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Thread: US college related question

  1. #1

    Default US college related question

    Mature forum for mature replies, please.


    So, I'm going into a community college nearby for a year before I apply to the nursing program here. I'm not worried about next year, yet, I'll work on that another time.

    For now I'm confused on what's going on.

    I did my FAFSA, and it said my EFC was 0, and the Pell Grant offered me $5.5k for tuition and other expenses. I understand pell grant is free money, am not worried about that. What I'm confused about is that on my college's site, under financial aid awarded it says:



    Fall 2010 - Full-Time Award | Amount | Status
    Pell Grant| 2775.00| A
    Direct Subsidized Loan | 1106.00 | I

    Total$3881.0

    I'm confused. Where did the rest of the money go? I never agreed to a loan, I don't want to take a loan since I've got plenty of money awarded by the pell grant. But I don't see where the money is T-T

    Alsoalso, I heard somewhere that whatever I don't spend on tuition and books out of the pell grant, at the end of 6 months I get that money back. Is that true?

    And, does that above statement cover tuition for a full year? or just a 6 month term or something?

    Confuseeeed. Financial aid people at the school fail at explaining stuff in laymens terms. >_<

  2. #2

    Default

    That's by semester. 2775.00 is for the Fall. You get 5.500 for the year.

  3. #3
    Asher

    Default

    Wouldn't it just be divided by semester?

    Edit: Izzy beat me to it haha!



    Also, I heard somewhere that whatever I don't spend on tuition and books out of the pell grant, at the end of 6 months I get that money back. Is that true?
    I've heard the same thing, and I have to say yes. However, I think it depends on the university/college you attend. Or maybe not. I'm not completely sure myself!

  4. #4

    Default

    Kay, so why was I offered the loan for 1k as if I needed it- and then it totaled to 3.3k?

  5. #5
    Peachy

    Default

    If you don't want the loan, don't apply for it, i.e. don't deal with the additional paperwork, then you won't get it, as it says "intended". It says you ahve the option to decline or reduce the amount, so make sure you use that option.

  6. #6

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    Since the "Pell Grant" portion is quite literally ~1/2 of 5.5K, I'm guessing that this is for just the fall term.

    College has lot of fees and expenses other than tuition. My current roommate has minor loans despite a 0 EFC. You probably have the option to reject the loan portion of your award package; you'll just have to make up $1,106 every term via some income source. This could either be a part-time job or oftentimes, people with significant need are first in line for work-study programs (which tend to be much more comfy and flexible in hours than the typical minimum wage part-time job).

    I realize that you're bothered here mostly by the simple fact that you have loans at all when you weren't expecting them. Short of rich parents, there is rarely a truly full ride for college expenses. Honestly, these are subsidized and at a rate of $1,100 per term, the debt you'll accumulate over 8 terms is peanuts compared to most of your peers. I'd advise taking the loan, at least for the first term, in order to get a grasp of if a job or work-study program would intrude on schoolwork.

    I don't know your full situation. Your plans for what you do after undergrad having some bearing on your decision.

    Details on Stafford Loans:
    Stafford Loan Information | StaffordLoan.com

  7. #7

    Default



    Quote Originally Posted by Peachy View Post
    If you don't want the loan, don't apply for it, i.e. don't deal with the additional paperwork, then you won't get it, as it says "intended". It says you ahve the option to decline or reduce the amount, so make sure you use that option.
    Yeah, I plan on declining it I just haven't been given the option to do so yet. And I don't know what will happen after I decline it- will they take the 1k from the pell grant money? - EDIT: read above, nvm.
    --------

    Also: I thought that it was a year because 12 credit hours is about 1k tuition alone, so says the papers that I got when I enrolled. It's a community college, so cheaper. Just trying to understand it all

    ---------- Post added at 06:37 PM ---------- Previous post was at 05:51 PM ----------



    Quote Originally Posted by NutFreeFruitcake View Post
    Since the "Pell Grant" portion is quite literally ~1/2 of 5.5K, I'm guessing that this is for just the fall term.
    That's what confused me the most. Since the papers I was given from the school that explain tuition costs, it said that tuition for 12 credit hours was only about 1k. x_x Isn't 12 credit hours a full year term? Or is 12 credits one term?



    College has lot of fees and expenses other than tuition. My current roommate has minor loans despite a 0 EFC. You probably have the option to reject the loan portion of your award package; you'll just have to make up $1,106 every term via some income source. This could either be a part-time job or oftentimes, people with significant need are first in line for work-study programs (which tend to be much more comfy and flexible in hours than the typical minimum wage part-time job).

    I realize that you're bothered here mostly by the simple fact that you have loans at all when you weren't expecting them. Short of rich parents, there is rarely a truly full ride for college expenses. Honestly, these are subsidized and at a rate of $1,100 per term, the debt you'll accumulate over 8 terms is peanuts compared to most of your peers. I'd advise taking the loan, at least for the first term, in order to get a grasp of if a job or work-study program would intrude on schoolwork.

    I don't know your full situation. Your plans for what you do after undergrad having some bearing on your decision.

    Details on Stafford Loans:
    Stafford Loan Information | StaffordLoan.com
    My mom (who I'm using for financial aid and living under her for another few years) barely makes 12k or so a year, so scholarships and grants and stuff are the best way for me to pay college XD; work around here is VERY scarce- people are being fired even from mcdonalds. x.x No one is hiring anywhere :/ Work study I asked about, they said that it's very hard to get into - especially as a freshman, because so many people are trying to get into it at the same time and others have been around the campus longer and stuff.

  8. #8

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    Quote Originally Posted by Sila View Post
    My mom (who I'm using for financial aid and living under her for another few years) barely makes 12k or so a year, so scholarships and grants and stuff are the best way for me to pay college XD; work around here is VERY scarce- people are being fired even from mcdonalds. x.x No one is hiring anywhere :/ Work study I asked about, they said that it's very hard to get into - especially as a freshman, because so many people are trying to get into it at the same time and others have been around the campus longer and stuff.
    Given the bleak job prospects, I'd at least strongly consider the loan. I don't know what you're studying (i.e. have any way to guesstimate what you'll make after college), but $9K in student loans ain't all that bad. Remember, you don't pay a dime on it until after graduation.

    Also, you can always take the loan now, and refuse it in later semesters if you get a job later into your college journey (or vice versa - I'd imagine that the loan would be available as a fallback in later semesters should you refuse it now and find yourself needing it later). Also, depending on what your summer and job prospects are, you could just make $2,200 working each summer.

  9. #9

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    First yeah if there is money left over w the pell grant you get the remainder in a refund check....something is wrong though...at the community college level you shouldn't have to worry about loans...financial aide should be enough to cover a little over two years of community college...when you get to undergraduate school and graduate school is when a majority of students turn to student loans to finance their education....I would check with your schools financial aid office as you shouldn't have to take out any loans at all...the amount you are getting from your pell grant looks like enough to cover things...btw when you go on to undergrad and grad school you will directly borrow from the us government instead of through banks and other lending institutions aka as loan sharks and middle man lol.....I'm on the fence w this as a libertarian but I'm also anti coporate and hated as a student my self seeing students getting raped up the butt and taken advantage of but at the same time sallie mae almost rivals the irs in the amount of people it goes after and the amount of power it has to go after borrowers who fall on hard times...sorry going off topic...

  10. #10

    Default

    The point is though, I don't want to take a loan unless it's 100% neccessary. Why pay for something (on top of the fact that will gain interest) if you can get it for free? I'd much rather not take the loans because I know with my financial situation, I can qualify for a lot of need based grants easily.

    Also, I'm going to community college for quite a while actually. I'm going to be going into this school's nursing program, and I'll be there for a really long time.

    I'm just trying to determine if I actually have enough with the pell grant or if I have to go elsewhere.

    I have cleared up a couple misconceptions, though:

    It's $87.88 per credit hour, there's 12 credit hours per term. One term is Fall, the next one is Spring. So that's 2.1k for both terms, or 1k per term.

    lost my train of thought after that, but yeah.

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