Hi everyone, I’m transferring into a CSU. I have a question about (COA-EFC) - Total aid. So if my remaining need is 1701.00 for the school year and I am awarded an outside scholarship for X amount does that amount go towards my Remaining Need or does the school use it to lower the amount of the grants that I receive? Does it work the same way with a scholarship from the school itself? Numbers below for reference.
The information below is a calculation of your estimated need.
Estimated Financial Aid Budget: 22,402.00
Expected Family Contribution: -2,204.00
Estimated Need: 20,198.00
Total Aid: -18,497.00
Remaining Need: 1,701.00
A breakdown of the total aid i’m receiving, the grants have been accepted, the loans have not
Pell Grant: 3,525.00
State University Grant: 5,472.00
Federal Direct Subsdz Loan-1: 3,500.00
Federal Direct Unsubsdz Loan-1: 6,000.00
The scholarship (whether from the college itself or from an outside source) would reduce your loans - it would not reduce your Pell grant or your Cal Grant (if that’s what the $5,472 is), both of which are entitlement grants based on your income. If the $5,472 is actually being awarded by the CSU itself, I think the rule would be the same, but you should confirm this with the CSU financial aid office.
One observation, though . . . you’re borrowing a lot. It’s not impossible, since it’s for two years only, but it’s still a large amount. Is commuting not an option?
DodgersMom, these numbers i got from the student center online(they estimated my COA and gave me these numbers) and they are for 1 year. I don’t think I will have to take out any loans as the tuition and fees for both semesters would be covered by the grants. Thinking about it now, I guess what i’m trying to ask is if tuition and fees are covered by the grants, would a scholarship be used to cover the cost of books/materials for class and such or would I need to take out a loan? Because if they simply replace the State University Grant with the scholarship I might still need to borrow for Books/materials.
I’m missing where you don’t think you’ll need the loans. The loans are already part of your package. You need $22.4K for everything, you have $18.4k WITH the student loans.
No, an outside scholarship shouldn’t impact the grants you’re getting - but you should confirm this with your school’s financial aid office, just to be sure.
Are you commuting - is that why you’re not worried about needing to borrow?
“Usually, additional scholarships replace unmet need, loans, or work study, but you should ask your school to be sure.”
This is what I was looking for. I guess the best place to go to is the source, so I will be contacting my school’s financial aid office to be sure. Thank you guys for all your help, I just got a little overwhelmed with all these numbers and terms.