My first year, outside scholarships I have received have been able to cover for tuition. Unfortunately 3 scholarships that covered most of my past semester tuition only covered tuition of that year nor will I have enough of outside scholarship to cover the rest of tuition (about $2000+ semester). I honestly don’t know what to do. I have applied for attainable scholarships provided by my school but did not receive any since most are need based (FAFSA).As a dependent, our income has decreased however all I get are loans-I am seriously considering not applying for FAFSA since I am charged a fee for loans whether or not I do accept them.I honestly do not understand how people wear a $500 designer clothing, have the newest phones when they come out, and drop $30000 for a new leased car (for 2 years) claim to be low income, dependent, and are able to get refund. I do not know what to do especially when I am entering upper level classes and the only jobs on campus are those that require work study-which I do not receive.
Is this something you just figured out?
What about a job off campus that is not work study. Also ask on your campus…most DO have jobs that are not funded with work study money. Did you work in the fall? If not, why not?
Did you take the Direct Loan already?
Can your parents help you at all?
When does your term start? If you really can’t figure out a way to pay, you may need to withdraw…and you want to do that before you owe the school money for this term.
No, I found this out during this Fall semester. I have looked for jobs on campus that are non-work study, but those are rare on my campus. I have applied for jobs that are off campus, but have yet to wait for an opening. Loans are not the best option because I do not want to borrow money to pay for borrowed money. I have considered going part time, but since I transferred right out of high school-the academic scholarship I did receive will not pay for part time and I would end up paying the money that I did use back.
What do you mean, you are charged a fee for loans whether or not you accept them? That is absolutely incorrect. You don’t pay anything for a loan unless you accept it, complete entrance counseling, and complete a Master Promissory Note. Simply filing a FAFSA doesn’t mean you have to take the loans offered to you, and simply being offered loans does not cost you anything.
When you are awarded a scholarship it will specify the terms. For how many semesters, is it based on gpa.
Most outside scholarships unless they are renewable are only for that first year.
How were you planning on filling that gap?
Work this summer. See if you can get a loan to cover the outstanding $2000.
If your financial situation has changed, it will be reflected in the new FAFSA you submit this year.
You know when you file FAFSA and you get a list of your grants, loans, etc. Well, when the tuition statement is up to view, it shows various fees (tuition, student services, etc), when I look at student service fee there is a fee the school charges for loan application. even when I accept the loans or not, or if I never applied, I get this statement just because loans were provided by Fafsa statement.
@mommdc I am the only dependent filed under taxes, if it were to be reflected in the new FAFSA I doubt I would have other alternative aid besides loans.
@kelsmom It is labeled as “Loan Origination Fee”
The school doesn’t charge a loan fee … Direct Loans does (the government). When you borrow a loan, there is an origination fee charged by Direct Loans. It is a percentage of the amount you borrow. It is only assessed if you borrow, and it is based on the amount you borrow. It sounds like your school is trying to communicate that if you borrow X amount, it will be reduced by Y amount (the origination fee). But you will NOT be assessed any loan fees unless you borrow loans - and if you borrow less than you are offered, your loan fees will be less (because they are a % of what you borrow).
@kelsmom Thank you for clarifying.
Well you said you don’t qualify for work study or grants, but now your financial situation is different. That’s why I said when you submit new financial information with the new FAFSA maybe you would qualify.
You still need a plan on how to pay for school. For all four years.
So…answer my question…have you already taken the Direct Loan for this academic year? In other words…is this already part of your school financial aid award?
@thumper1 No I did not take the Direct Loan.
If you completed a 2015-2016 FAFSA, you can get up to a $5500 Direct Loan for your freshman year. This is NOT a lot,of,loan debt…and it will pay your current bill. You don’t have to take the full amount…but you might want to consider doing so…and use the balance for next year.
You would need to go and talk to your financial aid office about getting this loan. It should not be a problem…at all.
For your sophomore year, you can get a $6500 Direct Loan.
Will these loans be enough to cover your remaining college costs? Along with earnings from a summer job…or,two?
@thumper1 I will be a junior by next semester.I doubt that it would be enough since my tuition this year was about $4000 out of pocket (not including fees for upper level courses).
As a junior you can borrow $7,500
You can also earn some money this summer to help pay next year’s bill. With a direct loan and work earnings it should be doable.
You are a junior now? So you can borrow $7500 for the year. You only owe $2000 or so…right? So,you pay that bill, and put the rest in the bank. Do the 2016-2017 FAFSA, and you can borrow $7500 for your senior year.
Will that pay your costs to finish your degree?
If you need $2000 a semester only…your $7500 Direct loan this year…and your $7500 Direct Loan next year will cover those costs.
Am I missing something?
@thumper1 as of this semester. I am still a sophomore.
He can’t borrow for the past semester, so for his sophomore year he can borrow half of the $6500. He can save that if he wants for next year.