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financial aid package replacement?

mixdeepmixdeep Registered User Posts: 3 New Member
Hello

I was admitted to a major university and given a comprehensive financial aid package. The total cost of attendance is about $17,000, but tuition is only $8,000. My financial aid package gives me about $8,000 in grants and the rest is loans and work study.

However, I might receive a scholarship that adds up to $6,000.

If I decline the loans and work study, accept only the grants, and then inform the financial aid office of the scholarship, would they allow me to spend it for living expenses, or would they take it away from me and substitute it for the grants that they awarded me?

My other question is, if I accept the full financial aid package, but the grants alone cover tuition, what will happen to the loans? Will they just sit in my student account?

If the loans remain in my student account and I declare that I have a scholarship forthcoming, then would the scholarship be substituted for the loans but the money would still remain on my account?

Thank you for reading this.

rb.
Post edited by mixdeep on

Replies to: financial aid package replacement?

  • momofthreemomofthree Registered User Posts: 1,486 Senior Member
    The financial aid offices in this country vary a lot from school to school. I think it would be good if you contacted your fin aid office to see how they would use the scholarship money. Some schools replace the grant money you have been awarded by the school with the scholarship money, while others reduce your loan or let you use the funds to pay for expenses. There might also be information about this on their website if you prefer not to call.
  • sybbie719sybbie719 Super Moderator Posts: 22,205 Super Moderator
    the school has calculated your cost of attendance at $17,000 per year (this includes, tutition, books, fees,room and board if living on campus or commuting expenses if living at home, etc).

    You really need to look at the break down of the cost of attendance.

    Should you decide not to take the work study or loan, do you have a plan for how you are going to purchase books, ay your fees and meet your day to day expenses of going to college. Remember, the student fees which are also part of your cost of attendance will have to be paid in order for you to attend class. No matter what your aid package is the school is going to make sure that they get paid.

    Should you receive a scholarship, the school may first reduce your self help aid (loans and work study). If you have $6000 they will apply $3000 to the fall semester and $3000 to the spring semester.

    Your $6000 scholarship will still not cover everything.

    Say for example your package is as follows

    17,000 Cost of attendance

    8000 scholarship/grant
    2650 Subsidized loan
    $2350 work study
    $4000 Perkins Loan

    need: $17,0000

    You have $9000 in self help aid.

    Even if you replace $6000 from your outside scholarship

    How are you going to fill the other $3000? If you chose to turn down to loan and the work study the school is not going to increase your grant or scholarship aid.

    If given a choice, I would keep the work study (as you are still going to need day to day $$) reduce my loans by $6000.

    the worse case scenario, even if the school gave you a loan check, you can turn it down and give it back to the school.
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