<p>Does anyone know the timeline for notification on the Sallie Mae Unmet Need Scholarship? It was for low income (under $30,000) families. The application deadline was May 31st, but I don't remember when the notification/award period is. anyone?</p>
<p>Are there other scholarships like this? I've never heard of this one before!</p>
<p>From what I read, Sallie Mae is a last-ditch resource to help plug some of the gap for financially-qualifying families. I am glad there are programs out there to help these people get the educations they deserve!</p>
<p>Do loans count as unmet? Most of my financial aid package is made up of both subsidized and unsubsidized loans.</p>
<p>loans don't count as unmet</p>
<p>Corrections: subsidized loans are considered financial aid, but most unsubsidized loans are part of "unmet" need.</p>
<p>EK - many colleges package their aid in a deceitful manner - they include a parent PLUS loan or other private loan as part of the package -- so it is very likely that the "loans" on a given package actually represent a gap of unmet need.</p>
<p>so parent PLUS loan doesn't count as unmet need?</p>
<p>and subsidized loans does not count as unmet?</p>
<p>what about federal perkins loan?</p>
<p>some schools will try and make you feel grateful for unsubsidized loans- but they are apparently unmet need
PLus loans- since the parent is liable are unmet need- usually used to help with EFC
Perkins loans however are subsidized and would be met need
so would Subsidized Stafford loans & work study.</p>
<p>Ughh.... this sucks.</p>
<p>
[quote]
so parent PLUS loan doesn't count as unmet need?
[/quote]
</p>
<p>A parent PLUS loan MAY BE "unmet need" -- the problem is that the PLUS loan is available as well to meet EFC. </p>
<p>Here is a simple example:</p>
<p>COA = $40,000
EFC = $10,000
Lets say he college gives this financial aid award:
$10,000 grant
$5,000 work study
$5,000 subsidized loans (Stafford + Perkins)
$20,000 PLUS loan</p>
<p>The "unmet need" is $10,000:</p>
<p>"Need" is COA less EFC: $40K - $10K = $30K
Total financial aid (grant + work study + subsidized loans) is $20K
So you subtract the total aid from the need, $30K-$20K - to get $10K</p>
<p>The PLUS loan really is irrelevant, no matter how the college has packaged it. If the parents borrow the full $20K, then half of is being used for the EFC, the other half is filling the unmet need.</p>
<p>"The 2006 winners of these scholarships will be announced this Fall."</p>
<p>so . . . I'm going to assume that means "we will let you know when we are done" </p>
<p>~probably toward the beginning of September.</p>
<p>Good Luck!</p>
<p>I applied for this one too. My copy of the application says that applicants will be notified at the end of July. Good luck!</p>
<p>The notification period is the end of this month (July). I was told that they were to notify you via mail and your school would also get notified. They'll send you the check and then you pay at your school.</p>
<p>Has anyone gotten notified yet. (It's the end of July now) I'm still anxiously waiting. I hope I won it. How many people usually apply for this thing?</p>
<p>I haven't received anything back yet either. I'm not sure how many get it or if it is even a matter of "winning" it. I would assume that if you meet the qualifications, you will probably get something, but I may be totally wrong about that.</p>
<p>To reply to an earlier post, SallieMae is available to every family with any income - often your bank will actually go through SallieMae. However, there are differing loans for people in various financial situations.</p>
<p>Wonderful. The organization that ranks among the biggest thieves in corporate America has discovered the meaning of remorse. May the Sallie Mae officers who stole enough to build their own gold courses sleep better tonight. :D</p>
<p>Ha ha, very funny xiggi!!!</p>
<p>WTH???? I just got a rejection letter. I have a 3.5 gpa at EMORY UNIVERSITY, my mom's a single parent, and she makes less than $35,000 a year. How did I get rejected?</p>
<p>Did you have to submit any other information, such as letters or an essay? Remember this is <em>unmet</em> need, so subsidized loans do not count as unmet, apparently.</p>