Hey guys, I have a dilemma. I am currently a freshman at a CC and my Pell Grant covers everything. (I’m an independent student) and well how is it that I go about getting student loans for when I transfer to a university. I have almost poor credit myself as I’m 19 and have just started building it and no one in my family is willing to cosign and even if they were they all have worse credit than myself. What should I do? Any advice is appreciated thank you.
You will be eligible for an additional $4000 in Direct Loans as an independent student.
How much do you anticipate your four year college will cost per year?
With a $0 EFC, you will,get a $5800 or so Pell Grant, and the Direct Loan for your year in college (so if it’s your second year…$6500) plus an additional $4000. Total almost $16,000.
Does your state also offer additional grants to low income students?
Also talk to the transfer advisor at your community college. That person might know where you might have the best chances of getting scholarship money.
Transfers don’t generally get much aid and you can only take the federal student loan (~$5500 as a freshman, $6500 as a soph, and $7500/year as a junior and senior). With the ~$5k/year Pell grant that gives you a budget of ~$13k/year. Are you still considering MIT? I don’t know if they offer aid to transfers, but the transfer counselor at your cc may be able to tell you.
Make sure you apply to FL state colleges so you have affordable options. Most should have engineering majors. If a college like USF is within commuting distance, that might be a good option too.
You can still take out your student loan for this year, and save it for when you transfer next year. Ask your FA office.
Thank you all for your advice @mommdc you’re saying I can still take out a Federal loan from my current school this late in the semester and then take it with me to my transfer school?
Also I’ve been meaning to ask, I don’t remember if I was or not. But for the life of me I can’t recall being offered any federal student loans from my school this year which is odd, because I maxed out the Pell Grant and was offered a work study program but declined it. Can any one clarify why that is for me? Is it something I have to ask directly for from the financial aid office?
remember not all community colleges participate in the federal loan program. You must first see if your school participates in the loan program
If your Pell grant covers everything, you’d have no unmet need for the loans.