<p>I'm really sorry if this is somewhere else on CC, the search function isn't too helpful when I can't find a way to word the search. </p>
<p>When you're accepted to a school and they send your financial aid package info, what all does it include? Scholarships, work study, grants, AND loans? Does it only display the aid you're receiving from the school, or does it lay out federal aid as well?</p>
<p>Does one's federal aid depend on the school they choose to attend?</p>
<p>In my case, my family and I have literally no money to put towards college. Four kids, single mom who is in school herself. </p>
<p>Anyway, if this aid package doesn't cover the full cost of school, what happens from there? Are there other student loans out there, or are student loans a federal thing, so I'd have to take out regular loans (obviously not ideal...)?</p>
<p>Sorry, my counseling department actually just doesn't tell us anything. They don't seem to concerned with anything beyond making sure we graduate (they tend to struggle with informing us of those requirements alone). However, it's hard to feel right expecting more from people who are getting paid less and less. </p>
<p>Anyway!
Again, I know these are probably basic questions. I highly appreciate any assistance or guidance folks may have. </p>
<p>In most cases your aid package will include all of the aid the school is offering, including federally funded aid.</p>
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<p>Maybe. If you are entitled to the Pell grant, for example, you will get it regardless of the school you attend. HOWEVER, things like work study are school dependent, as are Perkins loans. Your Stafford loan should be the same regardless…but schools cannot award aid in excess of the cost of attendance so it could vary, I suppose.</p>
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<p>You also need to look at options whereby you will either have the aid you need to attend (e.g. Pell if you qualify, and Stafford loans) or guaranteed merit awards. You can do an online EFC calculator to get an estimate of your family contribution. Remember, however, most schools do NOT meet the full need of their accepted students. </p>
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<p>Student loans in the student name only are limited to the Stafford loans and the Perkins loans if you happen to get one of those. Beyond that there are no loans you can get in your name only. If your mom applies for a Parent Plus loan and is denied this loan, you would qualify for additional Stafford loan funding in your name. BUT honestly, I would not advise you to do this. Better to find a school where you can pay your bills with the aid offered.</p>
<p>If you cannot fund your costs of attending a college (beyond the aid they offer you), you cannot attend that school.</p>
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<p>Where I am, the high school counseling department can NOT ask or give info regarding family/student finances. It’s considered none of their business. You should be able to get info about possible aid provided by your state for low income students, however. Ask about that.</p>
<p>Many states have programs at some of their public universities that help the poorest students. If your EFC is 0, it is possible that you may be able to get the assistance you need to afford a state school. For example, in Michigan the University of Michigan and Michigan State University are affordable for 0 EFC students (but not necessarily as affordable for students with higher EFC’s … the programs are set up for the very neediest students). Go to the financial aid website for your state schools to see if there are similar programs.</p>
<p>I stand corrected about MSU … I thought they had the same deal as UM. UM does meet need for 0 EFC (although they DO use the Profile to determine need).</p>
<p>Schools give different amounts because they look at the financial data differently and some schools may cover more of the student’s need. FAFSA schools should have the same EFC but may have different awards. CSS Profile schools may differ in both.</p>