<p>So I'm currently accepted and going to attend University of Florida, and am just now starting to evaluate my financial situation. I already have the Florida Bright Futures scholarship for 75% of my tuition (might be 100% if I re-take the SATs) which means that most of UF's ~$3500 is paid for as of now. But I have a few problems/questions about paying mostly for housing.</p>
<p>So I've decided I want to live off-campus, as I've found some pretty awesome deals and a MUCH better quality of living. The place I'm looking at is called "University House" and it's brand new about to be finished just in time for the Fall term. The rent comes out to $660/mo each with reserved parking and all utilities inclusive + high speed internet and extended cable for a 3bed/3bath 1063 sq ft apartment for me and 2 friends. This comes out to only about $900/year more than living in a shabby UF dorm. I think I have a winner.</p>
<p>So this is beyond the point, my worry is aid aid aid. I'm in an EXTREMELY low income household. My dad made less than $10,000 last year and has no savings. His house must be worth around $180,000 and is paid for in full. Car is a 1992 car worth no more than 2k dollars. Overall, he has NO condition to pay for my college education or my housing. He received no money of benefits from the government, and is a U.S. citizen.</p>
<p>So here's where I wanted to get to..I'm submitting FAFSA within the week, and sending the fin aid info to UF. I'm not sure about UF's scholarship/aid policy, but what can I expect to get from the federal government? I know about the pell grant, how much money/year can I expect from it? And can I use it to pay off-campus housing? Must I specify anything on the FAFSA when submitting? Also, what about government loans - are there any options with that, and can I use it for off-campus housing? My biggest concern right now is paying for housing, and I'm not sure how friendly grant money from the government is for paying for off-campus housing..Also, is it too late to apply to merit scholarships, have they all pretty much closed or are there any scholarships I can still apply for?</p>
<p>Anyways, I know it's a long post but I appreciate the read and thanks for taking the time. Really excited about heading off to college =)</p>
<p>Financial aid works this way:</p>
<p>You file the FAFSA (and other required documents) and this determines your EFC (Expected Family Contribution). Yours will most likely be 0, unless you have other assets in your name. </p>
<p>The school (in your case, UF) determines what their COA is (Cost of Attendance). this includes tuition, fees, books, room and board. There is usually a different COA for on-campus living, off-campus living and commuting students. Let's just say that for you, the COA for off-campus students at UF is $20,000 (I am just making this figure up for demonstration purposes)</p>
<p>You take your COA and subtract your EFC. In our example, it would be $20,000-0=$20000. this is your DM (Demonstrated Need). </p>
<p>The school then subtracts any scholarships you are entitled to or have already been awarded from the DM. Let's say that Bright Futures gives you $7000. So $20000 - $7000 =$13000.</p>
<p>$13000 is your need. with an EFC of $0, you will qualify for a Pell Grant (around $4000) and subsidized and unsubsidized student loans (I think about $3500 total). You will probably also have work-study in your aid package.</p>
<p>So -- your need is $13,000. With the Pell and Loans, it will be down to around $5500. Work study will bring it down a bit more. </p>
<p>Yes -- federal grants can be used to pay for off-campus housing. You will have to come up with the first month's rent and the deposit before the school dispurses your money -- so a summer job might be in order.</p>
<p>I would suggest you retake the SAT's and try and get the full Florida Bright Futures scholarship. Think of how much you are saving over four years.</p>
<p>Financial aid can be used for off campus housing.</p>
<p>The way your financial aid package is calculated is:</p>
<p>You submit FAFSA. FAFSA produces an EFC (Estimated Family Contribution) based on the financial information you have provided.</p>
<p>Your school has a COA (Cost Of Attendance) which is made up of an averaged student annual cost for tuition/fees/room and board/books/miscellaneous/travel expenses. The room and board portion may vary depending on whether you are living on or off campus. At my daughters school it is the same whether you live on or off campus. At my son's school it is different.</p>
<p>Your EFC is subtracted from the school's COA to give your 'need'. Your financial aid is based on the 'need'. Any merit scholarships (such as bright futures) reduces your need. Financial aid can consist of grants (federal such as pell, ACG, SEOG possibly State, institutional if your school offered institutional grants - many State schools do not), loans (which can be subsidized where the govt pays the interest until you cease attending school or unsubsidized where you are responsible for the interest from day 1), Work Study.</p>
<p>No one can really guess your financial aid package not knowing everything about your school and your family. However some numbers</p>
<p>Maximum Pell for 2008-2009 is $4731. This would be for someone with a zero EFC.
ACG is $750
SEOG varies according to school. It is a 'limited funds' grant where a limited amount of money is given to the school (unlike Pell where you get what you qualify for).</p>
<p>Loans
Subsidized - Perkins maximum is $4000 a year
- Stafford maximum for freshman is $3500 a year</p>
<p>Stafford can also be unsubsidized if there is no perceived need.</p>
<p>Absolutely agree with HSM. Retake the SAT if it can give you additional dollars. My daughter retook the ACT the june after she graduated HS and it upped her scholarship at her school by $3-4K a year. Definitely worth it. It got rid of a lot of loans.</p>