<p>deleted my post</p>
<p>Alright, thanks looking forward. In the package I did receive PELL of up to $5,550, so $46,000 + Max PELL= $51,000 grants. I didn’t get any loans, though, the school says I can apply if I feel the need to.</p>
<p>Oh and I spoke with my father. He say’s he’s pretty confidant about paying his contribution as long as my mother can put forth some effort to support me as well (she say’s she’ll try her best). He’ll be paying the bulk of the contribution while she will provide me the money for books, supplies, some spending money, and part of the contribution as well.</p>
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<p>it is nice to think about grad school in the future, but you must deal with the here and now (cos you can’t get to grad school until you finish college). You ask if this is a good package; only your family can tell you if it is a good package and financially workable for them because they will have to come up with the money. I do agree with teachandmom, while families may not be thrilled over the prospect of borrowing money, many do, some students/families have no other choice but to take out loans to make college doable.</p>
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<p>If your cost of attendance (room board, fees) $57,000 are directly payable to the school, and you have $51,000 in institutional aid, then you have a $6k short fall. Your dad is responsible for 4800, leaving $1200 for you to cover. This amount would come from the 1800 that you are suppose to earn over the summer.</p>
<p>If there are already stafford loans in your package, you may already have the maximum amount in loans ($5,500) in your package. If your father applies for and is denied a PLUS loan, they you can borrow an additional $4,000 as an unsubsidized stafford loan.</p>
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<p>You need to look at the FAFSA to see what your EFC is. This will determine whether of not you will get the full $5,550 Pell grant. If your EFC is between 0 and 99 then you will get a full pell grant. Once your EFC hits 0100, then the amount of Pell goes down.</p>
<p><a href=“http://ifap.ed.gov/dpcletters/attachments/P1001Attachment.pdf[/url]”>http://ifap.ed.gov/dpcletters/attachments/P1001Attachment.pdf</a></p>
<p>thanks sybbie very in-depth. I have an EFC of 0 and was awarded the full pell.</p>
<p>I deleted because I found a number discrepancy. But, glad you saw it. This is an edit and rehash. (also fixing a mistake between Staff and parent loans.)</p>
<p>I am basically with Sybbie- you subtract free aid (that you don’t have to pay back) from the mandatory fees. The rest (the padding) you can have some control over. </p>
<p>57k - 51k = 6k. They are likely overestimating the padding- books, personal, travel. Many kids use w/s for those month-month expenses. You need seed money to get to school, buy books and have some cash, til the first w/s paycheck. After that bump, you can manage.</p>
<p>Because they call the padding 2350, but only offer 1700 in w/s, that’s why they show you having a 6650 nut (6k plus the extra 650.) My kids are allocated 800 anually for books and spend half that, by renting or buying used, when they can. Etc.</p>
<p>Work study can be great. Find a position where you interact with max kids, later find work in your major dept. Hours are flexible and meant to accomodate studies. Each shift, frankly, is usually short enough not to be boring.</p>
<p>ps. you may not make your 18-1850 summer earnings contribution. That means, the Dad/Mom could be the full 6k. It’s another good reason to take the Staffords first year, breathe, see what you learn- and decide later if you can avoid loans.</p>
<p>I agree with other posters that big loans are trouble- but you are trying to think this through, not fool yourself. Good. We’re taking about a small amount, to start.</p>
<p>Thanks, all. I’ve been so confused with the financial aid process ever since I got off the wait list of my dream school so late in the game. This thread has been tremendously helpful!</p>
<p>I just realized depending on what on-campus housing and meal plan I choose that I may be able to cut down the costs even more. I think the figures they gave me was an average “projection”.</p>
<p>At some point, would you be comfortable naming the school?</p>
<p>I’m sorry, lookingforward, but I’d like the school to remain anonymous for the time being, if that’s ok. All I can say is that I got off the waitlist a few weeks ago, I wasn’t expecting it at all. I was going to settle for a local college. But thank you for all the help.</p>
<p>Are you able to stay on your dad’s health insurance plan? Some colleges will allow you to waive their health insurance IF you home policy meets their minimum requirements. Check to see if you can do this. It could save you $1000 or so.</p>
<p>Yes, I will be staying on my father’s health insurance plan.</p>
<p>See if the school will allow you to waive their health insurance costs…worth a call.</p>
<p>Just remember that if you do this, you MUST complete the waiver form on time ( so check for that deadline NOW), and you must request the waiver annually. We saved over $1000 a year by doing this.</p>
<p>Contributions:
Parent – $4800
Student – $1800
TOTAL AMOUNT-- $6650</p>
<p>Keep in mind that your FAFSA EFC is based on ONE parent’s income…since your mom’s income wasn’t included in FAFSA. And, this is a CSS school, so both parents’ incomes are counted.</p>
<p>Since it already is July and jobs aren’t plentiful in your town, then it’s unlikely that you’re going to earn your “summer student contribution” this summer. However, as your parents how much of the $4800 they will pay (don’t let them completely off the hook unless there is some serious issue). Let them know that they can pay monthly and find out how much they’ll pay each month. </p>
<p>Then ask for loans. Those will get divided into 2 semesters. If your parents come thru and pay, then you may not need the full Stafford loan for the second semester…but have it as a possibility just in case they can’t come thru. </p>
<p>I agree with TeachandMom that “work comes before play” when it comes to these kinds of things. It does sound like you’re willing to work, so that’s good. Participating in some ECs and some social life is important, but as you know, in real life you have to have a balance that enables you to get school work done, get bills paid, and then have leisure time.</p>