Hi. Our FAFSA EFC is 11,700. My D is transferring to a state U, and originally applied to life on campus. Now she will be living off campus. The fin. aid offer just arrived, and they had met more than our need with costs when including room and board. 3,000 in grants. Full tuition waiver, (it’s a Mass school, so tuition is only $970.) and $6500 in sub and unsub loans total. Now that she will live off campus, the total cost will only be tuition and fees of 8800 and food plan for lunches of $400. They don’t add in books or anything else. I am thinking that now the only aid she will qualify for will be unsubsidized loans. Is this right? Can she get the entire $6500 in unsub loans? Thanks for replies!.
Meant to say 'live" on campus…
If she is a sophomore, she can get $6500 in Direct Loans for the year.
Many colleges give aid for living off campus just the same as living on campus. There is usually a smaller allowance for living with parents. It depends on how the schools lists those costs of attendance.
My nephew move to an apartment after freshmen year at UCB trying to save some money. It turned out the aid decreased more than the cost difference. So one should ask the FA for their CoA calculation in living expense and R&B.
Yes, UCB has a lower list price for off campus housing, which is cheaper on average, but more variable in cost. But the cheapest off campus housing (BSC co-ops) is about $3,000 less than the budget amount.
Thanks for the replies so far. This will also be her 4th year taking direct loans. She will meet the aggregate limit.at the end of year 4. With so many kids taking 5 + years to complete school, where does the money come from if she can’t borrow more from the government? We will figure out a way to pay for year 5, but I am just wondering. Thanks.
My spouse lived off campus senior year, and there was no change in FA. He was given the money as a housing allowance, and he instead paid for the off-campus housing with it. (BTW, he was getting a LOT of aid, almost full grants and at a family income level that would have been full grants now - he couldn’t live off-campus if he didn’t get any FA for it).
I agree that as long as the student is not living with their parents, the FA should not be cut.
I read on the FAFSA site’s FAQ up to 12 semesters of aid, as long as a bachelor’s degree is not obtained yet. That makes sense, because most colleges list their 4-year and 6-year graduation rates.
^^Once the loan limit is reached you are maxed out for getting any more. Pell grant you can get for 12 semesters.
Family will have to finance that, parent plus loan is available if needed. Or, once the student turns 24, the independent student loan ceiling is higher.
Thank you everyone!