Questions about my financial aid

Paying for College
1

<p>I am a transfer student at Virginia Tech. This will be my first semester.</p>

<p>Federal Direct Sub Loan Offered<br>
Fall 2014 - $2,750.00
Spring 2015 (tentative) - $2,750.00
Fund Total: $5,500.00</p>

<p>Federal Direct Unsub Loan Offered<br>
Fall 2014 - $1,000.00
Spring 2015 (tentative) - $1,000.00
Fund Total: $2,000.00</p>

<p>So I am getting $7500 of loan aid for the entire year. </p>

<p>Cost of Spring is about $6,000
Cost of Fall is about $6,000
Cost of Summer is about $5,000
(I think its something around that)</p>

<p>So the yearly cost is about $17,000. I need about another $10,000 in loans a year.</p>

<p>What kind of loans can I get and how much interest will I owe a year for that $10,000? Approximately.... Thanks!</p>

<p>PS: its crazy that they add on these charges on top of tuition:</p>

<pre><code> Athletic Fee, Fall $141.00

Bus Fee, Fall $62.00

Health Fee, Fall $194.00

Library Fee, Fall $20.00

Non-Refundable Orientation Fee $175.00

Rec Sports Fee, Fall $141.00

Student Activity Fee, Fall $243.00

Student Services Fee, Fall $129.00

Supplemental PCOB Fee, Fall $75.00

Technology Fee, Fall $34.50

UG Software Bundle Charges $84.24
</code></pre>

2

<p>Im paying for apartment in cash, so no need to worry about loans for that.</p>

3

<p>Do you have someone willing to cosign on private loans or a parent willing to take out a plus loan (or apply and be denied)? You’re not likely going to be able to take out $10k a year on your own.</p>

<p>Of course, then there’s the question of whether it’s really smart to be taking $17k+ in loans for a single year. </p>

4

<p>I know this doesn’t answer your question but have you considered working more next summer and not attending summer school for $5,000?</p>

5

<p>The fees they add are paid bu all students. That is the way it is.</p>

<p>If you are funding this tuition solely on loans, perhaps this is not an affordable college for you. </p>

6

<p>If all the financial aid you have gotten from VT are the Direct Loans for which you are entitled to a subsidy due to have need as defined by FAFSA, then that 's it. I’m assuming that your EFC is high enough that you are not eligible for the PELL grant which is the only other federal entitlement one gets. VT does not guarantee to meet full need for its students and generally does not do so. Doesn’t look like they are giving you ANY money from their own funds as the Direct Loan comes from the government, just funneled trhough the school, not from the school itself.</p>

<p>You can talk to the financial aid office for more aid if the Cost of Attendance for VT minus your EFC shows need, and ask for some help. They simply have given you no money.</p>

<p>I concur with Madison, that the summer is better spent trying to EARN $5K or whatever you can make, rather than spending that amount on tuition uncovered by any aid whatsoever. You simply do not have the money to pay that amount and still have money for the fall and spring semesters.</p>

<p>If a parent will apply for PLUS (Direct Parent Loan), s/he can see right away online as soon as pushing the send button, whether eligible or not. If not eligible,then your DIrect unsub loan about can be an additional $5K. Your parent will not be stuck with the loan if approved–Master Promissory Note accepting it still has to be completed, so it’s not like it’s a commitment to see if it will go through. </p>

<p>That you have cash for the apartment is fine, but be aware that any assets that you have in your name the day you fill out FAFSA had/has to be reported and is hit immediately at 20% on the EFC. You might have gotten zinged that way for this year’s FAFSA–too late now, but for next year be aware of this. If you prepay the school, and get a refund, that money can be earmarked, put into an account and used and anything sitting on the day you complete FAFSA does NOT have to be reported as an asset. Something to think about for next year’s financial aid. What is your EFC? </p>