Financial Aid - Advice?!

Paying for College
1

Hello! I am a first time poster on this site, so I do apologize if anything similar to my question has been posted or whatever.

Now that, that is out of the way, I need some help/advice with financial aid.

My instate college of choice told me my remaining cost would be 16,305$. The schools is roughly 23,000$. My package includes room and board.

An out of state college, I’m really considering to attend, told me my remaining cost would be about 15,016$. I did receive a nice 15,000$ scholarship (per year) to said school, that totals up to 60,000$. This school is a private school that is roughly 51,000$.

My state has a grant group, that will also be helping me with tuition costs. I currently have no idea what funds I’ll be getting from these guys, as I haven’t heard back from them yet.

My EFC is a 0. My mom’s gross income is below 10,000$, so I won’t be receiving any type of money for school from her. My parents are divorced and my dad will not be attributing to my tuition.

My question is this: is 15,000$ a bad remaining cost for such an expensive, out of state college? Especially since I believe I should be getting extra money, thanks to this grant group.

And in case you’re wondering, I did do net price calculators prior to applying to the schools on my list. I applied to 5 schools and was accepted to 4/5. Three schools gave me some decent scholarships. I’m just down to two schools, that I think could work for me.

I have no issue doing any sort of work study program. I just want some other opinions, as to if a four year college would be able to happen, financially speaking; I will be the second child in my family to be attending college. My older sister did CC/a 2 year program.

Thanks for reading this! I appreciate any sort of advice! :slight_smile:

2

Unless your father cosigns loans you can’t afford that OOS cost. What is your home state? What are your grades and scores?

3

Couple of thoughts I had after reading this:

  • Have you double-checked to make sure that your state's grant can be used at an out of state college? Some states require that it only be used in-state while others have different grants and amounts for in-state and out-of-state so that might be something to nail down. You probably already know but just making sure.
  • What is currently in your financial aid package? Does it include the Stafford loans, work-study, or Parent PLUS loan?
  • $15,000 - that being a bad remaining cost would really depend on if you can afford it. If your parents have low income and can't help, they probably can't cosign for private loans either. Depending on how much is left to pay after the grant it may or may not be realistic to expect to earn enough money.
  • One thing that I always tell people is to go through the cost of attendance that the college gives you and try to identify the direct charges (tuition, room and board, fees) that you have to pay in full before you start. The cost of attendance might be $51,000 but it's possible that some of that is living expenses, books, transportation and other costs that you have control over. For example, the transportation cost might be $1500 a year but maybe you can save money by driving instead of flying or not going home as often as they think that you might. Sometimes the room and board number is based on the most expensive dorm and meal plan, but you can take one that is somewhat cheaper. It may be that the $15,000 includes costs that you will incur throughout the semester -- like buying toothpaste or going out to the movies or traveling to and from campus over breaks, which means that you don't have to worry about paying for it upfront and you can use earnings from your job to pay for it when it comes up
  • Will you hear back about the grant before you have to deposit for a college?
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@DmitriR‌ Yes the grant works out of state! Thankfully! :slight_smile: I should be hearing back from them soon. I sent them some paperwork, toward the end of February/early March.

Here’s everything that my award letter says for the OOS college:

*College scholarship- Fall: 7,500$ & 75,000$ for the spring semester. Total: 15,000$

*College grant- Fall: 3,689$ & 3,660$ for the spring semester. Total: 7,319$

Pell Grant- Fall: 2,888$ Spring: 2,887$ Total: 5,775$

SEOD Grant- Fall: 1,500$ & 1,500$ for the spring. Total: 3,000$

Fed. Direct subsidized loan: Fall: 1,750$ & 1,750$ for the spring. Total: 3,500$

Fed. Direct unsubsidized loan: Fall: 1,000$ & 1,000$. Total: 2,000$

Fed. work study eligibility**: 1,000$ fall & 1,000$ spring. Total: $2,000

Fall total: 19,297$ Spring total: 19,297$

TOTAL: $38,594

Estimated direct costs: $38,610
Room & board: $13,000
Books & supplies: 2,000$

And that’s where the 15,016$ “direct/remaining costs” come in.

This OOS college is a lot closer to home, roughly 2 hours away, and according to Naviance a good chunk of people from my high school have attended here.

I do also have a part time job, I would be willing to save some money toward school for, need be.

5

How will you pay the remaining costs to attend this college?

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@thumper1‌ I’m seeing what other assistance this state grant program offers me/looking into some outside scholarships, or at the very least, taking out a loan. I don’t really want to do the later, which is why I’m waiting and asking for advice, before I make another move! I was also considering, contacting each of these two school’s I’m heavily considering, to see what other aid/other options are available to me.

Another out of state college, has told me roughly, 11,000$ or so is my remaining cost. I’ve never actually been able to visit this college (I know - 4 hours away from home, and trying to arrange a time to visit can be a little tough!), so that’s why it isn’t isn’t higher on my list. The other college I was accepted to, offered me the largest scholarship (17,000$) but I know, the chance of attending that school is VERY slim. :slight_smile:

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Gonegirl, what is your financial safety on your application list? This is a school where you will be accepted, would like to attend, and where you can afford the costs.

8

Outside scholarships will cut down your need and therefore your need based aids (loan, workstudy an grant) first before it reduces your direct out of pocket portion.

9

You can’t take out more loans. Your parents would have to.

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@thumper1‌ Instate college, was originally my idea of a safety school, but after looking over my package…I don’t know. As of right now, it would have to be the local community college, where I am taking TWO FREE classes but a community college isn’t my ideal place. I know, that’s it’s a smarter investment in the end, but I really don’t want to…

I wanted to at least TRY and see what my options were, to know that I TRIED. My sister did not attend a CC by choice, as life threw a twist at her, making it so she had no choice.

11

What are your stats?

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@gearmom‌ Not very impressive compared to others on this forum, fair warning! Lol. :wink:

SAT:
Math: 350
Critical reading: 500
Writing: 480
9/12 on the essay portion. I have Dyscalculia and I do fine with every other subject but math. I get mainly A’s & B’s in other courses. I’ve gotten C’s in math.Most of my high school career, has been spent with me doing 2 semester worth of math. As a result, I have 6 math credits. My GPA is around a 3.5-ish. Nothing spectacular; nothing Ivy material (not a big deal to me!).

I just want to go to college, but now I’m starting to feel discouraged. :frowning: I’m doing fine in my 2 community college classes. I do not feel, I would get my needed math support in a CC.

My instate college of choice, has other things I can take in place of my math credit. My OOS college of choice, has a reputation for having a good support system.

Again, I’m doing perfectly fine in my two college courses (English Comp 1 & a public speaking class).

:slight_smile:

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Well. I think you are going to do great in college. I only asked to see if you could get merit aid. Going to a CC would be smart for three reasons. You are spending the least amount of money. It will give you time to your change major if you need to without being pressured to graduate. And you will do well. You have shown you can really well with your great GPA and CC track record and that will be all that your next college sees. You probably will not have to send SAT scores. I would worry. You’re going to be fine. Slow and steady wins the race.

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@gonegirl, You can only borrow $5500/year. It sounds like you qualify for a Pell grant which is another $5k/year. If you work all summer you may be able to raise a few thousand more. What state are you in? Unless you qualify for any state grants the most you have to work with is about $10k (maybe $13k or so if you work all summer). I don’t think your mom will qualify for any loans and if your dad isn’t going to help, you need to find a school that costs $13k/year or less. Are there any in state schools within commuting distance besides the community college?

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The Pell and loan are already in your package. Unless you get a 15k grant you can’t afford that college. The only additional loan you could get as a student is if your mother applies and is turned down for a Parent Plus loan, then you can borrow at the independent student rate and get 4,000 per year more.

Student Federal Direct Loan Limit
Dependent/Independent
freshman 5,500/9,500
sophomore 6,500/10,500
jr 7,500/12,500
sr 7,500/12,500

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@gearmom‌ Thanks! :slight_smile: I’ve had some struggles along the way in hs with personal problems/my learning issues but I’ve worked hard to get where I am.

FF is my main worry as of right now - as so many other students.

@austinmshauri‌ My dad isn’t super rich but he does have a higher income than my mother - just not enough to help with tuition costs. Oh well. :stuck_out_tongue:

I’m expecting state grants to knock a couple thousand but nothing super tremendous, probably about to 10k$ as you mentioned.

I do have two colleges in my town but upon doing net price calcs, the one that would I be more likely to go to, has an iffy price but after my FF results, I’m trying to look at those with a grain of salt. I think it could be lower…

By the way, thanks for helping guys!! You’ve got me thinking and weighing out my options. I’m going to look and see what other sort of grants are out there aside from state/federal.

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@gonegirl, My daughter has dyscalculia, so I can imagine what you’ve gone through.

What state are you in? If you said, I missed it. The best aid comes from colleges and generally goes to in state kids (at public schools) or those with high stats (at private schools). Your best bet is probably going to be starting at a community college. We’re in NYS and many very bright kids start at our cc’s then transfer to a 4-year SUNY. The cc’s are excellent schools and our 4-year SUNYs don’t require SAT scores if a student has a degree from one of our cc’s. It saves families a bunch of money.

As a junior and senior you can borrow $7500/year. With that $7500 + $5500 Pell + work earnings ($3-4,000) you should be able to scrape together $16-17k/year. If you started at a cc, is there a local 4-year you can transfer to that’s in that price range?

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@austinmshauri‌ I’m from VT and am very interested in a NH school. I know cc is a good start but I really want to see what my options are, before I just decide on going there. One local college is very pricy and the other has an iffy education quality. It’s seemingly more of a party school than anything, that I’ve heard of. I’ve been on campus and it’s just eh.

My instate school of choice gave me a 16,000/23.000$ package. I don’t know how much the state’s student grant program will help. I’ve never had much about fa explained to me. I double checked and their award letters don’t go out until mid May, after most schools want their deposit. So I am in a big pickle and am really stressing about this. :frowning:

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Remember that you need a plan to pay for ALL four years. People tend to focus on the first year. A few things to consider:

If you need loans outside of the direct loans then you will need a co-signer that will be able to qualify every year you need loans. Sometimes, the co-signer will qualify the first year but not the second because of the first loan. At that point, if you are unable to continue then you will need to start repayment on your loans.

Work study jobs are not guaranteed. You have to apply and be hired. Sometimes you might not be able to earn the full award.

If you go to a CC that you can pay for using the Pell grant, I believe (hopefully other will verify) you can still take the maximum direct loans (5500 for freshman and 6500 for sophomores) and save that money for Junior and Senior year. This is not the best financial advice since you will be incurring interest and need strict discipline not to spend it. So consider the risks and cost.

Your package has SEOG grants and work study. You might not get these awards in the future. You need to file your FAFSA asap every year since these funds can and do run out. They are not guaranteed since colleges only have limited funds for these programs. The Pell grant is an entitlement so you will get that as long as you qualify.

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Thanks everybody for taking the time to answer! I know of a program, that can give me money toward school. I have no idea of how much that would be, but it would be something. I’m also going to talk to financial aid soon, to see what else they can offer! I’ll be sure to update everyone with more information, soon.