what should i expect from my fafsa?

Paying for College
1

<p>i got into parsons the new school through EA
my efc is 2118</p>

<p>so far i got the following:
Federal Direct Subsidized Loan: $3,500.00
Federal Direct Unsubsidzd Loan: $2,000.00
Federal Pell Grant: $3,400.00
Dean's BFA Scholarship: $4,300.00
Total: $13,200.00</p>

<p>the estimated cost of the school is:
Books and Supplies $2,050.00
Fees $840.00
Food $3,000.00
Housing $12,260.00
Personal Expenses $1,550.00
Transportation $936.00
Tuition $38,510.00
Total: $59,146.00</p>

<p>i understand that no one can actually know but around what amount of financial aid can i expect from the school?</p>

<p>thanks</p>

2

<p>

</p>

<p>What else were you hoping to get from “the school”? You have received your federal need based aid (Pell, and Stafford loans) and a Deans BFA grant from the school itself. I’m not sure you will be receiving any additional aid from Parsons. Give their financial aid office a call and ask if this is your total financial aid award.</p>

<p>Parsons does not have the resources to meet full need for its students.</p>

3

<p>that is your financial aid that was given to you because you submitted FAFSA. FAFSA doesn’t “give” you aid. It’s just the app that is used to determine FEDERAL aid.</p>

<p>From the results of your FAFSA, the school determined that you qualify for the listed federal aid.</p>

<p>since the school added in a scholarship, you can assume that this is your entire aid package. You were obviously gapped big time, so unless you have the money to cover that gap, this school probably isn’t affordable.</p>

<p>Schools like Parsons have very little money to give.</p>

4

<p>As Thumper has said, it looks like Parsons has given you your financial aid package. Call them and ask if there is anything else coming.</p>

5

<p>well as i’m checking this on their website, theres also a message that says:</p>

<p>“Your financial aid package contains merit scholarship only. Please complete the 2011-2012 Free Application for Federal Student Aid (FAFSA) at [url=&lt;a href=“http://www.fafsa.ed.gov%5DHome”&gt;http://www.fafsa.ed.gov]Home</a> - FAFSA on the Web-Federal Student Aid<a href=“using%20our%20school%20code%20of%20020780”>/url</a> for consideration for other funding options.”</p>

<p>and i haven’t actually received the financial aid package from the school yet. so i was wondering if that is it or should i be expecting for something else.</p>

6

<p>so far i got the following:
Federal Direct Subsidized Loan: $3,500.00
Federal Direct Unsubsidzd Loan: $2,000.00
Federal Pell Grant: $3,400.00
Dean’s BFA Scholarship: $4,300.00
Total: $13,200.00</p>

<p>Where did you get this information from? That’s not from the school?</p>

7

<p>How did you get those first numbers you posted about the loans and Pell and scholarship then? It must have come in some sort of Letter from the school right? How would they have been able to award a Pell, if they didn’t yet have your FAFSA info? I think the message that they don’t yet have that is incorrect. When did you fill out and submit the FAFSA? That is the form that would then tell Parsons your financial info and that you qualified for the Pell and loans to begin with…???</p>

8

<p>i got it off the school student portal which also tells me that:</p>

<p>“Your financial aid package contains merit scholarship only. Please complete the 2011-2012 Free Application for Federal Student Aid (FAFSA) at Home - FAFSA on the Web-Federal Student Aid (using our school code of 020780) for consideration for other funding options.”</p>

9

<p>I was thinking the same as teachandmom - they wouldn’t have awarded Pell without a completed FAFSA. They CAN’T award Pell without a completed FAFSA.</p>

<p>I would call them - something doesn’t make sense.</p>

10

<p>i have not received any letters besides my acceptance which i haven’t reply to yet.
i found the numbers off of the student portal they provide on their website</p>

11

<p>Have you filed the FAFSA?</p>

12

<p>yes i did on february 24th</p>

13

<p>one more question.
if i do not get more scholarship.
i’m planning to get a loan.
it is possible to get a loan for the whole gap?</p>

14

<p>Ensure that this school’s code is included on your FAFSA. But since Pell has been awarded, they must already have seen the FAFSA. It appears to me that this is your entire package.</p>

<p>You can only get a loan for the whole gap with a cosigner - with good credit and decent income. Keep in mind that what you have to borrow will have to be multiplied by FOUR for all four years…</p>

15

<p>You can’t get a loan that large without a cosigner like your parents. You’ve already got the full $5.5K Stafford loan.</p>

<p>Xposted with Susgeek</p>

16

<p>You already have $5500 in loans according to what you listed from the portal information. That is the most you can borrow. Your parents could co-sign for a loan, but will they? You do not want to end up with more than $22-25,000 in loans total for all four years though. Any more than that would make really high payments for someone fresh out of college. Did you apply to other schools? Have you heard from them?</p>

17

<p>where would i apply for these loans?</p>

18

<p>Your gap is $46,000 per year. That’s $184,000 at graduation. Oh wait, add in the Stafford loans and you’re over $200,000. That’s at least a $2300 payment each month for ten years. How will you repay that?</p>

19

<p>well my family would be able to contribute part of it, just not the full gap.</p>

20

<p>Charlotte, I would encourage you to consider other options. You are not in a financial position to afford Parsons. With an EFC low enough to get a Pell, it is obvious your parents are not in a financial position to be able to help you with the gap between cost of attendance and the aid you received. It’s not worth huge loans, lots of financial stress, etc. There are many more affordable schools out there.</p>