If you are given an aid package that includes a grant, a loan, and a campus job…
Do you HAVE to take the loan and work the campus job?
Could you just take the grant and pay the rest out of pocket?
Or are you required to take the loan and work the job in order to receive the grant?
In my experience, you can turn down the loan part of the FA package. Not sure about the job.
If you don’t work the job, you don’t get paid so there really isn’t a way for them to ‘make’ you accept it. Normally, you won’t be offered other ways to make up that money (more grants, more loans). You never have to take the loans.
Nope, don’t have to take the loan or get a job to earn the work study funds.
You don’t have to accept ANY of the financial aid awards you are offered.
In terms of the federally funded Direct Loans, you can take those out later in the academic year if you find you need them. You would need to go to the financial aid office to set this up if you initially decline them.
In terms of work study, those are funds for a job. Are you sure your student doesn’t want to look for an on campus job which is funded by federal work study funds?
Some campus jobs are only offered to federal work study students. Earnings from federal work study are not counted against available student income in the FAFSA EFC calculation.
But if a student is sure they will not work in the first year, they might want to turn down their work study award so it might be offered to another student.
My kids had to accept/reduce or decline loans.
You can accept just the subsidized loans and decline the unsubsidized.
They had the option of declining work study.
Grants were auto accepted and scholarships from the school were as well, except one of my son’s scholarships required him to accept it and sign an agreement to receive it.
There is the possibility that the work study is not federal work study as this student is going to Williams. Make sure the work study isn’t mandatory for the grant. It’s unlikely, but just check.
Thanks, all.