<p>$24,100 School Grant
$5,550 Pell Grant
$3,000 Work Study
$500 Perkins Loan
$4500 Subsidized Loan
$6000 Unsubsidized Loan</p>
<p>Total cost of attendance is $48k (roughly)</p>
<p>Its a really great OOS school (public), and I really want to go. However, I've got a $5,000 unmet need, I'm an independent student, have terrible credit, and I doubt I'm gonna get anything more from the school. They told me I'm maxed out on all the awards.</p>
<p>Is what they offered me good, or could I get better elsewhere? I'm also a transfer from community college so I have $0 debt so far.</p>
<p>For transfer, it seems pretty good to me. They met most of your need with approx 30,000 of free money, then 11,000 in government loans, which you will have to pay back. The rest, you will need to work for. This will help close the gap.</p>
<p>Yes…work over the summer. If you’re already working to pay rent, etc, then you might have to take a second job over the summer to come up with the money. </p>
<p>Also…look thru the COA…there is probably padding.</p>
<p>I think this is for UMich (which is amazing that you got this much OOS and as a transfer!!)</p>
<p>Did UMich put in the COA for juniors and seniors? If I remember correctly, the COA might be higher for upper division. </p>
<p>True…but because of his age, he can work in jobs that involves serving alcohol. Younger people are often shut out of certain restaurant jobs because of that restriction. </p>
<p>And, hopefully, because of his age, he already has a decent amount of work experience which will also help.</p>
<p>Maybe yes, maybe no. I am just saying a student should not count on being able to earn several thousand in a summer, unless they are in a field where the likelihood of getting a summer internship is very good. With the economy as it is, many adults are filling jobs previously filled by HS/college kids, and many adults remain unemployed. Many have gone into retail sales, taking these jobs from college kids. I think its a great idea for students to work in the summer, and there are plenty of opportunities out there. I am just saying, especially in this economy, a student shouldn’t count on it as guaranteed income to fill a gap, because, sadly, it isn’t guaranteed.</p>
<p>Also most colleges will let you spread out your balance due over 10 months (usually with a fee of $50 or so). The monthly payments should be manageable with a job.</p>
<p>Is it a great FA package standing on its own? Yes. For someone who can’t come up with what’s left to pay, no. My son got some great merit awards, $20, 25, 30K. Those are very good awards. Very much like the grant you got. But it friggin’ left nearly another $30K to pay a year. It’s not what you get that counts but what you have to pay.</p>
<p>As a transfer student, it’s probably time to have to bite the loan bullet and charge forth to get the danged degree. Hopefully you did not borrow much in your previous years. You will have to get a job, two jobs, three jobs and work yourself to the bone. To get those final two years of college to get the degree, options are far more limited than for the nouveau college student.</p>
<p>I think that those who don’t borrow the 5500 and 6500 for frosh/soph should be able to borrow more than 7500 for junior/senior.</p>
<p>Many kids start at a CC and don’t borrow much or any, but then transfer and can only borrow 7500 for each year…which is not enough. If they didn’t borrow anything for frosh/soph, then they should be allowed to borrow 13,500 for each year (or the remainder of whatever they didn’t borrow). </p>
<p>The Staffords should just be 27k max for 4 years…allowing some flexibility.</p>
<p>Heh,heh, Mtpaper, I learned that the hard way. Great scholarships, one kid got, still left more than half the cost to pay. Once upon a time that $2500 NM scholarship paid most of a private school tuition (mine). Basically, your first year was covered and in those days you could double dip, so you got the schools merit and financial aid offers on paper as well, that you could pretty much count on for the next 3 years. These days it’s a one time payment that doesn’t pay 10% of a private school tuition most of the time., and affects the aid package as well. Can’t get both these days.</p>
<p>Momof2collegekids, great idea. But I think the doubling up and flexibility should only be allowed after the first two years. As short sighted as these kids are, many would take the whole amount the first year, figuring that they would come up with something next year. </p>
<p>I don’t know who the CC member is who came up with the brilliant idea of taking out unneeded Staffords during early years while going to local state schools to use in future years (it was not me, maybe Kelsmom), but this is really an excellent way for a student to get the funds to finish college. The cost of some of the 4 years schools is really unaffordable to kids whose parents won’t/can’t help but who are not PELL eligible.</p>
<p>Also, I’m just under Junior standing so I may get a semester of Lower Division Cost. The COA breaks down like this:</p>
<p>Tuition and Fees $36,001</p>
<p>Room and Board w/ 150 Meal Plan $9,192 </p>
<p>Books and Supplies $1,048</p>
<p>Misc. Personal Expenses $2,090</p>
<p>I’ve also got a job that I’ll continue to work through the summer (I make $13/hr), so I should be able to save up about $3k. I guess I’ll just have to figure out the other $2k somehow, or find the ‘padding’ you guys are talking about.</p>
<p>These costs will NOT be billed to you by the university. You should be able to economize in these areas…limit personal expenses, buy books online (used), shop around for the supplies you need. Keep travel costs to a minimum…etc.</p>
<p>This should help you reduce your actual costs of attending the college. Just be very careful how you spend your money.</p>
<p>*But I think the doubling up and flexibility should only be allowed after the first two years. As short sighted as these kids are, many would take the whole amount the first year, figuring that they would come up with something next year. </p>
<p>*</p>
<p>Absolutely. That was my thoughts exactly!!! My intent was to help those who either go to a CC or local state school for the first 2 years and then transfer and need more money…</p>
<p>we often see the problem of kids saying that they will commute to a CC the first 2 years, and then transfer…the problem is that 7500 per year for junior and senior year is often not enough, either…so many of these kids never complete their degree.</p>
<p>For a low income kid, a Pell grant can pay for a CC…then $13,500 per year plus Pell can pay for the last 2 years at many state schools.</p>
<p>Note that you have $3k in Work-study…you need to be very economical with that money. Usually, that is “spending money” for students, but you will need it to go towards some school costs…particularly towards second semester school costs. </p>
<p>There are many sources to get textbooks for cheaper…and now there are “rental options” as well.</p>
<p>Will your family supply you with toiletries…such as shampoo, soap, etc? if so, that will save you in the “personal expenses” area. If not, look for deals on these products.</p>
<p>My kids found a lot of used texts on Amazon…and they also sold them on Amazon. My DD had a running Amazon tab. I think my son used something like half.com …not really sure, but his books were 1/2 price OR less than the cost…and he was also able to get used ones too.</p>