<p>Hello all,</p>
<p>Fortunately, I've been recently admitted to UIC. Unfortunately, my financial aid offer is not so good. Some background information: I've been working a fairly good job which has raised my tax bracket quite substantially over the past year or so. I am 24 years old. I have decided to commit to school full time now and because of this, I've had to relinquish my prior job and accept a part time job at the fraction of my salary. I will be going from making about $1200 per bi week to now $450 per bi-weekly payment.</p>
<p>I have been offered the following in my 'award letter':</p>
<p>Federal Direct Sub-Loan: $2,250 per semester
Federal Direct Un-sub loan: $3,000 per semester
Total: $5,250 per semester.</p>
<p>UIC's semester rate is roughly $8,250 per semester. </p>
<p>I think I can pay the difference for the first semester, but it would be difficult for me to muster up the funds necessary to pay for the second semester.</p>
<p>I have applied for financial Aid/FAFSA, but due to my prior earnings I will not receive a grant.</p>
<p>My questions:</p>
<p>What options do I have?
What does my award letter mean? What is an un-sub loan vs. Sub-loan?</p>
<p>I will also be taking a look around these forums for some answers, I'm sorry, it's such a big world here. I will try to do my research, but I am extremely new/naive to this whole process. (Never have had to take out a loan before - if it does matter, my credit rating is fantastic). </p>
<p>1) Does my award letter = all that I am getting from financial aid? Where can I access my FAFSA information?</p>
<p>All FAFSA does is take your financial information and calculate your EFC, your Expected Family Contribution. Until you pay that, you are not entitled to ANY federal aid. Your need is defined as the official Cost of Attendance minus the EFC. But that doesn’t mean a school will meet need. Most schools do not. An Independent Freshman can get up to $9500 in Direct loans with a certain amount subsidized if there is need… So you can borrow more. From what I can see of your award, you are either getting another type of loan as well or you have upperclassmen standing. </p>
<p>UIC does not guarantee to meet 100% of need so even if you have a zero EFC, you won’t necessarily get any more money for them . With a EFC in the mid $5K range, you start being eligible for PELL grants from the federal government, but with a zero EFC the max amount is about $5700 and it is reduced the higher that EFC is. </p>
<p>Interesting information (CPTofthehouse), Thank you. Here’s my information:</p>
<p>Cost of Attendance $32,316.00
Estimated Family Contribution $22,348.00
Initial Need $9,968.00
Outside Resource $.00
Need $9,968.00</p>
<p>So, essentially, I am on the book for $22,348 before I will recieve any FAFSA. This is due to my higher than average salary for the past year, correct? </p>
<p>So they are saying my need is roughly $10k, and they are willing to give me $10500 to cover it in loans. This all makes sense.</p>
<p>But with that being siad, and my situation changing dire, is their anything I can do to change things? I am a completely different (financial) person going from full time work to full time school. </p>
<p>Oh, and yes, I am coming in as a sophmore (transfer student) and I have a good GPA (if that matters). </p>
<p>Can you live at home for a year, while working part-time…and then ask the school if you can start college NEXT year so that your EFC drops/</p>
<p>or live at home and continue at your cc for one more year to get JUNIOR standing</p>
<p>also…you can try asking the fa office for Professional Judgement to reduce your EFC because your work situation has changed…that might work…</p>
<p>lastly…find out if the school has co-op opportunities…that would help as well.</p>
<p>give us more info…</p>
<p>what is your major/</p>
<p>what is your gpa</p>
<p>why not stay at a CC for one more year (can you join PBK?)</p>
<p>can you live at home and commute</p>
<p>what is your career goal?</p>
<p>If you must live away from home, then you may want to consider doing one more year at a cc and then apply to a school that would give better aid…or costs less.</p>
<p>FAFSA is just the name of the application. They give you nothing. You are entitled to take up to $10500 in loans as a sophomore whether you need it or not. Even with an EFC of $60K, you could get that loan from Direct loans. It’s loan money, has to be paid back, not a grant. You are getting the max amount subsidized (no interest accruing till no longer a fulltime student) You are NOT entitled to PELL with that EFC. ANy other money has to come from the school and you don’t have need, so all you can get is merit scholarships and they did not award any to you. You can call and ask if there are any for which you qualify. But frankly, money is tight. And in your case you don’t qualify for aid with that EFC even if the school had some to give.</p>
<p>Next year your EFC will likely be a lot less, If under $5K~, could get Pell, and MAYBE the school will give you some of their funds, but be forewarned UIC does not meet full need most of the time even when it’s there. So with no unmet need (you got the subs loans), there is no way you are getting a dime of fin aid from them. Can’t get more until you pay the EFC unless it’s a merit scholarship.</p>
<p><<<<
So I am 24 years old. I’ve been in and out of school part time while working and finding out what I want in life.
This year, I’ve decided to dedicate myself to school. I want to go for a BS in Physics and a minor in computer science with the hope of going further in physics (masters/PhD).</p>
<p>I was going to get an Associates of Science degree at a city college here in Chicago, but I decided that I want to transfer as soon as possible (Fall 2014) to UiC and start a more extensive full-time student life.
,<<<</p>
<p>Excellent information all. Thank you CPt for bringing some clarity on my situation.</p>
<p>mom2college: You bring up some fair questions. My GPA is 3.84 (from some community college courses, roughly 35 credits).</p>
<p>I would be staying @ home and NOT living at the school (ever). Personal preference. I live alone, and will soon find a small studio for myself.</p>
<p>Major is Physics.</p>
<p>Technically speaking, I COULD stay at CC for another semester or two and achieve some credit hours. This seems to be the most reasonable route financially. The CC I go to is not stimulating me enough. Quite frankly, it’s bogus being there. I am looking for somewhat of a ‘university’ feel, learning with the physics professors and students and being at a quality facility like UIC. It’s just personal preference at this point. </p>
<p>With that being said, that route is in the back of my mind. But I’d prefer to just find a financial plan for my entrance into UIC. </p>
<p>Hypothetically speaking, If i were to take more courses at CC for the next two semester, what would happen to my current situation?</p>
<p>I would have to change my intent to enroll to UIC to no. This seems easy.
I would have to reapply to UIC in 2015 for Fall 2015. (correct?)
I would then have a new EFC and that would help me. </p>
<p>These things are all true, correct? </p>
<p>Bah… </p>
<p>you can ask UIC to delay your enrollment for a year while you go to a cc for another year…see if that is ok.</p>
<p>You can ask UIC FA office to use PJ to adjust your EFC to show your new reduced income.</p>
<p>mom2, thanks for your advice. I think I will try that (to use PJ). I will have to consider whether to go to CC for an additional year.</p>
<p>Do look at the requirements for a Bachelor’s degree from UIC. Each school has its own requirements as to what courses a student has to take at the school, how many advanced level courses and there may also be a residency requirement of so many semesters. Some will not count more than 1 summer term there or have other restrictions. You don’t want to take the comm college courses and find out that they were a wash, that you still need two more years or so many more advanced level courses. Check ou those grad requirements of UIC v-e-r-y carefully. </p>
<p>Yes, I have done that over and over and over to make sure I am on the right path now. I firmly believe I have a strong plan of transfer courses. </p>
<p>Thank you for your guidance. </p>