Can someone help me figure out some financial stuff?

Paying for College
1

<p>Hi everybody. This kid that mom2collegekids is talking about on the parent forum (<a href="http://talk.collegeconfidential.com/parents-forum/806923-fa-experts-if-you-get-merit-does-reduce-pell.html%5B/url%5D"&gt;http://talk.collegeconfidential.com/parents-forum/806923-fa-experts-if-you-get-merit-does-reduce-pell.html&lt;/a&gt;) is me. We've been PMing back and forth and really appreciate all her help. :)</p>

<p>Not that it really matters, but I'm a girl. ;) Just wanted to set the record straight.</p>

<p>My parents' AGI for the 2008 year was $37,000, and that was with my dad working for the majority of the year. This year, my dad has not worked at all, and we're relying on my mom working full time and my dad's unemployment benefits. That's why I'm estimating AGI for 2009 will be at around $30,000 or less.</p>

<p>Some things about me: I want to attend an in-state school, one of the PA state schools, specifically Indiana University of Pennsylvania and their Honors College. I've gone to two summer programs the HC has offered on near/full rides, and I absolutely loved it. It was the two best experiences I have ever had.</p>

<p>I want to major in criminology. Not forensic science per se, but more towards the psychological side of the study.</p>

<p>My stats are:</p>

<p>SAT: CR: 700
W:620
M:600</p>

<p>ACT: Composite - 29 (waiting on the new Oct. scores to come in next week)</p>

<p>GPA - 3.94 Weighted; my school doesn't do unweighted though I could do it by hand.</p>

<p>Rank- 4/94</p>

<p>I applied to Westminster College in PA and received an $80,000 merit scholarship due to my ACT score. I was hoping this might give me more financial aid at another institution if I really need some more.</p>

<p>Aid-wise, what can I expect? I know it's hard to calculate without all the exact details, but I should get SOME FA, right? I just don't want to wait for FAFSA to come out and be totally shocked by a high EFC or something. </p>

<p>Also, re: scholarships-- are they worth it? I've applied to three national ones already (Elks, Ronald McDonald, and Sam Walton/Walmart) with the hopes of winning something, but from stuff I've read on the CC board, winning them may just reduce my FA. But I feel like my conscience would bother me if I didn't do ANY scholarships with the hope of the government paying my way through school. That's why you can see me here on CC every night, obsessively watching the FinAid board in the hopes that I see a new scholarship to enter. :)</p>

<p>Thanks to everyone who responds, and if you need any more info, just ask. :)</p>

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<p>The one thing that you didn’t include was your expected EFC! For need based aid you can expect to receive a decent Pell grant (perhaps full Pell of $5350 but you’ll need to know or project your EFC to calculate it) an ACG of $750 (if it’s not eliminated for next year), PA state grant (which I know very little about), and work study in addition to Stafford subsidized and unsub loans. You may get a FSEOG award and additional need based funds that the colleges have available - these are often given to those with 0 EFC’s. </p>

<p>You can run the calculator on collegeboard’s site to get an estimated EFC, or read this formula guide which outlines the criteria for auto 0 and simplified needs:
<a href=“http://www.ifap.ed.gov/efcformulaguide/attachments/111408EFCFormulaGuide0910.pdf[/url]”>http://www.ifap.ed.gov/efcformulaguide/attachments/111408EFCFormulaGuide0910.pdf&lt;/a&gt;&lt;/p&gt;

<p>There is a Pell disbursement chart for 09/10 here:
<a href=“http://www.ifap.ed.gov/dpcletters/attachments/P0901PaymentSchedules1D.pdf[/url]”>http://www.ifap.ed.gov/dpcletters/attachments/P0901PaymentSchedules1D.pdf&lt;/a&gt;&lt;/p&gt;

<p>If you win scholarships that result in FA exceeding your COA, many schools will reduce work study and loan components first. Then institutional aid and finally other grants. Pell is a refundable grant, so you can receive it in the form of a refund to offset indirect costs. You don’t have to accept every scholarship you win but it’s better than the alternative of not having enough FA to attend! If time is limited, my advice would be to focus on local and state scholarship opportunities where you should have a better chance of success.</p>

<p>I wouldn’t count on Westminster’s merit award influencing state schools, or even other privates. However, if a school that you truly want to attend does not offer sufficient aid initially, a sincere letter and an explanation of the amount and reasons for the needed aid has been known to produce results:) Good luck!</p>

3

<p>Thanks, sk8rmom! Sorry about the EFC thing-- I guess that is kinda important. For 2008 figures, it was $88. We made less this year so I’m expecting it to be at or around $0.</p>

<p>It’s so good to hear about the first loans, then grants thing. I looked around IUP’s website but didn’t find any specific information. It’d be great to have all my loans paid off before I’m out of school (a scholarship book I got from the library was written by a guy who managed to do this, all by winning outside scholarships). </p>

<p>I’m familiar with the Pell Grant, but what are exactly the ACG and FSEOG ones based on? Just EFC, or are there other qualifications that need to be met? If this also helps, I’ve been on the free lunch program since about sixth or seventh grade, and we were receiving food stamps until my dad’s unemployment benefits kicked in and made our income too high.</p>

<p>Thanks for all your help!</p>

4

<p>Okay, it certainly sounds like you will receive a full Pell and very likely a full state grant. Here’s a link that will explain all the federal programs including ACG and FSEOG. You should be able to check PA’s definition of the rigorous program of study req’d for the ACG. It’s only $750 for the first year, but every little bit helps sometimes.</p>

<p><a href=“http://studentaid.ed.gov/students/attachments/siteresources/Grant_Programs_Fact_Sheet_04_2009.pdf[/url]”>http://studentaid.ed.gov/students/attachments/siteresources/Grant_Programs_Fact_Sheet_04_2009.pdf&lt;/a&gt;&lt;/p&gt;

<p>For more specific info on what gets eliminated first and for campus specific aid including FSEOG and Perkins loans, it’s best to ask the FA or admissions office directly. </p>

<p>Make sure you fill out your state’s grant application before the deadline - there’s usually a link provided when you file FAFSA online or you can google for the PHEAA site.</p>

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<p>Here is the link for PHEAA grant estimated awards - from this chart you will qualify for about $3000/year.</p>

<p>[PHEAA</a> - Estimated State Grant Awards](<a href=“http://www.pheaa.org/stategrants/estimated_awards.shtml]PHEAA”>http://www.pheaa.org/stategrants/estimated_awards.shtml)</p>

<p>The important thing to remember is that you can’t receive more financial aid than your cost of attendance.<br>
After your complete your FAFSA, PHEAA will now send an application to you for completion - they also send an email so look out for that.</p>