My son received a scholarship for full tuition at the University of Alabama. He applied for, and received other grants and loan aid. He still needs about $10,000 to cover his remaining costs (fees, books, room, etc.) We are not in great shape financially, but I applied for a Plus Loan We were denied. I tried for a private loan in my son’s name, with me as a cosigner and he was turned down as well. I have not had a chance to call financial aid at UA yet for advice–and will do so on Tuesday, but I wonder what our options are. Is there a way for my son to borrow more money?
If you (the parent) were rejected for the Plus, your son is eligible for another $4000 in direct loan funds.
With a full tuition awards, the grants you mentioned, a $9500 direct loan, and full time summer work (and maybe part time during the school year)…I imagine all living costs would be covered, specially in a low-cost-of living region.
Is the net price after scholarship about $14,000?
If so, some ways to try to cover that:
- Student federal loans of $5,500.
- Student work earnings of $3,000 to $5,000.
- Student lives frugally, e.g. choosing cheaper dorm, minimizing optional spending, looking for deals on books.
- Parent contributes the money saved by not feeding a voracious 17-18 year old boy and providing utilities for him.
@mom2collegekids, do you have some advice on reducing the COA at UA?
I think a lot of kids move off campus after the first year.
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son received a scholarship for full tuition at the University of Alabama. He applied for, and received other grants and loan aid. He still needs about $10,000 to cover his remaining costs (fees, books, room, etc.) W
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Pay attention to direct costs…not COA.
Is your son working this summer? If so, how much can he save towards college? Was he awarded work-study? If so, how much?
What is his aid award?
It appears that he’s been awarded
Full tuition
2500 per year for CS
5500 loan
??? Pell Grant?
What else?
And he’ll now get an add’l $4k in loans
What is your FAFSA EFC?
Did you sign up for the Bama Plan to make monthly payments?
Now that you’ve been denied Plus, your son will get an add’l $2k in loans PER semester.
What dorm did he sign up for? If he signed up for a private bedroom suite, he can save about $4k by changing to a standard double.
Do you have a DD that will be a 5th year senior at Bama? What is paying for her costs?
Is it too late for your son to switch to UAH since that covered room in addition to tuition and fees?
Unless this student chose the expensive super-suites for housing, he should be close to having all his costs covered now.
Tuition paid for
2500 per year for CS covers books and fees
9500 in loans and some amount of Pell Grant can cover standard double dorm and meal plan.
Anything remaining can be covered with a part-time job and/or parents making monthly payments via Bama Plan (since the parent was trying for a Plus Loan anyway).
I don’t understand why the parent is saying that after all of his aid he still needs $10k per year unless he wants a pricey dorm.
thank you. My 5th yr senior daughter is on a medical leave. She has been on a full tuition/housing scholarship in the Fellows program. She has been able to fund her studies entirely on her own with that along with a Pell grant and some loans. I’ve been paying for her medical bills, which have been extensive.
Yes, he could have gone to Huntsville for full tuition/housing, but he decided that UA was a better fit for him, and liked the feel of the school/campus better. He also had the option of going to IIT in Chicago for full tuition, but decided he didn’t want to be in an all- tech environment. He feels that there will be more opportunities for him at UA. We live in Chicago, and he is used to being in a big place and being to get around on his own. Huntsville just felt too small to him. Tuscaloosa feels more expansive and walkable to get to useful places nearby—won’t have a car. I was surprised that he chose his sister’s school. I thought he would want his “own” school. I think he will be happy with UA. He makes friends easily, plans his time well, and works hard.
Yes, I must be making the mistake of using the COA. My son made his decision at the last minute, and so we don’t go to Bama Bound until late this month. I won’t see the actual costs until he registers for class, correct? That is the scary part. I will go back into the website and poke around at different spots to find the actual costs and work from there. My son is working this summer, but will only make about $800. I think I can borrow from my pension if I need to as well. Son is interested in getting a campus job, but understandably is worried about doing so in the first semester. He wants to get settled first.
Yes, please call FA tomorrow to see what the estimated direct costs are for the room/meal plan he picked.
If he can pick a less expensive option you should probably do that now rather than later.
But I agree with others that the $9500 in loans, $2500 extra scholarship and Pell (I assume if sister qualified, he does too?) should cover his fees, housing, meals, books.
I’m sorry to hear about your D’s medical problems. Do both of the kids have good insurance, if the bills are that high?
You should contact the hospital/provider and see if a lower payment arrangement can be made or if your income might qualify for forgiveness of part of the balance.
Your son should try and work as much as possible this summer to help with plane tickets and such.
Preferences come into play but either a school is affordable or not. At least he had the UAH option. I have heard that it is a nice place and offers opportunities for coop.
Campus jobs are easier to find in the fall. Once they are all taken it is much harder. He sounds like a very accomplished student, maybe he could tutor a few hours a week? Or he can look at the job board to see if he finds something he might like that isn’t too time intensive.
Also I would be very careful with borrowing from a pension/retirement account. Aren’t there taxes and penalties to consider for early withdrawal and also this income will be added in on the FAFSA which might make him ineligible for Pell.
Then you would have to borrow even more the following year.
Is your D able to go back to school in the fall? Did she live in an apartment off campus? Could they share the apartment?
http://financialaid.ua.edu/cost/
Not including tuition, direct costs (room and board) are $13,050. Estimated indirect costs (books, transportation, misc.) are $6,522, making a total of $19,572. If he has an additional $2,500 scholarship for engineering, that becomes $17,072.
The room cost is listed as $8,850. However, http://housing.ua.edu/pdfs/2016-2017%20Residence%20Hall%20Rates%20APPROVED.pdf shows semester costs that result in academic year costs varying from $3,790 (triple in traditional hall) to $10,750 (single in most expensive suite hall). A double in a traditional hall would be $5,700, while a double in a suite hall would be $7,200. Descriptions of the dorms are at http://housing.ua.edu/halls/ .
The meal plan is listed as $4,200; frosh in the dorms have only one one choice which costs that much, according to http://bamadining.ua.edu/freshman-dining-program/ .
Obviously, indirect costs can vary greatly between different students. If he is naturally frugal, his costs are likely to be on the low side, but if he tends to be spendy, his costs are likely to be on the high side, at least until he runs out of money early.
@mommdc there aren’t taxes or penalties from borrowing from a pension. It’s borrowed money…it’s a loan.
I don’t think the mom will need to borrow from her pension, though. If anything is still needed, she could do the Bama Plan.
Since the son decided late, he’s probably going to be put in a standard double (or triple) room…so a much lower cost. If he asked for a private room suite, he needs to contact Bama Housing and ask for a standard double…much cheaper.
The meal plan is very expensive, but only freshman must have one. After frosh year, the student can choose a low cost meal plan…or no meal plan.
Was your son awarded work study? Is he working this summer?
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My 5th yr senior daughter is on a medical leave. She has been on a full tuition/housing scholarship in the Fellows program. She has been able to fund her studies entirely on her own with that along with a Pell grant and some loans. I've been paying for her medical bills, which have been extensive. <<<
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Ahhh…so she hasn’t already gone to school for 8 semesters. I was confused. I was thinking that she had already used up her 8 semesters of free tuition when you used the term 5th year senior.
Will she and him both be in college this fall? Was that indicated on their FAFSAs? If 2 will be in college, then their EFCs should drop and they each should get more Pell Grant.
If big sister has Pell doesn’t little brother have it too?
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Yes…she mentions in the OP that her son did receive a grant. But, if there will be 2 in college, then they each should get a bigger award…unless their EFC was already 0
Re: pension, I misunderstood, I thought she was withdrawing money, not taking out a loan against it.
Will the daughter be enrolled at UA for at least half-time for 2016-2017?
When you submitted your son’s FAFSA, what did you enter for number of students in college?
I have been looking at the actual costs, thanks to your suggestions, and it is lower than I expected. We do things on the cheap–plan to drive him back and forth or have him take a bus back home. He’s not a big spender.I think we’ll be ok. My son did receive a good amount from the Pell grant. My daughter will as well. I can always borrow a small amount from my pension if I need to, but with the payment plan I may not need to.
Thanks to all for your suggestions. I feel well behind the curve this time. With my daughter, she took care of everything herself–from navigating the system to paying her bills. Since she received a housing scholarship, I never considered the costs. For my daughter we attended a very early Bama Bound, since she made her decision very early as well.