FA Package not understood Please Anyone Help !

Paying for College
1

<p>I am trying to figure out how much,if any, Stafford loans I can borrow. I really don't understand the COA-EFC=UNMET NEED. This is the AWARD LETTER and Figures I have from my schools FA office. Please Help !</p>

<p>COA= $14,000
EFC= $ 0</p>

<p>PELL GRANT= $ 5,730</p>

<p>This Pell grant is all I have been awarded for the Academic year. So can I borrow Stafford loan money or not? Correct me if I am wrong ,but cant one borrow up to the COA amount? Help me understand if I can get additional money from Stafford loans. Thanks................</p>

2

<p>If you are a freshman, you should be able to borrow $5500 in direct loans in your name.</p>

<p>Your parent can borrow using a Parent Plus loan up to the cost of attendance.</p>

<p>How much do you need to borrow?</p>

3

<p>You have to have saved or borrow the difference between the award and the cost of admission. EFC is no unmet need, it’s your estimated financial contribution. Not all schools meet full need. </p>

4

<p>

Maybe your school does not participate in Direct Loan Program.</p>

5

<p>Some community colleges do not participate in the direct loan program.</p>

<p>What is the cost of attendance</p>

6

<p>You got the PELL as an entitlement. You should call your financial aid office, or better set up a time you can talk to a financial aid officer personally and find out if there is any other aid available to you. Ask about the student Direct Loan and whether you can borrow that amount.</p>

<p>The Direct loan limits for dependent students are $5500 for freshmen, $6500 for sophomores and $7500 therafter to a maximum amount around $3K (don’t remember exact dollar amount). Independent students can borrow up to $4-5 K more. </p>

<p>There aren’t any schools that guarantee to meet FAFSA need as defined by EFC. Most schools gap. No, you are not necessarily permitted to borrow up to the COA amount. The limits of the direct loans are as I 've given above. </p>

<p>Also your college has to participate in the Direct Loan program. A few years ago, I remember reading that the North Carolina Community College System reporting that a number of its schools deciding to opt out of the federal student loan program. They feared their colleges could be at risk if too many student borrowers defaulted on those loans. Apparently, the federal government does put pressure and has sanctions for schools where too many of their students default on federal loans. </p>

<p>Another issue is that there are schools that will not permit Direct Loans to be used for living expenses including rent, food when a dependent student is living with parents within a certain distance of home. I don’t know what the $14K is comprised of. Some students borrow to be able to move out of their parental home and use the proceeds for living expenses. Then a lot of the cost savings of going to CC are obliterated and the student is on the hook for a lot in loans.</p>

<p>But the bottom line is that your school financial aid officer has to tell you what is and isn’t available for you at that school. You can look on the school website and see if it gives you some info, but you should talk directly to who is in charge of giving out aid at the school.</p>

7

<p>My school does participate in the Direct Loans Program. I am a full-time independent undergraduate student. First year student. My schools COA is made up of Tuition, Book Fees , Living expenses,. With these numbers:</p>

<p>COA= $14,000
EFC= $ 0</p>

<p>PELL GRANT= $5,730</p>

<p>With this pell grant being the only funding my school has offered me. I am trying to figure out how much in direct loans I can borrow up to? I was told you cannot borrow past the amount of your schools COA, is this correct? If so what would be the maximum amount that I can borrow against the schools COA? Thank you…</p>

8

<p>COA= $14,000
EFC= $0</p>

<p>PELL GRANT= $5,730 This is the only aid that the school has offered me thus far. And yes my school participates in the Direct Loans Program. Looking for the max amount I can borrow in direct loans, that does not exceed the schools COA. Thanks…</p>

9

<p>If you are a dependent student, you can borrow $5500 for freshman year.</p>

10

<p>The op says he is independent. He can get $9500 in direct loans as a first year student.</p>

<p>OP. Are you sure you are independent?</p>

11

<p>

See <a href=“https://studentaid.ed.gov/glossary#letter_i”>https://studentaid.ed.gov/glossary#letter_i&lt;/a&gt;

Also, see <a href=“https://studentaid.ed.gov/types/loans/subsidized-unsubsidized#eligibility”>https://studentaid.ed.gov/types/loans/subsidized-unsubsidized#eligibility&lt;/a&gt;

OP, I’m surprised that your school did not include any loans in your financial aid package; as you clearly have need.</p>

12

<p>There are some CCs that don’t give out student loans.</p>

13

<p>But the OP states in post #7 that his school DOES participate in the direct loan program.</p>

14

<p>At this point, only the financial aid officers are going to be able to answer the OP’s questions. He should request a Direct Loan and find out why one wasn’t included in the package. Maybe the school stopped participating in the program just recently, maybe they have rules as to how and when one can take the loans, maybe he has some issue that is a stumbling block. We can guess all day, but it doesn’t matter. Resolution can be done with the fin aid office of that school.</p>

15

<p>I am being told by the FA office that I must request loans separately from my aid package. I am just trying to figure out how much is the max I can borrow up to my schools COA. My schools FA meets 100% of need.</p>

<p>COA= $14000
EFC= $0</p>

<p>PELL GRANT= $5730</p>

<p>So based on these numbers can anyone tell me what direct loan(s) I would be offered, and what amount(s) I could borrow up to? Basically I am looking for an amount here that does not exceed the COA. Thanks… </p>

16

<p>For some strange reason the school just recently started having students request loans separate from their aid package. The school offers grants, scholarships, workstudy. Than if you need I loan you must request it separate from the original aid package. Never seen this before, could someone help to explain this to me? Seems odd to me !</p>

17

<p>OP: $8270—No more than $3,500 of this amount may be in subsidized loans.</p>

<p>For most other first year undergraduate:</p>

<p>Independent student $9,500—No more than $3,500 of this amount may be in subsidized loans.</p>

<p>Dependent student $5,500—No more than $3,500 of this amount may be in subsidized loans.</p>

18

<p>so based off the numbers I have stated could you tell me which type of direct loan I would be offered first, and what amount that would be?</p>

19

<p>I am an UNDERGRAD FIRST YEAR INDEPENDANT STUDENT</p>

20

<p>So are you telling me that the $8270 amount is what I am eligible for? If so than the $3500 in SUB would leave $4770 in UNSUB. Can I borrow both amounts? Thank you…</p>