Need some financial aid advice

Paying for College
1

<p>I'm currently enrolled in a Community College, so with the basic federal aid I have had no issue with covering all of the costs and then some; however, next fall (2014) I plan to transfer to the University of Missouri (Columbia) and I am starting to get worried about how I will be able to pay for it. Even though it is a year away, I am wanting to get ahead of things to make the transfer as easy as possible. </p>

<p>I don't currently work, although I do plan to apply for work study once I transfer since I will need all the help I can get to pay for each year (22k in state tuition) and I know that is a helpful option. </p>

<p>Scholarships are a tough issue for me. I will be transferring with well over the hours needed to transfer and be admitted, but I won't be completing the associates for my degree due to some classes I want to take for some of the requirements not being offered at the CC. They do have a few other scholarships through the school, but they all require SAT/ACT scores which I never had. (I do have a 4.0 college GPA, but I can't locate any merit degrees based on college stats that don't require the associates) </p>

<p>My main options are pell grant, which I am pretty positive I will be eligible for the full amount. And also the federal unsubsidized and subsidized loans which being an independent student I should qualify for the full amount each year (10K+) and also the perkins loan that is offered directly from Mizzou. </p>

<p>Does this sound doable? Mizzou is my top transfer choice, and for such a great school I really don't think the 22,000 tuition is all that bad. So with the options I list below, do you think it would be possible for me to be able to cover the cost in some manner? </p>

<p>Pell Grant: $5,550 </p>

<p>Federal U/S Loans: $10,000 + (Combined)</p>

<p>Perkins: $5,000 - $8,500 (Not sure the exact amount offered, this is just the range I could find)</p>

<p>Work Study: ???</p>

<p>Total (Grant/Loans): $20,550 (With 5000 Perkin) - 24,050 (With 8500 Perkin)</p>

<p>I know with the $8,500 perkins loan it could easily be done but I am pretty sure Mizzou doesn't give out the maximum amount (Unless someone that goes there knows what they usually offer?)</p>

<p>I will still be about $1,500 short which while it doesn't seem like a lot it still has me worried since I am not wanting to ask my family to help pay for anything if I don't have to. With the numbers above (lowest figures) should I be able to manage if I am able to get a work study position?</p>

2

<p>Are you an independent student? Dependents are limited to less than $10,000 in federal Stafford loans.</p>

<p>Work study awards tend to be around 2,000-2,500, for reference. But how much you earn just depends on how much you work, and how much the specific position offers.</p>

3

<p>Yes, I am independent. I don’t know where the loans cap, but I believe it is 12,500 because I know that as of right now I am allowed to take out 10,000. And by the time I transfer I will have about 30 more hours (50+ total). Not sure if it goes by college hours completed, or some other measurement.</p>

4

<p>You’re very likely not going to get anywhere near $5k in Perkins loans. Perkins funds are very limited and they are often used by colleges to attract freshman students. Others are distributed on a first come, first serve basis but generally, again, no where near 5k</p>

5

<p>What year will you be in school when you transfer?</p>

<p>Are you 24+, or do you meet other criteria for being an independent student?</p>

<p>If you are a dependent undergrad with sophomore standing you only qualify for 6500 in federal loans. </p>

<p>With a 0 EFC you will qualify for $5500 Pell.</p>

<p>Have you run the calculations to get an idea of your EFC?</p>

<p>Work Study and Perkins Loans are not entitlements, and not all students who qualify will receive them.</p>

6

<p>I think you likely to get ~$18,000 in Pell grant & direct loans.
See [Subsidized</a> and Unsubsidized Loans | Federal Student Aid](<a href=“http://studentaid.ed.gov/types/loans/subsidized-unsubsidized]Subsidized”>http://studentaid.ed.gov/types/loans/subsidized-unsubsidized)

See [Federal</a> Perkins Loan - Wikipedia, the free encyclopedia](<a href=“http://en.wikipedia.org/wiki/Federal_Perkins_Loan]Federal”>Federal Perkins Loan - Wikipedia)

However I’m not sure if you could get Perkins loan which is first come first serve and always run out quickly.</p>

7

<p>romanigypsyeyes - Thank you for the information. I really wasn’t sure how those worked, other than that they are need based loans. Guess that leaves me more to think about now, even if I do happen to get approved for a Perkins. </p>

<p>KatMT - I will have 50+ credits by the time I transfer, so I will be considered a Sophomore. Will be about one or two classes away from being a Junior. </p>

<p>Yes, I just turned 24 in June and was considered an independent student when I filled out the FAFSA for the fall semester that I will be starting next week. I qualified for the full $5,500 pell grant this year, and I am not really sure if anything could change the same outcome next fall when I transfer. </p>

<p>I completely understand that perkins and work study aren’t entitled to all students. I am just trying to cover all my bases to see what is possible and what isn’t. Hopefully I will be able to obtain both in some manner. If not, then I will have to try and see what other options are available to me through the financial aid department.</p>

<p>4kidsdad - Thank you for the response. I am really hoping I will be able to figure it all out, even if I am not able to get the Perkins. I am going to start my transfer process in the next month or so since I plan to be there come next August. So hopefully I can get a lot of the main stuff worked out, and just have to provide my final transcript at the time of transfer.</p>

8

<p>Also how many semesters that you have been getting Pell grant?

See [Federal</a> Pell Grants | Federal Student Aid](<a href=“http://studentaid.ed.gov/types/grants-scholarships/pell]Federal”>http://studentaid.ed.gov/types/grants-scholarships/pell)</p>

9

<p>4kidsdad - That was another of my big questions that I had for the fin. aid department at my CC. When I transfer I will have 3 semesters of Pell used. So I should have way more than enough semesters to complete my studies.</p>