I applied for FASFA and it got rejected by my schools federal aid office for some reason involving income. It kinda sucks I’m gonna have to pay a lot tuition. There are not a lot of scholarships for my school at the moment since fall term is right around the corner. I was told my 1st term is eligibility year so I would have pay for that term then meet the requirements for the NM Lottery scholarship I could use the next succeeding terms. I got denied work study because of my FASFA and I’m not too familiar about loans. I dont know what to do, help?
Update: IM STRESSING OUT AND VERY MAD
Your school didn’t deny you FAFSA money. Your school didn’t give you their money. There is a difference.
What was your FAFSA EFC?
What is your family income?
$97,000 household from 2 parents
I dont know what the EFC number is.
With a $97,000 income…you would NOT have been eligible for any federally funded grant money. Not one penny. Your family income is way too high for that.
Your EFC is likely in the $30,000 a year range.
How much is the cost of attendance at your school?
You should still have received the Stafford loan amount, although it may be unsubsidized.
What was your GPA and SAT or ACT score?
Agreed…you should have gotten a $5500 Direct Loan.
ETA…it is July 1. If you are an incoming freshman, you should,have had all of your financial info before May 1…assuming you applied on time…and all materials were received by the college.
Are you saying you are just NOW realizing that you have to pay to attend?
Its a COMMUNITY COLLEGE. About 600 per term, 3 terms for 1 year so 1800 per year. Keep in mind my parents won’t and will rarely pay for the education since their almost out of debt with credit cards. ATM I am working but I am not getting enough hours so I’m looking into a new job. Not only paying for school but saving for a car
So…you school costs $1800 a year. Are you living at home?
Does this school participate in the Direct Loan program? If so, you can take the Direct Loan to pay for your school.
Subsidized Stafford Loan
Unsubsidized Stafford Loan
Federal Perkins
Federal Parent Loans for Undergrads (PLUS)
Nursing Student Loan-for-Service
Policies and Rules
These are the available loans
I got this from a friend in NM. Really the NM Lottery Scholarship,sounds wonderful…but you do have to pay for your first semester…$600.
You could take a Direct Loan (it would be unsubsidized) to pay for that first term.
Really…this is a wonderful deal for you!!
The way the NM Lottery Scholarship works, is that you must pay for your first term at either a CC or NM public 4 year college. Once you complete your first semester, taking at least 15 credits/semester (12 credits/semesters if you are enrolled at a CC), and earning at 2.5 GPA, then and only then does the Lottery Scholarship kick in. Even once the Lottery kicks in, it will not cover 100% of your costs–just your in-state tuition. It doesn’t cover fees, books, transportation, housing or meals.
FAFSA will only qualify you for unsubsidized loans at your family’s income level. Because your family’s EFC is higher than the tuition at your CC, you are not eligible for work-study. (You must have demonstrated need as determined by FAFSA.) It doesn’t matter if you parents are unwilling or are unable to pay for your tuition. Your eligibility is determined by your family’s income level.
Also there are a number of programs offered at CNM (and other NM CCs) that are not eligible for federal financial aid. (Like truck driving, phlebotomy tech, child care certification, emergency first responder, EMT, auto care tech, firefighter…full list here: http://www.cnm.edu/depts/financial-aid/requirements/ineligible-programs)
As you probably know if you don’t enroll immediately in CC or a 4 year NM public college following graduation, you will permanently lose your eligibility for the Lottery Scholarship.
Rules for NM Legislature-Lottery Scholarship: http://www.hed.state.nm.us/students/lotteryscholarship.aspx
What CC are your trying to enroll in? CNM? Which CNM campus? What’s your field of study?
I know that the CNM main campus, Montoya and South Valley campuses are on city bus routes. Lots of students take the bus to campus. (Parking at main campus is a nightmare!) I’m pretty sure the Westside campus is on a bus route too.
That’s what I am that I have to pay out of pocket for first semester. Can you explain the unsubsidized and subsidized loans? and who is this friend, I’d like ask em
You misunderstand how aid works. FAFSA is a federal application – the Free Application for Federal Student Aid – and it’s used to see if you qualify for the federal Pell grant. The college didn’t reject your app; you apparently didn’t qualify according to the standards set up by the government. Your college has no say over it.
You can borrow the federal student loan. Check with your college’s financial aid office to see how much you can borrow per year. Do your best to work and pay as you go, though; don’t borrow more than you can afford.
Your situation isn’t the college’s fault. The first in line to pay for college isn’t the college or the government, it’s parents. If your parents can’t afford to help you, that’s unfortunate, but it’s not the college’s fault. Getting angry won’t help. You need to make a plan. The first step is understanding the costs of your education, where the money is coming from, and what your repayment terms will be.
Good luck.
CNM AAS for Nutrition
Montoya
Listen to wayoutwestmom. Her post is excellent.
Your EFC is in the $30,000 a year range. Your college costs FAR less than that.
You would be eligible to take out an unsubsidized Stafford Loan…but just up to the amount of the cost of attendance. The $5500 amount is the max Direct Loan for a full year. You could take half of that for the first semester…but only up to the cost of attendance.
Contact the financial aid office at the school to get this loan for your first semester.
It sounds like after that, the NM lottery Scholarship will cover your tuition costs at any NM public university. Just tuition.
The Stafford Loan is in YOUR name (student) only. Go for it!! After this first term…your tuition will be covered assuming you maintain the GPA, and 15 credit requirements. Then you can use the Direct Loan for other costs.
Hoping I have that right @WayOutWestMom
BTW, if you are enrolled in CNM, you get a free bus pass.
@WayOutWestMom I was told I had this following week to pay my tuition, That wouldn’t leave me with much time for a loan right?
@austinmshauri
My parents will help me somewhat but, I’m not their baby. They understand that and I understand that. Im trying not to have help unless I really need it. Just paying the first term is pain.
It’s one term…$600.
Talk to the school Tuesday about that Direct Loan. You will need to be awarded that amount…accept it…and complete loan counseling (online) and a master promissory note.
Will your parents loan you the $600 for,the first term?
we agreed to pay half each @thumper1