Financial Aid Estimates

Paying for College
1

<p>My high school career was basically a train wreck. Familial deaths were prevalent, and I was strongly considering dropping out. 150+ days missed, mountains of Ds and Fs. Still got the highest SAT score in my school by hundreds of points, though.</p>

<p>By the time I pulled myself out of the mire, it was too late. No chance at my dream school (NYU), and the only school that I got accepted to was St. John's University.</p>

<p>Right.</p>

<p>So, I was awarded $9,500 in academic awards in my admissions letter.</p>

<p>I was abandoned by my mother and father. My grandmother and grandfather raised me from birth. My grandfather passed away in October of '04.</p>

<p>My grandmother and I have been all alone the past year; our only income is an $1,150 social security check every month.</p>

<p>I am eternally grateful to my gramma' for how far she's taken me, considering the circumstances- but it's really vital to get advice from people who've been there.</p>

<p>My tuition and room deposit are both due May 1st. I can scrounge the money up for them, but my FAFSA information won't be finished until afterwards.</p>

<p>I need to estimate how much FAFSA will award me, and if possible, what aid will be awarded by St. John's, as well.</p>

<p>I know that precise numbers can't be expected, but can estimates be given, considering that my family can contribute virtually nothing- no savings, no investments, substandard income, expensive medical prescriptions for grandmother- to my education?</p>

2

<p>I traditionally don't bump threads, but this is really terrifying me.</p>

<p>Even assuming that I work all summer and throughout the year (netting, say, 8,000), I'd still owe 34,000 - 17,500 = 16,500.</p>

<p>Can I realistically expect even near that much from St. John's?</p>

3

<p>The only answer anyone can give you is to call St. John's and discusss it with them. Each college awards aid using its own criteria. Call them tomorrow.</p>

4

<p>Thanks!</p>

<p>I called them already today and they're closed for Easter, so I'm pretty anxious. :\ Won't reopen until the 18th. </p>

<p>I appreciate the candor, I guess I just require patience.</p>

5

<p>"my FAFSA information won't be finished until afterwards."</p>

<p>I don't know what this means. </p>

<p>Have you filed FAFSA? The deadline is past-- </p>

<p>"I need to estimate how much FAFSA will award me,"</p>

<p>You don't understand the process. FAFSA awards nothing-- </p>

<p>Suggest you read up on the financail aid process, here, or at FinAid, or at College Board.</p>

<p>You can put your financial numbers into a financail aid calculator (FinAid has a good one) to see what your EFC (expected family contribution) is. Then check College Board to see how generous your school typically is when creating financial aid packages.</p>

6

<p>I sent in my FAFSA application, but only very recently- meaning, I don't know what sort of aid they will provide me with as of yet.</p>

<p>I guess that I am misunderstanding the process. I will do some research presently.</p>

7

<p>I think that you need to explain your situation to the financial aid office. If they do not come up with enough money, I would suggest not going. I would not put myself into debt if I were you. A good alternative would be to live with your grandmother and attend a community college. After 2 years, transfer to a 4 year college and save yourself a bundle.</p>

8

<p>OK-- when you completed the FAFSA (online), it should have told you your EFC. What was it?</p>

<p>Then, from College Board, we can check on St John's University (the one in NY, right?) and find that the Cost of Attendance (living on campus) is about 39K, and:</p>

<p>Financial Aid Statistics</p>

<pre><code>* Full-time freshman enrollment: 2,996
* Number who applied for need-based aid: 2,723
* Number who were judged to have need: 2,506
* Number who were offered aid: 2,506
* Number who had full need met: 294

  • Average percent of need met: 71%
  • Average financial aid package: $17,328
  • Average need-based loan: $3,290
  • Average need-based scholarship or grant award: $8,753
  • Average non-need based aid: $7,813
  • Average indebtedness at graduation: $21,122 </code></pre>

<p>If you know your EFC and the above info, you'l be able to take an educated guess what sort of aid you'll receive.</p>

9

<p>Just based on the information sblake presented, at best, if st johns meets the full 71% of need 39,000* .71 = $27,690</p>

<p>St Johns packages their FA as 35 % loans and 65 % grants.</p>

<p>If you were to recieve their best package you will have 9,691 in loans (27690* 35%)</p>

<p>You will have an unmet need 11,300 (you will have to come up with this money the best way you can).</p>

<p>Your unmet need + your loans from the way that st. john's packages their aid means you will be taking on almost $20,000 in debt your first year (no bank is going to extend you a $20,000 loan with out a co-signer).</p>

<p>You state that your grandmother only collects 1150/month in social security, so based on her income she will not be able to borrow the $$.</p>

<p>If you live in NYC, I would suggest applying to one of the CUNY schools which will end up being a more affordable option.</p>

10

<p>Hey, guys. I did a whole lot more research on the topic, and it's funny to look back at how clueless I was just a short time ago. Thanks for all your help.</p>

<p>For anyone with a vestige of interest- I managed to come away with under 10,000 in loans for first year, all deferred, along with interest, until graduation.</p>

<p>Again, thanks to all.</p>