<ol>
<li><p>I did my fafsa. After doing my fafsa I decided that I needed a loan (which would be my first loan). I did my loan entrance counseling and my mpn AFTER I did my fafsa. Will this affect me getting a loan? </p></li>
<li><p>Also on my SAR it only says that I can receive a full pell grant yet it says nothing about how much money I can receive in student loans. (My EFC is 0). My friend's SAR report says how much she can get in student loans. Does this mean that I am not eligible for a student loans since my SAR doesn't say how much I can receive or anything about loans at all?</p></li>
<li><p>My pell grant for the entire school year is about 5500 and it did pay for classes, however the cost of attendance for my school is about 10,000 for the entire school year. So even though my classes can be payed for with the pell grant (barely) will I still be able to get a small loan for other school expenses like textbooks, graphing calculator and other supplies?</p></li>
<li><p>Is there a minimum amount that you cant get on federal student loans? I see many people getting a few thousand but honestly I would only want between 500-1000.
Thanks!</p></li>
</ol>
<p>Sounds you did everything in the correct order - you have to file FAFSA before anything else can happen. Federal loans come in 2 forms for undergrads - Perkins loans, which are granted by the college, and Stafford loans. The college will send you a financial aid package reflecting your Pell and any other aid and whatever federal loans you qualify for. Stafford loan limits are $5500 for freshmen, $6500 for sophomores, and $7500 for juniors and seniors and you can always ask for a smaller loan amount. Work with your financial aid office if you have any questions on what they’re offering you…other than grants, you’re usually expected to accept or decline each of the other components.</p>
<p>If your school costs $10k and you’re getting 5550 from Pell, why do you only need about $1k for a loan? How will your other costs get covered?</p>
<p>I think you should ask for the max (5500) and take the first half (2250) and then cancel the second half if not necessary.</p>
<p>M2, her COA is $10K…but COA is just an estimate and is often inflated.</p>