<p>So I have a question that maybe someone can answer for me. I am going to Mount Aloysius in the fall. Mount is a private school in Pennsylvania. The tution and what not is about 20,000 a year. I was accepted and received a 5,000 dollar scholarship. We did my FAFSA and EFC is zero. I know I am going to get the full amout for the pell grant. What I would like to know is if I am really going to have to worry about paying my way through school or am I just going to have to worry about paying for my books?</p>
<p>Concerned senior!! =]</p>
<p>We can’t really answer this for you (unless someone is familiar with your particular school). Federal aid is quite limited. The Pell grant is the main federal grant and it’s maximum for 2010-2011 is $5550. If you are academically eligible you should get the ACG which is $750 (but will not exist any more after 2010-2011). </p>
<p>Everything else is completely up to your school and their own policies. For instance do they promise to meet full need? If so do they promise to meet it without loans? Do they have there own institutional funds to award (federal money will not cover the cost of many schools, other than community colleges). </p>
<p>In addition to the Pell grant and Stafford loans (you should be eligible for $5500 in Stafford loans as a freshman) there are 3 federal programs that are called campus based aid. What this means is that, if the school participates in the programs, the school is given a set and very limited amount of money and decides for themselves how to award it. They decided the criteria for how to award it and the maximums they will award. Once they have awarded the funds they have no more. For instance there is a grant called the SEOG. At my son’s school the maximum is $200, at my daughter’s it is $2,000. The other 2 are the Perkins loan and federal work study. Both are very limited.</p>
<p>Does your state have any need based aid? Some states do.</p>
<p>Other than that it would depend on the school.</p>
<p>It sounds like a lot of loans will be involved and this should concern you. Only the Pell grant is free money, so that and your scholarship will only cover about half of the $20,000. The rest will be loans, work study and there ma be a gap your family will have to cover.</p>
<p>For someone with a zero EFC, this college is likely too expensive. You will likely borrrow more money than you can comfortably pay back.</p>
<p>What does your financial aid award include? If it is just the Pell grant and a $5000 scholarship, you probably can’t even come close to affording this school unless you have a non-custodial parent with some resources or some other source of continued funding.</p>
<p>What are your other options? What state are you a resident of? What do you want to study? Have you applied to any other schools?</p>
<p>(And just to clarify – the EFC is the federal calculation that determines your eligibility for federal grants and loans. It has NOTHING to do with requiring that a school give you a financial aid package that meets your full need. It is completely up to the school (and the resources available to the school) to determine your financial aid package other than the federal grants and loans.)</p>
<p>You need to look again at the costs posted…their tuition and fees are around $20K but that doesn’t include room and board. Are you going to be living at home and commuting?
Haven’t you received your financial aid award letter yet? If not, I would call them immediately!</p>