They told me that If more resources came, they would maybe give me the schools scholarship called UIC access which is another 5k.
Wake up! It’s the 11th hour! Take the loan! This thread is ridiculous!
Are the $4k fees for fall semester? Or the fees for the year?
If the $4k of fees is for fall alone, how will you pay for spring fees?
If you only need $2k for FALL FEES, then take the loan for THAT, and if more money comes in, use it for spring.
What are you using to pay for books, transportation, etc?
Will you be living from home?
The 4k fees are for the year. Yes I will be living at home.
Can I pay $2k and take out a loan for the rest tha’ts needed for the fees? By when does the loan need to be paid?
So you do have some extra money.
You can take out as much as you need up to $5500.
When do loans have to be paid by?
Read everything here:
Once you’re out of college, there is a short grace period and then you’ll begin loan payments.
As a frosh, you can borrow up to 5500 for the school YEAR. Do you have the $2k for fall’s fees as well as money for textbooks and transportation? Books can cost you several hundred dollars per semester.
Can you tell us exactly what’s in your aid pkg for the school year…by name? Pell grant? If so, how much? Work Study? What else is in your FA pkg?
What is your major? Some majors have an extra supplemental tuition cost.
Do you have any money saved to put towards college?
Pell Grant was $5,845.00, Illinois Map Grant was $4,869.00 They told me that if they had more resources, they might give me the school’s scholarship called UIC access. I was thinking of political science as a major. My parents can pay some of it.
Yes, you can pay whatever you CAN pay and take out a loan for the balance.
The Direct Loans do not get repaid until your graduate from college…or otherwise leave college. There is a six month grace period after you graduate before loan repayment begins.
You can repay the loans sooner if you end up having the cash to do so.
You asked…scholarships from where…well…earlier in the season, you could have looked for local scholarships in your community. Those are likely all awarded for this academic year.
At this point, I would suggest you take the loan for as much as you need for the fall term. If you need it for the spring term, you can take it then. It’s $5500 total for the full year.
And then plan ahead…because this probably will be an issue next year too…unless you get that additional scholarship from the school.
No the tuition for the fall term and spring term is covered by the financial aid it’s just that $4k is for mandatory fees which I don’t have.
What can your parents pay for?
Did you have a job in the summer?
If you can’t pay the money owed on your fall semester bill, and your parents can’t either, then borrow what you need. Up to $3,500 can be subsidized, which won’t accrue interest until 6 months after graduation.
The loan can be cancelled up to 120 days after disbursement I believe.
I don’t think the college staff meant that the college would give you the Access Grant if you got additional scholarships from somewhere. I think the resources they’re talking about are state and federal funds that they receive. At this point they aren’t likely to get more.
The Access Grant isn’t guaranteed. It’s a grant for low income students, but not all low income students get it. My guess is that they use it to bring the costs down enough so that summer work earnings and the federal student loan can cover the balance. They aren’t going to make college free. Most colleges can’t afford to do that.
Your best bet for this semester is to take the first half of the federal student loan ($2750). If you get a part-time job to raise money for travel expenses you can save a little for next semester. The second half of the student loan can cover the balance. Next summer try to get a full-time job and save as much as you can. Use the federal student loan to cover the gap. The first federal student loan payment won’t be due until 6 months after you leave school. You can use the [Federal Student Loan Repayment Calculator](Federal Student Aid) to estimate monthly payments. Wanting to avoid loans isn’t a bad thing. Your only options for avoiding them are for your parents to contribute and/or for you to get a job. Are you working now?