Financial aid advice

Paying for College
1

<p>So to start off, I'm seeking advice and assistance, in any way, with my situation, dealing mainly with financial reasons. </p>

<p>My girlfriend and I are finishing our associates degree in science next semester and plan on moving and getting our own apartment near the university we both plan on attending (UNCG / Greensboro, NC area). I am going for bachelor's in nutrition, she is going for chemistry, if you are curious. I receive financial aid/pell grant and all my classes I have ever taken at my community college (Rockingham Community College) has been paid for in full, also receiving $1500 roughly back each semester. She does not receive any financial help. </p>

<p>Here is my situation, since we will live by ourselves, both college students, we will both be unemployed (I am unemployed now, however my girlfriend is at the moment, but won't be when we move), it seems we will clearly have some financial problems. I am estimating anywhere between $500-$900 a month for apartment expenses, from the places we have looked. The tuition costs at UNCG is roughly $6000 -/+ , I have will have used 3 years worth of my financial aid or pell grant, if I am not mistaken it only covers 4? How much or will, her and I be receiving any financial help toward attending UNCG since we are living by ourselves and not employed?</p>

<p>Regardless of what happens, will we be forced looking to take out student loans? Will we need to some how work in a job while attending full time at a university?</p>

2

<p>Are you an independent student or dependent? That will help determine how much aid you are able to get (specifically loan amounts) as you move on to UNCG. For the Pell Grant, you have 12 semesters of eligibility, not 8. </p>

3

<p>Dependent? As we are both 21, not married, no kids etc, dependent is correct right? It confuses me a bit, sorry. Also I currently live with my mom, she lives with her mom, if that has any effect.</p>

4

<p>Yes, you are a dependent student. You would need to be 24, married, have kids, join the military, etc. to be considered an independent student. If the income reported on the FAFSA for next school year is similar to this year, you will likely remain Pell eligible and you also will be eligible for a student loan for $7500 if you transfer in as a junior. It doesn’t seem like UNCG offers any merit scholarships for transfer students. </p>

<p>I would run the NPC (<a href=“http://fia.uncg.edu/NetPrice/npcalc.htm”>http://fia.uncg.edu/NetPrice/npcalc.htm&lt;/a&gt;) on the website to get an idea of what an aid package might look like for you based on your parent’s income. It seems like you may need to borrow the Direct loans if you want to pay for a place on your own. </p>

5

<p>Done the calculator, the estimated price after grants is said to be $7500. The estimated grant aid is said to be $9700. Estimated cost of attendance $17,300, which is living on my own with/without roommate (my girlfriend).</p>

<p>So what exactly does that mean? The $7500 is what I will be paying out of my pocket? Which is what I take a loan out on for?</p>

<p>Is getting that much in direct loans for what I need a normal thing for people/students like myself? $7500 a year, bachelor degree I’ll need 2 years worth. So I would basically go $15,000 in debt? How would that work since I would be living with her, would the room and board technically be halved?</p>

6

<p>The NPC gives a Cost of Attendance which they have used estimated amounts for books and supplies, transportation, rent, etc. The only amounts set in stone are going to be tuition and fees. After you fill out your FAFSA for next year and get your award from the school, you will need to sit down and compare tuition and fees to your award. Lets say tuition is covered by your grant money only and there is not enough for a refund, you will need to count out what your other expenses (rent, books) are to determine how much in loans you will need to borrow. </p>

<p>If you are going to be splitting rent with your girlfriend, then you could cut the rent amount in half when budgeting. In my opinion, being 15K in debt after two years in not bad at all. A good rule of thumb is to not borrow any more for your undergrad degree than what you will expect to make in your prospective field first year out of college. </p>

7

<p>Alright, well that gave me a lot of insight of what I need to dig into once we get closer to that time. Financial aid throws me for all sorts of loops and overwhelms me, so many different naming for grants and whatnot. So I never know what is exactly what. </p>

<p>I really appreciate your help. Thank you so much.</p>

8

<p>Yeah, no problem. It is difficult to discuss the “what-ifs” until you get a concrete award letter from your school. At that point, it will be much easier to sit down and look over the numbers compared to costs to determine what exactly you are going to need. I’m out here in California, so unfortunately I do not know too much about the state grants NC offers. The most important thing is to get your FAFSA filed on time, get admitted to the school - and go from there. Once you get an award letter, make an effort to sit down with or speak to one of UNCG’s financial aid staff members. They will help you understand your award and what is being offered to you. This can provide so much more clarity then trying to sit down on your own to decide what you need. </p>

9

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<p>Even if that is “rent” that will not be your only “apartment expenses”. You will likely need to add a few hundred more for electric bill, cable TV, internet, and maybe water. If your apt has a spot for a washer and dryer, you may have to rent those from the apt or buy some. Or, you will now have coin operated laundry which can mean $50-100 a month in laundry expenses.</p>

<p>What about your GF? She doesn’t seem to qualify for the aid that she needs because it sounds like her mom earns too much. Who will be paying her expenses? </p>

<p>How will your GF’s tuition and books get paid? A 7500 loan for her will only cover tuition. how will her living expenses get paid? If she gets no aid except for a 7500 loan and her COA is $17k, then she is $10k short. How will that get paid?</p>

<p>Will either of you have a car and associated car expenses?</p>

<p>Your aid is based on YOUR COA…regardless of the fact that you will be living with your GF. If she pays her “half” then you may not have to borrow as much. </p>

<p>It is VERY likely that you both will have to work full time during summers and work part-time during the school year like MANY full-time students to pay for uncovered costs.</p>

<p>I used the above link and got this result for a student living off-campus with a roomie:</p>

<p>


<br>
Estimated tuition and fees  $6,150
+ Estimated room and board charges
(Includes rooming accommodations and meals)
$7,730
+ Estimated cost of books and     supplies  $916
+ Estimated other expenses
    (Personal expenses, transportation, etc.)   $2,496</p>

<p>Estimated total cost of attendance: $17,292
- Estimated total grant aid:
(Includes both merit and need based grant and scholarship aid from Federal, State, or Local Governments, or the Institution)          $9,764</p>

<p>Estimated Net Price After Grants and Scholarships:  $7,528</p>

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<p>So, since it estimates your Room and Board costs of 7730 per school year, and that includes FOOD costs, then it is assuming that your roommate is also contributing towards your rent.</p>

<p>BTW…you cannot count on getting that $9764 in grants. Some of that may be SEOG and that is not guaranteed…especially for transfers since aid pkgs for frosh are done FIRST. </p>