<p>I received my financial aid package from Michigan State (I'm an in-state community college transfer student - will start MSU as a junior) and the total cost is $24,000. My efc was 5400, so I am not eligible for the pell grant. I only got $1,800 in grants, but they gave me $13,500 in Parent PLUS Loans. I also received $5,500 total for the federal loans, but my FAFSA report says I'm eligible for $7,500?? Also, I received work-study for $3,000. My parents will not take out the parent plus loan, so I am looking at $18,000 in loans for one year. This is way too much for a year. What should I do? Thanks for your help!</p>
<p>The amount of Stafford loans you are eligible for depends on your standing. (Freshman $5500, Sophomore $6500, Junior and up $7500 for a dependent student). Some of the amounts may be subsidized and some subsidized depending on your financial need. (Freshman up to $3500 of the $5500 may be subsidized, Sophomore up to $4500 of the $6500, Junior and up, up to $5500 of the $7500). A lot of schools will offer only however much subsidized loan a dependent student is eligible for and offer PLUS loans for parents rather than unsub loans to the student. You can probably ask the school for the additional $2000 in unsub loans.</p>
<p>However i agree that $18k a year is a bit too much in loans. Does your state have any regional state universities that are less expensive?</p>
<p>*My efc was 5400, so I am not eligible for the pell grant. *</p>
<p>True.</p>
<p>*I only got $1,800 in grants, </p>
<p>but they gave me $13,500 in Parent PLUS Loans. </p>
<p>I also received $5,500 total for the federal loans, but my FAFSA report says I’m eligible for $7,500?? *</p>
<p>Since you’ll be a junior, you can borrow UP TO 7,500.</p>
<p>Also, I received work-study for $3,000. </p>
<p>This amount won’t help you with direct costs like tuition and room and board since you’re earning it a little bit at at time and getting paid incrementally like a job. This is for “day to day” expenses…pocket money…transportation…gas money…etc.</p>
<p>*My parents will not take out the parent plus loan, so I am looking at $18,000 in loans for one year. This is way too much for a year. What should I do? *</p>
<p>As mentioned above, you can only borrow 7500. You aren’t able to borrow 18,000 without your parents’ help…which they’ve already said that they won’t do. So, that debt isn’t really an option anyway. </p>
<p>In-state tuition and fees: $11,190
Room and board: $7,770 </p>
<h2>Books and supplies: $980 </h2>
<p>Basic costs…about $19k</p>
<p>the other misc costs are covered by work study money.</p>
<p>So…
7500 max loan</p>
<h2>1800 grant</h2>
<p>9300 towards basic school costs. </p>
<h2>5400 EFC (are your parents going to pay this? Can they pay a bit more?)</h2>
<p>14,700 towards college costs…(if your parents will pay at least their EFC)</p>
<p>19,000 (basic costs)</p>
<h2>14,700 (subtracted)</h2>
<p>4,300 short</p>
<p>how much can you earn and SAVE over the summer? Will your parents pay their EFC? If so, can they pay a little more?</p>
<p>If your parents won’t pay their EFC, I don’t see how this school is doable.</p>
<p>I received $3,500 for unsub. federal loan, so I can still get $2,000 more I guess. Basically, my parents will not pay for any of my school costs. They don’t have the means to, and they are worried that if I don’t graduate, they will be stuck with my debt. The only money my parents will help me with is any additional costs while I’m away (like clothes, entertainment, etc.). I’m the first person in my family to go to college (we came to the U.S. 10 yrs ago), so they believe that it’s crazy to think parents are responsible to pay for college since it’s optional. I know it sounds bad, but they really are supportive of me. Is it possible to meet with a financial aid advisor at MSU to see if they can increase my grant because it’s an institutional grant?</p>
<p>I thought you said you got $5500 in loans? Did they give you unsub? I would have expected you to get subsidized as you have need.</p>
<p>You can certainly ask the school if you can get more grant money. The worst they can say is no.</p>
<p>yes, I got $5,500 in loans. $3,500 is unsub. and $2,000 is sub. I was just confused as to why they would only give me a total of $5,500, when I’m eligible for $7,500. Thanks for the explanation though.</p>
<p>It could be that they are offering you only the freshman level loan until they actually receive your final transcript. When I transferred from a CC to a 4 year state U they initially offered me the sophomore level loan because my initial transcript that went with my application only put me at sophomore level at the school. Once I finished my final semester at the CC and they received the final transcript then my standing changed to junior level. Your hours accepted at the school would have to be sufficient to be considered a junior at that school (at my school it is 60 hours). Once the school received my final transcript, I had to contact them and request the additional loan money as they don’t automatically do it once the first offer has been made.</p>
<p>The best thing is to contact the school and ask them. Though a $2000 extra loan is still going to leave you a long way short.</p>
<p>Do you have any cheaper options such as a smaller state U? They are often cheaper.</p>
<p>You may need to transfer to a state school that you can commute to.</p>
<p>* so they believe that it’s crazy to think parents are responsible to pay for college since it’s optional.*</p>
<p>Yes, going to college is optional. That’s why it’s the student and family’s responsibility to pay for it. </p>
<p>Frankly, going away to college is a luxury. That’s why it’s the student/family’s job to pay for it. Who else should have to pay for your luxury?</p>
<p>You can try asking for more money, but they’re not likely going to give you enough. Without your parents’ contribution, you have a 10,000 gap (and that’s after borrowing 7500). There’s no way that MSU is going to give you $10k more. Even if they doubled your grant (which is unlikely), you’d still be short over $8k. </p>
<p>Which state schools are near your home?</p>
<p>What is your major?</p>
<p>I am a Michigan resident and with Michigan State University being very central located within the state, is there anyway possible you can manage a decent commute ( for at least this first year)?
I have also known of students who got aid from Michigan State, and actually asked the financial aid office to revise. I was surprise and heard that it reduce their loans by over 50 percent ( not sure if it is true).</p>
<p>Thank you all for answering! Yes, there is a school much closer to my house and I have been accepted there as well. I am a premed student and MSU has a rare major that suits me perfectly, Human Biology. I’m currently finishing up my second year at a local cc and I really want to experience the college lifestyle for once. I also applied to UMich, but am still waiting for a decision. My hope is to finish my next 2 years with a max. debt of 20-25k dollars. I was very surprised of how bad the financial aid package from msu is. I know it’s only “preliminary,” but $35k+ for 2 years is just plain ridiculous for being in state. I’m just hoping that I can get at least $3-4k more in grants. Is it possible to increase my work-study a bit?</p>
<p>You can ask, but you are a transfer student, and typically transfer students don’t get the best aid. Schools will sometimes tweak an incoming freshman’s aid package, but that’s because schools try to get the best incoming frosh class that they can. Schools have an incentive to give more to frosh. They don’t have that incentive for transfer students.</p>
<p>*I am a premed student *</p>
<p>If your goal is medical school, then you MUST minimize your loans.</p>
<p>And…again…YOU can only borrow 7500 for each year. So, the most YOU can borrow is 15k. Since your parents won’t help you, that’s all you can borrow.</p>
<p>MSU has a rare major that suits me perfectly, Human Biology.</p>
<p>If your goal is medical school, going into debt for some unusual major is not a good idea.</p>
<p>That is a typical aid package for any student, transfer or not, at MSU. </p>
<p>As mentioned already, the loans were offered to you at freshman level because your transfer credits have not posted yet. My suggestion is not to accept them yet … wait until the transfer credits are posted and you see that you are a junior in MSU’s system. At that time, talk to the financial aid office about increasing the loan amounts. I find it easier to increase the offer than to increase an accepted loan amount … the first is simple, the second requires a form.</p>
<p>And I agree … it’s not wise to take on that debt for undergrad, especially when you want to go to med school. Which school can you commute to?</p>
<p>As mentioned already, the loans were offered to you at freshman level because your transfer credits have not posted yet. My suggestion is not to accept them yet … wait until the transfer credits are posted and you see that you are a junior in MSU’s system. At that time, talk to the financial aid office about increasing the loan amounts. I find it easier to increase the offer than to increase an accepted loan amount …</p>
<p>But isn’t this all for naught? Even after his credits are posted, 7500 in student loans is not going to make this school affordable since he has a gap AND his parents won’t pay their EFC. Even with the increased loan amount, he’s still short 10,000 for “regular school costs” (not including personal expenses and transportation).</p>
<p>I think he needs to quickly adjust to Plan B…his local state school. I know that this is a disappointment, but when families won’t pay their EFCs and schools gap, the difference can be too much for a student to overcome. </p>
<p>However, in the end, he’ll be glad not to have as much debt…a big plus for someone going to med school.</p>
<p>the school I can commute to is Grand Valley State University. It’s a good school, but I am sick of all the commuting. If I went there, I would still need to take out a minimum of $19k in loans for two years because they gave me no work-study or grants. I would also need to purchase a car because my current one will not suffice. I guess I’m just going to try and make an appointment with a financial aid advisor at msu and go over my package and additional circumstances not considered by fafsa. I just hate that every possible federal and state grant requires you to be eligible for the pell grant. I swear it’s the most difficult for average families.</p>
<p>Yes, it is difficult for many families. But you need to be careful not to borrow too much.</p>
<p>Okay, so you are in junior year. I am guessing you are transferring from GRCC. There is a transfer guide available online. Have you looked through it? Have you met with an academic adviser to discuss possible options? These folks are very knowledgeable. If you are going to have to borrow, you will want to make sure you keep costs to a minimum. Making a wise move school-wise can save you money.</p>
<p>Have you considered less-expensive state schools that might have scholarships for CC students? Northern and Saginaw Valley are not as expensive as other schools. You might also look into other GR area schools - sometimes private schools have better aid than you might expect. </p>
<p>Grand Valley is certainly a good school. I realize that commuting isn’t that much fun, but it’s better than piling up ridiculous amounts of debt. </p>
<p>Have you discussed your options with your parents? If not, I really encourage you to do so.</p>
<p>*the school I can commute to is Grand Valley State University. It’s a good school, but I am sick of all the commuting. *</p>
<p>well, it’s only for 2 more years. And, again, going away to school is a luxury. If it’s something that isn’t affordable, then it doesn’t happen. Don’t lose the forest from the trees. If your goal is med school, then commuting isn’t a big sacrifice. </p>
<p>*If I went there, I would still need to take out a minimum of $19k in loans for two years because they gave me no work-study or grants. I would also need to purchase a car because my current one will not suffice. *</p>
<p>first of all, you need to show GV your grant offer and work-study offer from MSU to see if they’ll match the grant and work-study. Really politely push for them to match the grant. Getting them to match the work-study isn’t a biggie because another part time job could work just as well.</p>
<p>Grand Valley tuition 9,000</p>
<h2>books…about… 1,000 (with effort, you can reduce this)</h2>
<p>basic costs…about…10k per year</p>
<p>Well, you’re not looking at this with the goal to minimize loans. You’re not including any money that you can contribute by working over the summer (even if you have to work 2 different part time jobs) and working part-time during the school year (if you don’t get work-study). </p>
<p>If you work full time over the summer, you should be able to save a few thousand dollars. Over 2 years that can be $7k+ less in loans. </p>
<p>Again…you can’t ignore your loan limitations. YOU can only borrow 7500 per year. So, you need to go to a school where that loan and the income from summer jobs and school year jobs will pay for the rest. </p>
<p>*The only money my parents will help me with is any additional costs while I’m away (like clothes, entertainment, etc.). *</p>
<p>If your parents will contribute for these things, how much would these costs likely be? Again, your part-time job during the school year can pay for those things. Have your parents help you with your car issue instead. </p>
<p>And, if your parents see that you’re doing all you can to cover costs, surely they will help out here or there with some costs.</p>
<p>Both MSU and GVSU are state schools. GVSU is very unlikely to match anything.</p>
<p>Once again thanks for all your help. I realize that my max for stafford loans will be $7500 which means I might have to resort to private loans. I know the dangers of these loans, but they might be my only hope if i want to go to sate. Also, if i do get a car, it will have to be fully insured (my current one is only plpd) which adds another huge cost. I went to cc to be loan-free for my first two years and it turned out well. I guess now it just comes down to whether the college life is worth the extra thousands of dollars… I have a job (~25 hrs/wk) but I will definitely try to get another job over the summer to minimize my loans if i go to state. Also, is the michigan competitive scholarship still around?? I am qualified, but it was not in my financial aid package. I also had the Michigan promise scholarship, but that was taken away because the state cut funding. I hate Michigan! And now the gov. wants to cut more funding to universities…*** is going on??</p>
<p>[SFA</a> - Scholarships and Grants](<a href=“http://www.mi.gov/mistudentaid/0,1607,7-128-38193_39939-134688--,00.html]SFA”>SOM - 404 - Page Not Found). Click on the MCS link. You will be taken to a fact sheet that has the info you need. The annual award is $600. The first school you list on your FAFSA is where your name will be sent by MCS. It is listed on a roster, and the school will use that roster to award the MCS — typically, the roster is not received until December, though!! If you need to change schools, you call the number listed in the MCS information.</p>
<p>The reason MI is cutting student aid programs is because MI has experienced huge job losses in recent years coupled with rising public pension/health care/legacy costs. The legislature has failed to adequately budget for what it has to have known was coming. Now the state is flat out of money. No one wants their programs cut, but cuts are unavoidable. Just like you have to plan for college with reality in mind, state governments must run their state with reality in mind. You need to be wiser than our state government has been!</p>