Help with my FinAid Package?

Paying for College
1

<p>Just as I thought, I didn't really receive anything from UF because I submitted my FAFSA rather late. Here is the breakdown: </p>

<p>Estimated cost of attendance from 8/23/2011 to 5/2/2012 $ 19,856.00</p>

<p>Minus:
Expected Parental Contribution 0.00
Expected Student Contribution 0.00
Equals your gross financial need $ 19,856.00</p>

<p>Award Detail
Fall Spring Total
PREDICTED FEDERAL PELL GRANT 2,775.00 2,775.00 $ 5,550.00
FEDERAL WORK STUDY 1,500.00 1,500.00 $ 3,000.00
PREDICTED FED DIRECT SUB LOAN 1,750.00 1,750.00 $ 3,500.00
PREDICTED FL ASSISTANCE GRANT 602.00 603.00 $ 1,205.00
FEDERAL PERKINS LOAN 1,307.00 1,308.00 $ 2,615.00
FEDERAL SUPPLEMENTAL GRANT 100.00 100.00 $ 200.00
PREDICTED FL ACADEMIC SCHOLAR 1,875.00 1,875.00 $ 3,750.00
Total Award $ 19,820.00</p>

<p>My question is should I take out loans? If so, how much? I'm a bit iffy about the work study because what if I don't find a job? Or I may want to focus more on academics..Also, I have $2,500 in the bank because my grandmother gave it to me for school. I guess I could use that money for the first year and reduce the amount of loans. I think my parents can help me with 1 or 2k a year and if anything I can borrow money from my grandmother since she gave $10,000 to my cousin for school. Is this a bad thing to do, to borrow from her?</p>

<p>Here is the CoA: </p>

<p>Cost</a> of Attendance : UF | Office for Student Financial Affairs</p>

<p>Scroll down to find 2011-2012 averages.</p>

<p>Thank you!</p>

2

<p>What do you mean? “I didn’t really receive anything from UF??” You got your COA covered by a financial aid package that is mostly comprised of grant money. The loan money is pretty typical. What did you expect?</p>

3

<p>They gave me 6k in loans and 1.4k in grants. Work Study is just getting a job. The rest was not from UF.</p>

<p>I am not trying to complain, I’m just not sure if I’m supposed to take out full loans since I hear that the CoA’s are inflated. Obviously taking out the least amount of loans would be better in the long run.</p>

4

<p>UF includes all outside aid in its packaging, so they aren’t going to give you “their” money when you have someone else’s money to bring to the table. As I said, the loans are typical. I work in the finaid office at a public U … believe me when I tell you that your package is very good. </p>

<p>Add up your “real costs” … tuition, room, board, fees. Subtract the free money. This is what you will have to pay the school. You will need to figure out how to do that. If you don’t need all the loans, take the subsidized Stafford first, Perkins next, and then unsubsidized Stafford. You don’t have to accept all of the loan money. If your grandmother will lend money to you, that may be a good option. Do talk with her.</p>

5

<p>iSenior, by your reckoning the loans are not from UF either. They are from the federal gov’t just like the Pell grant.</p>

<p>Lots of students work part-time while they’re in school (I know both of my kids have to), and they do just fine academically. In fact, some data suggests they actually do better academically than students who do not work. But of course it’s up to you. I would certainly advise my kids to work instead of taking out more in loans.</p>

<p>In any case, accept the workstudy. You may not want a job or you may not get a job, but if you accept the workstudy you’ll at least have the option.</p>

<p>I’d go ahead and use the money your grandmother sent you instead of borrowing that too. Your loans are both subsidized, so they won’t accumulate interest while you’re in school. I’d do a careful check of what you think you might need, and just take out the minimum in loans. If you don’t need to borrow any, all the better. (As to whether it’s better to borrow from your grandmother… that depends on the terms of the loan and your relationship with your grandmother.)</p>

6

<p>In the next 3 years, make sure you file your FAFSA on time, meeting deadlines is important. It might not have made any difference, but you don’t know!</p>

7

<p>SEOG, Perkins, and Work Study are all federal programs that schools have extremely limited funding for. As you got all those, it seems to me that you did not lose anything by filing a bit late. (my daughter filed really early this year but although eligible for those programs at her school did not get any of them because they simply ran out by the time they got to her).</p>

8

<p>SEOG, Perkins and Work study are dished out by UF and not automatically to everyone who needs the money. They do not guarantee to meet 100% of need and typically do not meet it for most kids. For someone late in filing FAFSA, you did well. I’ve known kids who have gotten nothing other than PELL, STafford and other guaranteed programs when they were late.</p>