<p>My D has decided to get an apartment. I would like to know how this will affect her pkg. Currently she has loans, work study, grants and we pay a portion. I have tried to explain to her that her grants will be the first to go, but she has already made her decision. The thing is the other girls do not get fin aid so for them this would save their famalies money. I do not believe that will be the case for us.</p>
<p>I am dealing with this also. Our S says it's unlikely he CAN get housing on campus, so he will rent off.</p>
<p>I spoke to the FAFSA help line, they directed me to the school's FA office.
I guess they have a number they substitute for off vs on campus in the Cost of Attendance formula.</p>
<p>I am anxious also;it would be terrible for us if the school decides he doesn't NEED his Stafford loan, which he absolutely does!!</p>
<p>Talk to her school, they will have the answer.</p>
<p>This is something you definitely have to discuss with the college. They all have different policies and practices. </p>
<p>My daughter's college has a policy that they will NOT subsidize off-campus living at all; it is in writing that if a student moves off campus they will lose at least $10K of their financial aid. </p>
<p>I ran into this problem with my daughter over winter break -- she was already planning on moving in with 2 friends who don't even attend her college. I showed her the school's policy and told her she would have to come up with the $10K ... so that was the end of the off-campus idea. Her school does guarantee housing for all 4 years. </p>
<p>It may be very different at colleges which cannot provide on-campus housing for all students. My son didn't qualify for financial aid at his college this year, but he lives off campus and I know that the financial aid office there computes the COA for off-campus as being exactly the same as on-campus -- so I think in his case he is better off living off-campus where he can save money cooking for himself.</p>
<p>I agree with Calmom, that it is definitely a question that you will have to call the financial aid office and ask the college directly. My D was also considering living off campus next year. I called the office and they explained that her FA would only cover the portion of what she would get living in the dorms. However, there would be some lag time as she would not get a check for it until FA aid was actually processed. It could take from 6 to 8 weeks however, she would still need her share of the rent and security/cleaning deposit and the rental term would be for the whole school year. </p>
<p>I explained that she also needs to take into consideration the incremental charges associated with living off campus vs. the amenities she would have living on campus (free cable, internet and phone, housekeeping cleaning their bathrooms daily, the laundry room right down stairs) vs. having to pay for utilities, buying pots and pans, grocery shopping, cooking (along with someone having to do dishes). </p>
<p>I told her I would go with what ever decision she made but like Calmon, I would not be coming out of pocket with any extra money. That put the whole off campus thing on the back burner until the other day when she got her room draw number; as a rising senior going into room draw, she has a low number for her class and going to the first round of room draw. Now she has decided to get together with the same friends she was going to live off campus with use her room draw number and get one of the new senior apartments on campus. It all worked itself out.</p>
<p>I do think as said in other posts, every college will be different. I know at Drew, where my son goes, a young man felt his package wasn't quite enough, decided to live home and lost more of it (grants) because he wasn't on campus.</p>
<p>My S has also expressed interest in living off campus for his junior year.</p>
<p>I checked with the college's finaid dept. When determinging aid, they will take into consider the cost of living off campus by using the cost of a basic meal plan and on campus housing. </p>
<p>They also stated that they would process my son's Sallie Mae Signature loan and refund the balance to my S. The problem they find is that the rental deposit and first few months rent are usually due in May and the loan refund won't be processed until Sept. Therefore the parents/student need to put the rental money up and not get the money back until Sept. This could be a hardship with some families. </p>
<p>My s was very good at trying to convince me that living off campus wouldn't be more expensive than living on campus. I told him that on paper the rent and utilities are about equal but there are so many other expenses and obligations that have to be considered.</p>
<p>Make a long story short, in the end I signed the lease. Needless to say, I expect it to be an expensive learning experience.</p>
<p>^^ Make sure they clean out the refrigerator and oven!!!</p>