Financial Aid Package is wrong?

Paying for College
1

<p>I just recieved my financial aid package in the mail today from the school I am transferring to. I think there is something wrong with it because with the amount of money is says the package is worth ($50,414.00) does not correspond with how much the school actually costs ( $47,080.00). I am also having another delima as it has a Federal Parent PLUS Loan in the package and my father was rejected for my sister and I this past year in addition to being rejected my sister first year of college two years ago. </p>

<p>Here is the package as it states:
SBC Award for Virginia: $7,500
FASFA Grant: $1,000
VTAG: $3,300
SBC Grant: $9,500
Pell Grant: $4,780
Direct Loan: $3,500
Unsub Direct Loan: $2,000
Paren PLUS: $17,834
Work Study: $1,000
Total: $50,414</p>

<p>It is weird they went over the amount I actually need. Also, since I know my Dad will be rejected again, would I be eligible for the FSEOG and the Perkins loan in addition to the $6000 I should recieve for him being rejected for the Parent PLUS. He won't be paying for my college tution or any bills of mine or my sisters since he will be on Medicaid soon because of his stroke. I am just a bit confused as to why they even put the Parent PLUS in the package and why it didn't include the FSEOG or the Perkins loan. I can pay for my booksfor both semesters no problem with the job I will have over the summer and saving my money from the SMDEP program I got into and the stipend that I will get. I am just confused as to how to have them revise my Finaid award so I do need to take out more money than I should. </p>

2

<p>SEOG and Perkins loans have limited funding per college campus. You can certainly inquire about these, but it is very possible your school ran out of these funds already. These are both awarded on a first come, first served basis at most schools. It may be that your application was filed later than the others who revived these awards.</p>

<p>As you note, if rejected for a Plus, you will get additional Direct Loan.</p>

<p>I’m a little confused about your question. What do you want from the financial aid department?</p>

3

<p>My guess is that the award is for the Cost of Attendance (which is more than the direct billable costs). This takes into account amounts for transportation, personal expenses, books, etc…</p>

<p>When looking at your aid package take the Parent PLUS loan out of the equation, since this is something you cannot take out yourself, and you Dad cannot take them out. He can apply, and when is denied you will qualify for an additional $4000 in direct loan. </p>

<p>As a transfer student I am not sure why you only have $5500 in Direct Loan. It would be $6500 for a sophomore. Are you a sophomore by credits or still a freshman?</p>

<p>Perkins Loans and FSEOG are not offered to all who qualify, so it may be that you were just not offered these. You did not receive full Pell, so your EFC must be slightly more than 0? </p>

<p>You only need to accept the aid that you would like to… so, you will not have to accept more than you need… but it does not look like your full need is met. When you subtract the Parent PLUS Loan from the award amount listed, you have $32580 in direct loans, grants, and work study. If your Dad applies for Parent PLUS and is turned down, and you qualify for an additional $4000 in direct loans, this brings you to $36580 in direct loans, grants, and work study. Unless I have done the math wrong this still leaves you short by $10500 in billable costs, right? </p>

<p>Others who are more knowledgeable about the inside workings of financial aid are likely better able to advise you on how to communicate with the Financial Aid office to see if they can adjust your aid package. </p>

4

<p>What is a FAFSA grant? Is that what it says???</p>

<p>the reason that the amount may be larger is because they are expecting an increase in costs, or it may include health insurance, or something else. Which school is this? The $47k may not include travel or personal expenses.</p>

<p>It sounds like this school won’t be affordable. Have you heard from other schools?</p>

<p>Frankly, since your Pell Grant is that high, it suggests that your family income is modest, so even if your dad did qualify, he doesn’t have the income to pay back those loans. </p>

5

<p>The ‘FAFSA grant’ may be a reward for filing the FAFSA by a certain date. We ran into a few schools dangling that carrot.</p>

6

<p>I did not apply for other schools. All other schools had transfer dates that already passed by the time I thought to apply. I also have no interest in attending other schools. Even the public schools had their deadlines that passed. As well as the fact that if I applied to public schools I would still have a substantial amount to pay every year. I will be a sophomore next year so I don’t know why I didn’t receive more for the loan. I will have 36 credits when I transfer. I know I need more aid, I am trying to figure out how I will receive it. </p>

7

<p>Often transfer aid packages only include the freshman level loan. Once the student does enroll and enough credits transfer to qualify for sophomore standing or higher, the loan amount is increased.</p>

8

<p>This financial aid package is unaffordable. The parent plus loan is more than you can come up with by maxing out your federal student loans.</p>

<p>You need to seriously consider staying put at your community college until you finish your AA and can transfer a s a junior. That will also give you more time to track down some place that you will be able to pay for.</p>

<p>Wishing you all the best!</p>

9

<p>I can’t go to community college. I am going to be homeless in about 3 months and won’t be able to afford housing and going to school full time. I am pre med with a double major. The community college doesn’t offer not one of my majors. I am heavily depending on private loans as of now. </p>

10

<p>I can’t even afford community college so going to an institution that will cover housing is ideal. </p>

11

<p>You did not GET $50414. What the school did is list all of the grants, loans, work study, that you will be gettin and then added the PARENT PLUS to come up with the $50,414 which is their official maximum that you can get for the next school year as the school’s reported COA to the governement. What that means is that someone wanting to borrow the entire amount of the COA through PLUS who doesn’t get ANY financial aid or scholarships is allowed to borrow up to $50, 414 with a student going to that school.</p>

<p>What the school should have written instead was that it was gapping you $17834 assuming its maximum COA. That COA is just the maximum as reported, and many students can go on a lot less depending on where they can cut back on discretionary costs. It’s not what you need, it’s their statutory maximum and they are not giving you that $17,834. IMO, it’s very deceptive when colleges include PLUS in their awards, because it is NOT an award. As you know, you have to apply for it, and in many cases a parent won’t get it. You seem to know already that you will be declined. If so you get an additional amount of unsubsidized loans. </p>

<p>I am puzzled at your DIrect Loan amount. You are a freshman for the upcoming 2014-15 school year? Did you not go to school this year the, 2013-14 year? That does not bode well if this college is not giving you sophomore standing. If you are able to get sophomore standing, your Direct Loan amount increases by $1000, you get the additional from your parent being declined so that’s that much more.</p>

<p>If you can actually do in within that $47K figure, you can whittle the gap of $17834 down to $14,500. With the additional Direct Student loans, you can bring it down to about $10K but that is still TEN THOUSAND DOLLARS that you have to come up with. I doubt you will get SEOG or Perkins. That money goes very fast, and usually to incomeng freshmen, then those returning to the school and who had it in prior years. Transfers usually come LAST. </p>

<p>This school does not guarantee to meet full need. No school does using just the EFC that I know of. What it comes down to, is that you have to come up with at least another $10K to go there, and that’s with taking out more than $10K in loans/work study. If you can work and take up that gap or if there is some other money available, then you can do it. But seriously, it is a long shot to find any school to pay your full ride including room, board, discretionary expenses as well as your tuition and fees. Not likely to happen. The cost for this school is $10K minimum which is an 80% discount from their usual sticker price, but you have to still come up with $10K to make this work is what they are saying. </p>

<p>You can discuss this with their financial aid office, and maybe more funds can be found, but it is highly, highly unlikely a school is going to totally fund you, living expenses and all. That is a very rare thing, unless a school is a state school with a COA low enough that federal and state entitlements plus some money from the school can cover that low sticker price. Most students who have full need met go to a local state school and commute so that some of their living expenses are covered by family. It’s really unreasonable to expect a school or the government to pay for your living expenses IMO. That is your responsibility. More importantly, it is just not likely it’s going to happen–my opinion is really irrelevant. It’s just that schools very rarely do this. </p>

<p>So bottom line, when the dust clears, you need another $10K. Maybe you can get some more money from the school, but my guess is that you will have to come up with some too, like maybe half the amount. If you cannot, you cannot afford this school.</p>

<p>The other issue that is of concern is that you have already used some of your federal entitlements. That is not a bottomless pit of money. You are limited as to how much you can get. Like the Direct Loans. If you took them last year, and are taking again this year, that is against your lifetime maximum. That’s two years amounts down. Come senior year, you could be out of that money, and that is NOT the school’s problem, but YOURS. So keep that in mind too.</p>

<p>I dont’ know what VTAG is. It sounds like state money. If not, add it to the SBC Grant of $9500. That is what the school has given you. THe rest are loans and state/federal entitlements or what anyone gets in your financial situation. The SW grant for Virginia , I assume is what the school gives all state residents. </p>

<p>If you can find a place to live with family, you are better off going to a state school, borrowing as little as you have to and working as you go. You think it’s hard now, it’s worse when you have to do this with NO loans, grants and have to PAY BACK the loans you’ve taken cranked up with interest. You already owe from this current year don’t you, and there are Perkins in that mix as well as extended DIrect loans. Without parental support after college, it’s a very difficult road. Even with it, it’s been rough for my kids and they have zero loans. </p>

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<p>On February 18, you had a small list of four or five small schools in Virginia to apply to. What happened? </p>

<p>It sounds like you are a Virginia resident. You need to look at options that are affordable. Virginia has a HUGE variety of public universities…huge.</p>

<p>This private university is NOT affordable unless you can drum up at least $10,000 from somewhere. </p>

<p>I know you want to continue college next year.BUT having a roof over your head should be your top priority. You might need to get a job, and find a room to rent. Save some money, and go from there.</p>

<p>Is there any way you could work and live near a community college in your state of residence, and complete a two year degree? You say your majors are two foreign languages and “premed”. I would strongly suggest concentrating on ONE major so you can graduate in a reasonable number of years.</p>

<p>If you are even THINKING about premed, you need to keep your undergrad loans to a bare minimum. This package does NOT do this.</p>

13

<p>I could not afford to apply to all of them. I could only afford to apply to two schools after looking at how much money I had. Even then I didn’t have money to pay for the second school’s fee. I am literally like poor. I can’t afford community college and I can’t afford a private school or public school. They used my dad’s income from the fasfa but even then I am still royally screwed. Even though I will be homeless in a few months, I am still considered a dependent. It is like I am in a vicious circle. I should be a sophomore standing next year and I just don’t know why I they didn’t include additional money from the loan. </p>

14

<p>BTW we were paying out of pocket for the school year to deter taking out more loans. I already know med school is expensive. So no one needs to remind me of that. I am just trying to get through undergrad.</p>

15

<p>This school is unaffordable, and I’m afraid your grades don’t bode well for med school. I agree with heading to community college. What school is near to your parent’s house?</p>

16

<p>Your Pell and your sub and unsub loans should pay for tuition and fees for the second year at the community college. There might even be a bit left over to help cover living costs. Find someone to rent a room from, and get yourself a part-time job off campus, and work there as well as in any on-campus work-study job you are assigned. Stay at your CC for another year. Use the resources at your CC including your departments’ academic advisors and the Transfer Counselor to come up with a better application list, and apply for transfer to start the fall of your Junior Year. If you are in Virginia, every single one of the community colleges has formal transfer agreements with one or more of the public 4-year universities. Those should be your targets.</p>

17

<p>You are undermining your own goals.</p>

<p>You are double majoring while being premed. Frankly, that is nutty unless you’re a super strong student, which you are not. Your gpa is about a 3.3…not med school worthy right now.</p>

<p>You need to go to a community college. It doesn’t matter if it doesn’t have your major…or one of your majors. DROP the one it doesn’t have…that major is unnecessary. YOU need to concentrate on ONE major and getting better grades.</p>

<p>What are the two majors? Which major does the CC not have?</p>

<p>Why will you be homeless soon? Where will your dad be living?</p>

<p>What will happen with your sister’s education?</p>

18

<p>And that $10,000 deficit is minimum PER YEAR.</p>

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<p>My major is Spanish Language and Literature. I will be homeless because my dad will no longer be paying rent. My dad is living in a nursing home and will be on medicaid soon because of his stroke. He can’t walk, wash himself, or take himself to the bathroom. They will take his money for his care. My sister is in the same boat as I am in. Honestly @mom2collegekids, I understand my GPA isn’t strong right now. But I don’t need negativity from people. I am looking for answers. If you can help me, fine. But I don’t need it, especially considering I won’t have a home or food in my mouth within the next couple of months. I am not undermining my goals- I am aspiring high. I have been through a lot of stuff throughout my life and this is just adding to the plate of stuff I have endured. I am trying to find solutions and work past them. </p>

20

<p>Thanks @happymomof1</p>