Hello. I’m new to the site and college so please bare with me.
I’m finally starting school during the summer and was issued an award letter which I provided below (also keep in mind I’m taking 13 credit hours FULL TIME). My concern is; is the amount issued in error, or am I entitled to it because that was the money left over since I never attended in Fall/Spring? Based on my financial need and the amount being awarded it seems to be excessive. I don’t plan to drop any classes or anything so, would there be a reason for them to go back and adjust the amount?
BUDGET: $14,000
EFC: $3,600
NEED: $10,400
Pell grant (fall 17, spring 18, summer 19): $3,400
State Tuition Grant: $650 (Pending)
Summer Direct Loan: $1,730
Summer Unsub Loan: $1,450
** Tuition/Fees/Books for the semester: $2,320 **
Also, based on the disbursement calender below, when should I expect to receive my financial aid refund check? I asked the financial aid office and all they said was “all funds are issued at the same time” so I’m confused.
Refunds of grants, scholarships, and non-first- time borrower’s first loan payment - June 29, 2018
Refunds of non-first time borrower’s second loan payment - July 13, 2018
Refunds of first-time borrower’s first loan payment - July 20, 2018
Refunds of first-time borrower’s second loan payment - July 27, 2018
Thank you in advance for your help!
Put any excess that is refunded to you into a savings account and don’t spend it. That way, it they find there was an error you can just pay it back.
The Pell grant seems slightly high as a full Pell for the year is $6095 and now summer Pell can be one term, so I’d think it shouldn’t be more than $3045 (not sure as this hasn’t be the case in years past).
It looks like you’ll get any refund from the Pell on June 29, and anything from the loans on July 20 (first time borrower). It will depend on how your school applies funds as to what you’ll get. If they apply all Pell first, you may not get anything on June 29, and then get a larger amount on July 20.
Yes that is what I was recommended by various people. Thank you
I’m not sure if I’m understanding correctly; this is my first ever award letter and my very first year/semester/term in college. This award letter is for the 2017-2018 year (which includes the summer term I am in right now). The pell grant cap for the year is 5920, the full pell grant I was awarded was 3400. I believe my reward amount seems high because I was never awarded any type of money at all until now. My college expressed that any remaining money left from fall/spring can be rewarded on top of applying for a summer grant.
Your full Pell for the whole YEAR was $3400? If that is the case, i believe you would not be receiving the full amount for only the summer term. The Pell is prorated based on the amount of terms you actually spend in college. The summer would, I believe, be considered one TERM, not the full year.
@kelsmom would this student be entitled to the full $3500 2017-2018 Pell if she hasn’t attended any college previously in the 2017-2018 school year…and is just attending this summer?
@thumper1 Yes. On the award letter it says that I was awarded for fall/spring/summer the same amounts in grants, along with two summer loans. The grants and loans all says “accepted”. I thought I would only be awarded for the summer term as well, not all three since I just started.
You were awarded for all three terms (fall, spring and summer) BUT you only get the part of need based aid for terms in which you are enrolled in college.
You weren’t enrolled in fall 2017 or spring 2018. You are not, I believe, entitled to the aid for those two terms.
You are only entitled to aid for the summer term. That would be 1/3 of your total amount of I am correct.
I’m hoping some one else chimes in.
You should also call your college and clarify this with them.
@Kelsmom is this correct??
@sybbie719 do you know?
Summer Pell is new this year, but as I understand it the summer counts as a term so even if you used all Pell in fall and spring, you can get another ‘term’ of the amount in the summer. I can’t figure out if it is half of the full amount, and then that figure multiplied by the % of credits since most students don’t take a full summer load.
The school should know.