<p>So my question is.... I'm independent looking to go to a CSU in California for the 2012 school year and I will make roughly 15k this year. I don't have any note worthy assets, nothing but a couple hundred dollars in the bank account at all times. Will I be able to receive max Financial Aid from the CSU I attend?? Such as the Pell grant, and Sub/Unsub loans?</p>
<p>I'm worried because I don't want to make too much money and it bring down my financial award amount as I won't be working while I'm attending the CSU.</p>
<p>Any help or comments will be appreciated.</p>
<p>Thanks.</p>
<p>Fill out FAFSA to see what your EFC is. What CSU is it?</p>
<p>As an independent with an income of $15k, I think about the first $7-8k or so is protected, but after that, a percentage (50% maybe) will be calculated towards EFC. Your EFC may end up being too high for much Pell. Hopefully Kelsmom or others can chime in with exact figures for an independent student, household of one.</p>
<p>Either way, it’s not a good idea to not work at all while in college. It’s doubtful that you’d get enough aid to not work anyway. Besides, you certainly can work full-time over the summer and work 8-12 hours per week during the school year. Calif schools tend to expect a student contribution anyway…and they don’t meet need. </p>
<p>As an independent student, you’ll be able to borrow $9500 as a frosh.</p>
<p>CSU Eastbay</p>
<p>Well the work I’m doing for this year is about to start for me as soon as this semester is over. I can work less time to hit the perfect number if it will help at all, but would rather work.</p>
<p>Do the Sub/Unsub loans go by anything in particular such as your EFC or how much you make or can you borrow no matter what? I was told that the Sub loan was based on financial need, but the unsub isn’t… Any truth to that?</p>
<p>Thank you for the replies thus far. Appreciated.</p>
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<p>Chaos…this OP should be using one of the online FAFSA calculators…not filing out an actual FAFSA. </p>
<p>To the OP…use an online Financial aid calculator to see what your estimated contribution for college will be. You can do this using various income amounts to see what’s what.</p>
<p>Whether your loan is subsidized or not depends on whether you have financial need…or not. Most students receive subsidized loans when they have financial need. If there is no need, you would get unsubsidized loans. It has more to do with the cost of the college relative to your EFC than to the EFC itself.</p>
<p>Your eligibility for subsidized loans is based on “need.” The school has a Cost of Attendance (COA) - this varies by school. When you complete your FAFSA, you get a number called an Expected Family Contribution (EFC), which is the same for all schools.</p>
<p>COA-EFC=Need. If your EFC is low enough for a Pell grant (you will probably be eligible for a Pell grant), you subtract that from your Need. The remaining Need after subtracting the Pell grant can be met with need-based aid … that doesn’t mean it will be, but it can be. </p>
<p>So, let’s say you have a COA of $16,000 and an EFC of 3500. Pell at 3500 EFC is $2100/year. 16000 COA-3500 EFC-2100 Pell grant=remaining need of 10,400. The school may or may not award need based grants, work study, Perkins loans, SEOG. These would be subtracted from the remaining need to give you your eligibility for a subsidized loan. Let’s say you get a $2500 grant, $2500 work study for a total of $5000. 10400-5000=5400 remaining need for determining sub loan eligibility.</p>
<p>Stafford loans are awarded based on year in school. Freshmen can receive $5500 in Stafford loans if they are dependent, or $9500 if they are independent. The $5500/$9500 can be part subsidized/part unsubsidized, or all unsubsidized. Only $3500 at the most can be subsidized … but some students do not have enough remaining need for the whole $3500 subsidized (and some have no need so none is subsidized). The remainder of the $5500/$9500 is unsubsidized.</p>
<p>Does that make sense?</p>
<p>Kelsmom is right…and she’s estimated your EFC very closely to what it likely will be for an independent student, household of 1, with that income. </p>
<p>So, if you can attend a CSU for about $16k, the $3500 Pell and $9500 in independent federal student loans will cover a good chunk. Your EFC will cover the rest. </p>
<p>That said…you are still going to have to work during the summer and a bit during the school year for a couple of reasons…you’re going to need money to cover your EFC, and you’re going to have to have extra money to pay for the 3 months that you’re not in class (apt, food, etc) because that isn’t figured into COA. And, you’ll need money to pay for the other personal expenses associated with being an independent student.</p>
<p>Yes, all of it makes perfect sense :)</p>
<p>Thank you all for the quick and informative responses I really do appreciate it.</p>