Parent Plus loan and Pell Grant help

Paying for College
1

<p>Hello. I am attending a undergraduate four year college and I am planning to transfer for Spring. I know it is last minute but I found out on Wednesday that I was accepted. </p>

<p>So I take out both Stafford loans and I know that all I have to do is exit the loan at the previous school and change to the school I am attending and fill out the paper work at school. </p>

<p>But how does my mom switch the plus loan? Does she do the same thing? I call the FA office but the schools I attend have more knowledge of international students, TAP, Pell and maybe Stafford loans but could not answer for the PLUS loan. I have been looking on the website for FAQ and there was no topic with my problem.</p>

<p>So a few weeks ago, Congress pass a law stating that Pell grants would go from 18 semesters to 12 semesters and it is starting from 08-09 school year. So if you have attending since 08-09 school year but have not receive pell grant until 10-11 year does 08-09 school year still counts?</p>

<p>Thank you.</p>

2

<p>I believe your mom would have to cancel the spring portion of her Plus loan and then reapply through the new school. The cap on Pell relates to the maximum number of semesters one can actually receive that aid.</p>

3

<p>Stargurl,</p>

<p>It’s scary that a family who qualifies for a Pell Grant is taking out a Plus Loan. </p>

<p>I know that your question wasn’t about this, but do everything you can to minimize the amount your mom needs to borrow (even if you’re the one who will be paying the Plus loan back). Work as much as you can during the summer and work part-time during the school year. Find deals on your textbooks. </p>

<p>Paying back all of that debt will not be easy, so minimize as much as you can. </p>

<p>Good luck!</p>

4

<p>Pell has been tracked since 08-09 in the government system. As it is used, the percent of your scheduled annual award is calculated; one full semester at full time status is 50%. A student would be eligible to receive 600% if the Pell is limited to 12 semesters. Only the Pell YOU receive counts.</p>