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I'm transferring schools in the fall and the school that I'm going to is more expensive than where I currently am. Anyway, when I was getting ready to accept my financial aid award letter, I noticed that financial aid (PELL grant and sub/unsub loans) totaled out to be around 15K of what's going to be paid, but the estimated cost to attended was 18K+. I was wondering what could I do? If these are the loans that I have, is there a way to take more loans out or what? I don't just have 3K to pay out of pocket, so I'm not really sure what it means. And I'm just seeing this today (on a Saturday), so I can't call the school and ask.
First I would say take a look at your financial aid budget (cost of attendance) from that award offer. Make sure it includes tuition, fees, books, room and board (dorm and meal), personal and travel expenses. Some colleges do not include all of that in their financial aid budget. If it does not then you will need more than what they are offering you. So say for example they did include all of that on that award offer you have. Do you need all of that what they budgeted for you? For example my daughter's financial aid budget does include all of the things above. They budgeted for her 2000 for travel expenses I believe. We live 45 minutes from the university, so she does not need any plane tickets or whatever to get to and from school including during breaks so we denied 2000 loan covering that. Say that they budgeted that 2000 for you and you too did not need the travel expenses or your family can just afford that for you, well that would mean you were down to only needing 1000. My daughter's budget runs really really high like 900 for books but she needed only half that. They budgeted her also maybe 3000 in personal expenses. Well we can afford the things she needs for college, dorm stuff, food, gas, clothes so we denied a loan on that too. Also I know the other poster rudely said get a job but that is an option. My daughter works only 10-12 hours on the weekend. You can earn up to 6000 before it effects how much you get back on financial aid. Also working on the weekend does not interfere with class or homework and studying. You could also ask your college for Federal Work Study, where the FA office helps you get a job they have listed. That 3000 will probably just be expenses. Your financial aid should cover the tuition, fees, room and board needed up front and probably the books. The 3000 will be needed for expenses during the year, again that is if your budget is right on. Again read above. If you got your student loans but they are not the maximum allowed for a year you could ask for more. They may offer you a Parent loan. Just remember the rule of thumb borrowing for college is not borrow more than you will make your first year with your degree as a top amount but do your best to keep it the lowest. do start making payments when your loans go into repayment. this very important fact. The interest on your unsub loans starts when you get the loans, so they add up whileyou are in college. For example my daughter just finished her soph year in college. Her first year she took out a 2000 unsub loan. Right now the interest is 200 on it. So anyway, before your loans go into repayment which usually is 6 months after you quit, graduate or fall below half time, you need to pay that interest first before repayment starts. Why? because if you do not pay the interest that adds up on unsub loans they when repayment time comes, they will take the total amount of your interest and add it to your loan amount you need to pay back giving you a much higher balance. Then you start paying the loan off monthly and interest continues however, the interest is on a higher balance because that interest was added to it making you pay wayyy more for the loan over the time of payback. That is called capitalization. So I called the Stafford reps who explained all of this to me. They said I should pay the interest yearly so that the finally year I do not have to pay all the interest at one time before the loan goes into payback. So that is what you should do pay your interest on unsub loans yearly and then the finally year right when you graduate before your loans have to be paid back pay that last year of interest and you will save yourself lots of money. See here: discuss all of this with your FA office.
You aid package already includes federal student loans, so you have a few options to cover the remaining $3k: 1. Start applying for private scholarships to help cover your costs. I suggest using ScholarshipExperts.com, as it's been rated the best by Forbes since 2003. Collegeboard.org is another good resource. 2. Take out a private loan. You can compare options by using the free tool at estudentloan.com 3. Get a job on-campus or nearby to help cover the costs 4. Consider attending a less expensive school or community college to help keep your student debt to a minimum. You will be expected to start paying for your loans 6 months after you graduate. If you do not have a job or cannot make the minimum payments, there are options to reduce payments or defer them for a period of time, but your interest will continue to add up. The best way to avoid this issue is to take out little or no student loans whenever possible.
In case you're married pennsylvania have dependants pennsylvania are over 24 then you definitely are labeled as an "Independant" for economic help. which means you qualify for greater economic help than somebody who's single, decrease than 24, and has no childrens (a "dependant"). no rely in case you're independant or dependant makes a huge distinction in how plenty you qualify for. in case you're a dependant and your discern is grew to become down for a "PLUS loan" then you definitely can qualify for greater like an independant can. And it additionally is going by utilising how plenty funds you made on your final twelve months's taxes. you're married, so which you would be labeled as an independant. i think of from the sounds of issues you are able to completely qualify for economic help. greater effective than I did too by utilising the sounds of it. Fill out the FAFSA, you're able to do it on line. in case you call a million-800-4-FED-help they might furnish help to with those types. Your community college grants help to with it too. The FAFSA is the loose application for Federal pupil help. It does not value something to do the appliance, and it will inform you precisely how plenty furnish help to qualify for. do no longer forget: Pell factors do no longer could be paid back, and loans do could be paid back. you do no longer could make any pupil loan money till 6 months when you graduate, yet reckoning on the style of loans they are, they could nonetheless be racking up interest even formerly you're out of faculty. understanding is skill. college is a stable ingredient. understanding how economic help works is likewise a stable ingredient.