I’m attending a small private college in MA, I’m currently living in a dorm on campus, however I can not stand living with this many people having to share everything, and having no privacy any longer. I’ m looking into getting a one bedroom apartment in the spring semester and wanted to know how my financial aid would be affected. I Currently receive a pell grant, two state grants, college merit scholarships, college need base scholarship, private scholarships, and federal loans. How would changing my housing option impact my financial aid. Also if I were to apply for a loan through a company do I get the access money put into my bank account or do they use it as “credit” toward my next semester.
Does your college allow freshmen to live off campus?
Will you be able to find an apartment by December? Will the landlord rent to someone under 21?
You will need money for security deposit and first month’s rent at time of lease signing possibly. You could take a student loan before fall semester ends, if you haven’t taken one out for this semester yet.
The COA might be different for on campus versus off campus, you need to find out from your financial aid office if it would change and if it would affect your aid package.
Pell you can still get. But state grants it depends, some can only be applied towards tuition.
Find out all the financial implications and feasibility of living off campus before you do so.
I would suggest seeing if you can get a single room in the dorm, or wait until sophomore year at least until looking into living off campus.
Some colleges have different on-campus and off-campus costs of attendance, while others have the same for both. If they are different, financial aid may be affected. You need to check with the financial aid office of your college to see whether moving between on-campus and off-campus housing could change financial aid. Obviously, off-campus housing may cost more or less than on-campus housing.