Financial aid, student loans questions

[Hunter's Moon]

I know I could just google this stuff, but I would love to hear from people who have actually gone through it.

 

 

1. What is the minimum to be made a year to get financial aid at most colleges(the colleges you're familiar with)?
   
2. Are scholarships and financial aid pretty much the same (don't have to pay back)?
   
3. Does financial aid cover campus housing, meal plans, insurance, etc?
   
4. What happens if I still need to pay a bit for college but I can't afford the amount by the deadline?
   
5. Where are some interesting places you found money for college that you didn't know was there(ex: companies that offered scholarships, etc)?
   
6. How did you/your dc plan for the financial burden of college?
   

 

 

I would really love to leave college debt free. I plan on applying for as many scholarships as I possibly can. Before I left school, I was in the top 5% of my class so I hope I get at least one academic scholarship, but I would love a back up plan.

[Alyce]

I don't know what the "cut off" yearly salary is to recieve a Pell Grant. My dd has recieved one for the past 3 years along with need based grants. The first year everything but about 2500 was covered and this year because of some inheritence Dd had everything covered except for 5000. She qualified for subsidized loans which we accepted. When we got her recent paperwork for the loans it said that her current payment at the time she graduates would be $50 a month. We could pay off the loans but aren't just yet in case we need the money during the next 2 years of college. Most schools also have work-study programs that you might be able to get into. Our school has a payment plan that you can use. You have the first 3 months of the semester to pay off the bill. No you do not have to pay scholarships, pell grants or need based grants. They are just awarded to you. If you did get any type of loan you do have to pay those back. Most of the ones offered by the Federal Government and some bank loans have set interest rates and the student doesn't have to start paying them back until they've been graduated for 6 months but you need to make sure because some loans you have to immediately start paying back. If you can pay for your first year you might consider becoming a Resident Assistant. Those are students who are designated to handle problems with the student and make sure they follow the rules. There's usually one to each floor. Most colleges pay for this position. At Dd college the college will pay their tuition for them. Others pay you a set salary. It may be a good way to earn some extra money that you can put away towards another year. If you have enough scholarships, grants and loans they are usually used to cover everything including books. Dd doesn't have to pay for anything.

[Hannah C.]

There is no set minimum (or rather, maximum) income threshold under which you will qualify for need based financial aid. It varies based on your parents' income, how many people are in the family, how many people are in college, etc. In my case, my dad had a pretty decent job, but I have many siblings and so FAFSA said that my expected family contribution (EFC) was 0. Colleges use the FAFSA data to help figure out your need based financial aid package.

 

Scholarships, by definition, do not need to be paid back. Grants do not need to be paid back. Loans always need to be be paid back. Those are the three types of financial aid. Some grants can turn into loans if you don't fulfill the terms of the grant, but most grants are just grants.

 

Your overall financial aid package will cover your estimated costs for college, which usually includes room and board, food, expenses, travel, books, etc. Not everyone receives financial aid covering the entire estimated cost, however - it depends on FAFSA and the college.

 

Look for local scholarships. They are usually small, but often not many people apply, and those small scholarships add up.

[MyThreeSons]

Are scholarships and financial aid pretty much the same (don't have to pay back)?

 

 

Financial aid is the catch-all term used for all funds that don't come out of your (or your parents') pocket. It can be a combination of merit-based scholarships, need-based scholarships, loans, and work-study jobs. Grants and scholarships are essentially synonymous -- they are gifts which don't need to be repaid.

 

There is an online FAFSA estimator which you can use to get an idea of how much money "they" expect your family to come up with. Not all schools will put together a package which makes up the difference, but many do. Basically they say that if you get accepted, they will make it possible for you to attend.

 

HTH

[K-FL]

 

1. What happens if I still need to pay a bit for college but I can't afford the amount by the deadline?

 

 

 

 

For this one, we are in a Sallie Mae program that we spread the out of pocket $$ out over 10 months, interest free. It is a Federal Program so is may be offered where you're looking. The school gave us the info & it is a private, Christian school so not restricted to public only.

 

Dd#1 has scholarships & grants (state & school), & loans (both subsidized & non, but no private.)

[Blue Hen]

[*]Where are some interesting places you found money for college that you didn't know was there(ex: companies that offered scholarships, etc)?

 

OK, here's an interesting place that another hs'er told me about and I would not have thought to look here --- our state's Department of Education Yep, DOE had several scholarships---actually they had quite a large number of scholarships, about 50 which I felt was a large number for this small state. Actually 5 different scholarships but they permitted multiple recipients so that there were about 100 scholarship winners. We looked at the requirements and felt DS had a great chance at one of them. DS wrote the required essay, applied and won a 4 yr scholarship. It's sufficient to more than pay for his books each year which is great. Every bit helps!

 

Carole

Edited September 5, 2010 by Blue Hen
clarify the 100 scholarships