Hi, I recently got my award letter and I’m a bit confused
Estimated Financial Aid Budget
26,219.00
0.00
Estimated Need
26,219.00
17,162.00
Remaining Need
9,057.00
I got almost 12,000 in grants, and about 5,500 in loans. What I don’t understand is the remaining need part, where am I supposed to get those other 9000 from?? I called the financial aid office but the person didn’t really seem to know how to help me. I do plan on calling again though
Cal Poly does not meet Full need so you and your parents are required to pay towards your education. You can reduce costs by commuting if possible, cheaper dorms/meal plans, working during breaks and having your parents take out loans besides your own loans.
If my parents don’t get approved for a plus loan because they have bad credit, then what are my options?
If your parents are turned down for a Parent Plus Loan, then I believe you are eligible for an additional $4000 in student loans. Can your parents contribute anything towards your college expenses? I am assuming that commuting is not an option?
@Gumbymom No, my parents can’t really contribute anything. And no commuting is not an option since I don’t live in the area. Could I also take a private loan if my parents are turned down for a Parent Plus loan?
A private loan requires a cosigner with good credit. If your parents can’t get PLUS (which has a very low credit check bar), they wouldn’t be able to cosign a private loan. PLUS doesn’t care about total debt or ability to repay, only no adverse events in the past 2 or 3 months. This very lax standard means just because someone could get a PLUS loan doesn’t mean that it is financially wise to actually do so.
Do you have any way to earn money over the summer?