<p>first of all i'm very naive to this whole process especially dealing with fasfa so I'm asking for help regarding a couple of questions. I am applying to a small private institution in NYC. I went to talk to my financial aid adviser last Tuesday and it got me thinking, the moment i got in I felt I was getting set up..</p>
<p>I did the whole FASFA/PELL grant and also my state grant which is TAP. My EFC is 0 and the estimate was 5,645$ for PELL and 5,000$ for TAP and the school tuition is about 6,800$. which led me to believe the federal grants was enough to cover my tuition and have money left for books/transport and other school essentials. So I talked with the financial aid adviser on tuesday and he told me i will only be receiving half of my PELL and TAP grants and that i would need to take out another 1500$ in subsidize loans to pay the rest of the tuition and books. My questions is why am I only receiving half of the grants and having to take out loans when I qualify for the full grants? Also he lied to me about the school not having any extra Aid. I ask the main counselor if they had any and she awarded me 500$ so is a little fishy I just want to make sure im not being taken advantage of.</p>
<p>If your school is semesters, you get the Pell and TAP in two installments…half for each semester.</p>
<p>And your first counselor did not LIE to you. Very often, the first person you speak to does not have the authority to award additional aid. This is usually done by someone more on charge…like a “main” counselor or supervisor.</p>
<p>I understand, yes it is 6,800 per semester. Another question the college is 3 semester per year so will i need to take out loans for the third semester? i apologize Like i said im naive to this whole process i though i was going to get awarded those estimates every semester.</p>
<p>Linwood. If your school is on semesters, you would have two semesters during the academic year (September to May/June. If on quarters, you would have three terms between September and May/June. </p>
<p>Your Pell and Tap are divided equally amongst the number of terms during the academic year…so two for semesters and three for quarters.</p>
<p>The max pell for the entire school year is $5645. Fed rules require that it be disbursed into the number of terms in the regular school year, so in 2 halves if it is a semester system, 3 thirds for a quarter system. If yours is getting split in half, then it sounds like you are on a semester system. There is no extra pell for the summer. Also, the max direct loans for the entire year for a Freshman is $5500. If you are taking out loans during the year, you will only be able to take out the remaining balance for the summer.</p>
<p>Your FA advisor sounds like he is doing his job well, Not lieing to you or setting you up,</p>
<p>I know you are not asking this…but it sounds like finances are a significant issue for you. My free advice of the evening…get a job and earn some money during the summer. Do NOT take out additional loans to attend school in the summer.</p>
<p>Hopefully, the others have answered your question on how aid works. You might want to look at all the awards that are available at the school and see if you qualify for any of them, though it is late in the process. Find out who is able to make these awards and talk to one of them. </p>
<p>Also, have you looked at some CUNY schools? They may be more in line with your budget. WIth living expenses, transportation, etc included, you may well be able to stretch your PELL and TAP to cover it all, instead of having to pay out money. We are fortunate in NY in that our state tuitions are relatively low and there are programs to cover them. </p>