<p>I'm about to withdraw from school because i cant afford it and transfer to a cheaper school in the fall. so far i have 2 stafford loan 5473 (sub and unsub) and 3219 in fafsa when i withdraw i only have to pay about $5000 in the whole student bill but after i pay that i would still have about 3692 in loans would that get sent to my home and can i buy my books and other supplies for next school year with it or do i have to send it back.</p>
<p>Do NOT complete your withdrawal without getting the full picture, preferably in writing, from your financial aid office! I don’t know what you mean by the “$3219 in fafsa” as FAFSA is only an application, not a grant/aid program. I think you mean you have a Pell grant of $3219, in which case some/most of that would be taken back too…there is a formula for the return of federal aid that you haven’t “earned”! That’s in addition to whatever % of tuition and other non-refundable charges you’ll have from the school. You NEED to make this decision based on all of the information. Keep asking questions at the FA office until you know for sure…and, as I said, have them put it in writing for you!</p>
<p>Would your mom consider taking the small Plus loan if she could defer payments and you could pay it off by the end of the summer? It seems like the amount that you owe is relatively small compared to what you’ll lose! Did you ask the school about emergency loans, Perkins, tuition payment plans, and work-study?</p>
<p>Do you mean you have started the semester, are past the add/drop period, and are planning to withdraw now? If that is what you mean then you will probably have to pay back a big chunk of the aid for this semester. At this early stage in the semester you will probably have to repay nearly all of it. Even aid that has already been used to pay tuition and fees for the current semester will have to be repaid, so you will be much worse off as you will owe money for classes you are not completing. As sk8rmom said, talk to your FA department before you do anything.</p>
<p>they told me that would only owe 5000 if i withdraw and i thought my loans and grants which are 8692 all together would drop it down to 0 and id have 3692 left would it just go back to the loan company or do i get a refund check to buy books for next school year</p>
<p>and not im not pass the drop period but its on 60% refund instead of 100% though</p>
<p>Well, even if that’s so (and $5K seems very low to me for a residential student at the 60% mark, with unearned Pell grant money in the picture…that’s why I’m wondering if they didn’t calculate the amount of federal aid you’d have to repay), I would not plan on keeping $3600 to buy books or anything else! You OWE $5500 on those federal loans that is NOT included in the $5K figure. Use whatever you get to pay down those loans! Btw, you are aware that payments will start on the loans in 6 months, right?</p>
<p>You should plan to get a job and save up for books and whatever else you’ll need for next fall…and to make your loan payments!</p>
<p>im confused my ORIGINAL payment on my student account was 10000 something but im withdrawing because i still had 1666.16 to pay AFTER loans so they said if i withdraw id only owe 60% of the ORIGINAL payment and that which would be 5000-4000ish and my gants and loans are 8000ish so i thought would have money left.</p>
<p>Well, 60% of $10K is $6,000, right? But even so, you may not get to keep all of your grant aid…there is a formula for return of federal aid that applies if the student doesn’t “earn” that aid because they withdraw from school. That is what I’m referring to, although I don’t know what the exact calculation is. That return of federal aid is what you need to ask them about…I think it would be a big mistake to count on getting a big refund.</p>
<p>This information may make it clearer to you, pay particular attention to the last sentence:</p>
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<p><a href=“http://ifap.ed.gov/fsahandbook/attachments/1011Vol5Ch2.pdf[/url]”>http://ifap.ed.gov/fsahandbook/attachments/1011Vol5Ch2.pdf</a></p>
<p>so your saying im going to owe even more money if i withdraw or just not going to get a refund</p>
<p>I’m saying that I think it’s likely you’re going to have to repay some of your student aid in addition to whatever the school is going to charge you. I would not count on getting a refund at all unless the FA office actually tells you that. I don’t think you’re far enough into the semester that you’ve “earned” that aid…I think it’s normally around 60% into the semester when students actually are entitled to keep 100% of their federal aid. </p>
<p>At any rate, this is going to be an expensive lesson for you and, if it were me, I’d probably find another way to pay the remaining bill in order to stay in school and actually receive the credits. I’m still not sure how you ended up in this position. When you got your aid package and bill, wasn’t it clear that you would owe $1600? What was your plan for paying it then?</p>
<p>my school had alot of hidden fees a mandatory health insurance see my other post to see what im talking about( <a href=“http://talk.collegeconfidential.com/financial-aid-scholarships/1075662-i-need-loan-any-kind-money-fast.html[/url]”>http://talk.collegeconfidential.com/financial-aid-scholarships/1075662-i-need-loan-any-kind-money-fast.html</a>)</p>
<p>I think you are getting the amounts you will owe and the financial aid you will be remain eligible for mixed up. If your school policy is that if you withdraw at this point you will have to pay 60% that does not necessarily mean you will receive the aid you were awarded to pay it. Federal rules specify that you have to complete a certain percentage of the semester to receive all your aid. Up until that point you can only receive a proportionate amount of your aid.</p>
<p>For instance at my daughter’s school she does not have to pay the tuition/fees of classes dropped the first week of school, she has to pay 50% of any classes dropped the 2nd week of school, and 100% of any classes dropped after that.</p>
<p>But the rules for federal aid state that aid must be “earned” by staying in school a certain period of time. At her school she must be in school at least 60% of the semester, about 10 weeks. If she withdraws before that she has to repay a proportionate amount of aid. For instance if she was in class for 3 weeks out of 15 then withdrew, she would only have “earned” 20% of her aid, so would have to repay 80% of her aid. But she would have passed the stage when she could not have to pay 100% of her classes. So say her tuition and fees were $5,000 and she received aid of $10,000. She would still have to pay the full $5000, and she would have to repay 80% of the aid she received - $8000. So she would only end up keeping $2000 of her aid, and she would have to pay $5000 in tuition, leaving her $3000 in the hole for classes she has dropped.</p>
<p>It is essential that you talk to an FA officer before you do anything. Don’t just ask how much of your fees you will still have to pay, ask if you will have to repay any of the aid. Make sure you are talking to an actual officer who knows all the ins and outs, not a student helper who may not know.</p>
<p>Also if you drop below 1/2 time before loans are disbursed, the loans will not be disbursed to you at all. Federal rules require that a student be enrolled at least 1/2 time at the time of disbursement for any loans to be disbursed.</p>
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<p>I remember your other thread, but wouldn’t those charges have appeared on the bill you received before the semester began? Every college I know of requires health insurance, or proof of insurance and a waiver. This is usually spelled out pretty clearly on the page that lists the cost of attendance…make sure you read it carefully before you enroll at the next school!</p>
<p>yeah but the real bad thing is the many different little fees they have like phone,cable,wifi heat,and 10 $99 lab fees for outdated computers also if i withdraw they will take the health insurance of my student bill right</p>
<p>so if i withdraw am i going to owe more then the 1866 i would owe if i stay in school</p>
<p>When you withdraw, a calculation called a return of Title IV funds is performed, based on your withdrawal date (you earn a certain amount of aid for every day of school attended). Typically, withdrawing early in the semester results in a large amount of aid being returned, especially loan money. </p>
<p>Only your financial aid office can tell you exactly what you do or do not owe. Please find out exactly what is what with your account. You will need to contact the financial aid office and tell them that you want to know exactly what you will owe, if anything, after the funds are returned as a result of your withdrawal. They must provide you that information if you request it.</p>
<p>so it might be cheaper to just stay and owe 1866 then withdraw right</p>
<p>There is no way to say that, which is why you need to find out!</p>