the total cost of attendance, how
can I get any refund back to use for books and expenses?
"Steve Blank" <steve@randallblank.com> wrote in message
news:nGaJc.1289$4L7.1110@newssvr33.news.prodigy.com...
Juniors and seniors who are independent students, or dependent students
whose parent have been turned down for the PLUS loan, may borrow an
additional $5,000 unsubsidized Stafford loan. It's $4,000 for freshmen
and sophomores.
Since you apparently qualify, you may borrow the extra Stafford so long
as the total of financial aid plus the extra Stafford does not exceed
the total cost of attendance.
--
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761
No One wrote:
Thank you,
I know I am eligible for $5500 in stafford, am I also eligible for an
additional $5000 Stafford? Last year I borrowed $10,500 in Stafford
loans
(an additional $5,000) when what they put in my package wasn't enough.
I will post when I receive my financial aid package and ask for help in
getting as much as possible. I understand it is a loan and I will be
responsible for paying back all amounts. However I do not want to run
into
problems like last year, and since I live on my own, paycheck to
paycheck I
want to take as much as possible for all expenses. Thank you for all
help.
"Steve Blank" <steve@randallblank.com> wrote in message
news:zGxIc.206$Yx4.177@newssvr17.news.prodigy.com...
The award letter will tell you how much Stafford loan you may borrow,
and you may accept up to that amount. It sounds like you have been
choosing to accept only the amount needed to pay the college.
But the college defines your need differently than you do. You're just
thinking of what you have to pay the college for tuition and fees, but
when they determine your need they also include an allowance for books,
transportation, food and other miscellaneous expenses in the total Cost
Of Attendance (COA). For a full time student, the COA will typically be
a few thousand more than than just the tuition and fees. Subtract your
EFC from the COA (your school can tell you what the COA is) and that's
the maximum 'need', or aid eligibility.
For example, in my state the community college tuition and fees are
about $2,300, but for a full-time student the COA is actually about
$8,500. With a $3,000 EFC you'd be eligible here for up to $5,500 in
need-based aid. You would be offered the Pell Grant (about $1,000 on
your EFC of about $3,000), whatever grants they are giving, and the
balance in a subsidized Stafford loan if need remains.
As a senior you can get up to $5,500 in Stafford loan. If your need
after other aid leaves $5,500 it will be all subsidized (interest free).
Otherwise it may be a combination of subsidized to cover remaining
need, plus unsubsidized up to the total of $5,500. but you cannot
receive more aid in total than your COA.
In other words, it is possible to actually receive more aid than the
college bills you (up to the full COA), and that excess is refunded to
you for buying books, etc.
Just accept as much of it as you want, but remember that it is a loan
that you will have to begin repaying after graduation.
--
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761
No One wrote:
I have a question:
I am seriously low income and living on my own. I'm a senior at college
and
only have 2 semesters left before I graduate. I am expecting my award
package for financial aid shortly. I believe I will qualify for a Pell
Grant
since my expected contribution was around < 3000.
Anyway, I wanted to know if I can take more Stafford loans out than I
need.
Say I only need $1500 in a loan to pay for my tuition after grants. can
I
still take up to $2500 or the maximum on a Stafford loan instead of
just
what I need for my tuition? I ask this because last year I ran into big
time
trouble by only taking the amount of my tuiton. Books for each semester
cost
me $520 in the Fall semester and $470 in the spring semester and I had
to
scratch, beg and plead to find the money. I don't want this to happen
again
and would like to take out a little more than I need to guard against
this.
thank you.
|
|
|
| Back to top |
|
|
No One
Guest
|
| Posted: Sat Jul 17, 2004 12:45 am
Post subject: Re: More Stafford loans than you need. |
|
|
How can I find out my school's COA? The tuition for one semester (my final
semester) is 11,900.
"Steve Blank" <steve@randallblank.com> wrote in message
news:_6wJc.1053$Yx4.349@newssvr17.news.prodigy.com...
| Quote: | There's a difference between what the school charges you, and what the
total Cost Of Attendance (COA) is.
The school will charge you for tuition, fees, room and board, but the
COA budget includes other out of pocket expenses that you will have
during the year such as books, transportation, and miscellaneous
personal expenses - including some food if you are commuting.
So while a school might charge $15,000, the COA budget could be $18,000.
If the aid you obtain exceeds the $15,000 that the school is billing
you, you receive a refund.
--
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761
No One wrote:
I don't understand. If it doesn't exceed the total cost of attendance,
how
can I get any refund back to use for books and expenses?
"Steve Blank" <steve@randallblank.com> wrote in message
news:nGaJc.1289$4L7.1110@newssvr33.news.prodigy.com...
Juniors and seniors who are independent students, or dependent students
whose parent have been turned down for the PLUS loan, may borrow an
additional $5,000 unsubsidized Stafford loan. It's $4,000 for freshmen
and sophomores.
Since you apparently qualify, you may borrow the extra Stafford so long
as the total of financial aid plus the extra Stafford does not exceed
the total cost of attendance.
--
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761
No One wrote:
Thank you,
I know I am eligible for $5500 in stafford, am I also eligible for an
additional $5000 Stafford? Last year I borrowed $10,500 in Stafford
loans
(an additional $5,000) when what they put in my package wasn't enough.
I will post when I receive my financial aid package and ask for help in
getting as much as possible. I understand it is a loan and I will be
responsible for paying back all amounts. However I do not want to run
into
problems like last year, and since I live on my own, paycheck to
paycheck I
want to take as much as possible for all expenses. Thank you for all
help.
"Steve Blank" <steve@randallblank.com> wrote in message
news:zGxIc.206$Yx4.177@newssvr17.news.prodigy.com...
The award letter will tell you how much Stafford loan you may borrow,
and you may accept up to that amount. It sounds like you have been
choosing to accept only the amount needed to pay the college.
But the college defines your need differently than you do. You're just
thinking of what you have to pay the college for tuition and fees, but
when they determine your need they also include an allowance for
books,
transportation, food and other miscellaneous expenses in the total
Cost
Of Attendance (COA). For a full time student, the COA will typically
be
a few thousand more than than just the tuition and fees. Subtract your
EFC from the COA (your school can tell you what the COA is) and that's
the maximum 'need', or aid eligibility.
For example, in my state the community college tuition and fees are
about $2,300, but for a full-time student the COA is actually about
$8,500. With a $3,000 EFC you'd be eligible here for up to $5,500 in
need-based aid. You would be offered the Pell Grant (about $1,000 on
your EFC of about $3,000), whatever grants they are giving, and the
balance in a subsidized Stafford loan if need remains.
As a senior you can get up to $5,500 in Stafford loan. If your need
after other aid leaves $5,500 it will be all subsidized (interest
free).
Otherwise it may be a combination of subsidized to cover remaining
need, plus unsubsidized up to the total of $5,500. but you cannot
receive more aid in total than your COA.
In other words, it is possible to actually receive more aid than the
college bills you (up to the full COA), and that excess is refunded to
you for buying books, etc.
Just accept as much of it as you want, but remember that it is a loan
that you will have to begin repaying after graduation.
--
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761
No One wrote:
I have a question:
I am seriously low income and living on my own. I'm a senior at
college
and
only have 2 semesters left before I graduate. I am expecting my award
package for financial aid shortly. I believe I will qualify for a
Pell
Grant
since my expected contribution was around < 3000.
Anyway, I wanted to know if I can take more Stafford loans out than I
need.
Say I only need $1500 in a loan to pay for my tuition after grants.
can
I
still take up to $2500 or the maximum on a Stafford loan instead of
just
what I need for my tuition? I ask this because last year I ran into
big
time
trouble by only taking the amount of my tuiton. Books for each
semester
cost
me $520 in the Fall semester and $470 in the spring semester and I
had
to
scratch, beg and plead to find the money. I don't want this to happen
again
and would like to take out a little more than I need to guard against
this.
thank you.
|
|
|
| Back to top |
|
|
Steve Blank
Guest
|
| Posted: Sat Jul 17, 2004 1:28 am
Post subject: Re: More Stafford loans than you need. |
|
|
The financial aid office can tell you. It shouldn't be a secret.
--
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761
No One wrote:
| Quote: | How can I find out my school's COA? The tuition for one semester (my final
semester) is 11,900.
"Steve Blank" <steve@randallblank.com> wrote in message
news:_6wJc.1053$Yx4.349@newssvr17.news.prodigy.com...
There's a difference between what the school charges you, and what the
total Cost Of Attendance (COA) is.
The school will charge you for tuition, fees, room and board, but the
COA budget includes other out of pocket expenses that you will have
during the year such as books, transportation, and miscellaneous
personal expenses - including some food if you are commuting.
So while a school might charge $15,000, the COA budget could be $18,000.
If the aid you obtain exceeds the $15,000 that the school is billing
you, you receive a refund.
--
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761
No One wrote:
I don't understand. If it doesn't exceed the total cost of attendance,
how
can I get any refund back to use for books and expenses?
"Steve Blank" <steve@randallblank.com> wrote in message
news:nGaJc.1289$4L7.1110@newssvr33.news.prodigy.com...
Juniors and seniors who are independent students, or dependent students
whose parent have been turned down for the PLUS loan, may borrow an
additional $5,000 unsubsidized Stafford loan. It's $4,000 for freshmen
and sophomores.
Since you apparently qualify, you may borrow the extra Stafford so long
as the total of financial aid plus the extra Stafford does not exceed
the total cost of attendance.
--
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761
No One wrote:
Thank you,
I know I am eligible for $5500 in stafford, am I also eligible for an
additional $5000 Stafford? Last year I borrowed $10,500 in Stafford
loans
(an additional $5,000) when what they put in my package wasn't enough.
I will post when I receive my financial aid package and ask for help in
getting as much as possible. I understand it is a loan and I will be
responsible for paying back all amounts. However I do not want to run
into
problems like last year, and since I live on my own, paycheck to
paycheck I
want to take as much as possible for all expenses. Thank you for all
help.
"Steve Blank" <steve@randallblank.com> wrote in message
news:zGxIc.206$Yx4.177@newssvr17.news.prodigy.com...
The award letter will tell you how much Stafford loan you may borrow,
and you may accept up to that amount. It sounds like you have been
choosing to accept only the amount needed to pay the college.
But the college defines your need differently than you do. You're just
thinking of what you have to pay the college for tuition and fees, but
when they determine your need they also include an allowance for
books,
transportation, food and other miscellaneous expenses in the total
Cost
Of Attendance (COA). For a full time student, the COA will typically
be
a few thousand more than than just the tuition and fees. Subtract your
EFC from the COA (your school can tell you what the COA is) and that's
the maximum 'need', or aid eligibility.
For example, in my state the community college tuition and fees are
about $2,300, but for a full-time student the COA is actually about
$8,500. With a $3,000 EFC you'd be eligible here for up to $5,500 in
need-based aid. You would be offered the Pell Grant (about $1,000 on
your EFC of about $3,000), whatever grants they are giving, and the
balance in a subsidized Stafford loan if need remains.
As a senior you can get up to $5,500 in Stafford loan. If your need
after other aid leaves $5,500 it will be all subsidized (interest
free).
Otherwise it may be a combination of subsidized to cover remaining
need, plus unsubsidized up to the total of $5,500. but you cannot
receive more aid in total than your COA.
In other words, it is possible to actually receive more aid than the
college bills you (up to the full COA), and that excess is refunded to
you for buying books, etc.
Just accept as much of it as you want, but remember that it is a loan
that you will have to begin repaying after graduation.
--
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761
No One wrote:
I have a question:
I am seriously low income and living on my own. I'm a senior at
college
and
only have 2 semesters left before I graduate. I am expecting my award
package for financial aid shortly. I believe I will qualify for a
Pell
Grant
since my expected contribution was around < 3000.
Anyway, I wanted to know if I can take more Stafford loans out than I
need.
Say I only need $1500 in a loan to pay for my tuition after grants.
can
I
still take up to $2500 or the maximum on a Stafford loan instead of
just
what I need for my tuition? I ask this because last year I ran into
big
time
trouble by only taking the amount of my tuiton. Books for each
semester
cost
me $520 in the Fall semester and $470 in the spring semester and I
had
to
scratch, beg and plead to find the money. I don't want this to happen
again
and would like to take out a little more than I need to guard against
this.
thank you. |
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