FAFSA&Stafford loans; Is it enough?

<p>Right now, I'm about to transfer from a state college to FSU.
At this rate, I'll have my A.A. by spring '11 debt free but my question is,
will the Pell grant and stafford loans be enough to get my B.A. and into my doctoral?
I don't mean just tuition, but also living expenses at the university.</p>

<p>-Independent veteran
-Age 21
-Caucasian </p>

<p>I've done some simply math on undergrad costs:
$304.4 per Credit Hour
$913.2 per Class(3hr)</p>

<p>I plan on applying for scholarship housing but worse case scenario, on-campus housing:


<p>913(4) + 2610 + 500 = 6762</p>

<p>I understand these are the most basic expenses, but a good rough estimate, any thoughts or advice?</p>

<p>Thank you</p>

<p>Figure out your total cost (tuition, books, living expenses, transportation, etc.) subtract the maximum Stafford for your classification (frosh, soph, junior, etc.), subtract any veteran education benefits you are qualified to receive, any money you can obtain from working and you should have your answer. It's going to be difficult for anyone to give you an answer based on the information you posted. We have no idea how you will live (dorm, apartment, ect.), we have no idea how many classes you plan on taking and we have no idea what, if any, veteran benefits you are entitled and we have no idea what kind of money you'll need for walking around/transportation/food, etc.</p>

<p>The total Stafford loan for a junior is $7500. The total Pell if your FAFSA EFC is $0 is about $5000. If your school costs $12500 a year or less (including all of your living expenses, tuition and fees), you can cover your costs with the Pell and Stafford loans.</p>

<p>I'm a little confused on your question, however. Are you also asking if the Pell and Stafford will cover costs to get your doctorate? If so, the Pell is for undergraduate students only, I believe.</p>

<p>Pell Grants stop with a Bachelors Degree.</p>

<p>Are you out of state for FSU? </p>

<p>Wont' you get VA benefits if you're a veteran?</p>

<p>You've left off food costs from your budget and any transportation cost.</p>

<p>I am an in-state A.A. transfer student from a state college. Other then health benefits, I simply wasn't in long enough due to injuries during tech school to obtain the G.I. bill for tuition costs. I left out transportation because my transportation in the state of Florida is hardly an expense(have to love florida's laws on motorcycles).</p>

<p>edit-Luckily, I was in long enough to obtain "independent" status.</p>

<p>What is your EFC? Do you qualify for FL state aid (ie Bright Futures)?</p>

<p>FSU's estimated COA is $18K for the year, around $9K per semester including room, board, insurance, transportation, etc. If you knock off $2500/yr for transportation and health insurance, it's around $7750 per semester which includes about $700 for personal expenses. You should be able to afford this with Staffords and a small Pell grant. You may be able to eliminate, or at least reduce, your loans if you work and qualify for state aid and/or full Pell. It looks like FSU does have scholarships for CC transfers as well.</p>

<p>Since you're a vet, I believe that you're considered an independent.</p>

<p>So, for your junior year, you can borrow up to $12,500 for your junior year.</p>

<p>When you get to grad school, the loan amounts increase. However, depending on your major, sometimes the school pays for grad school.</p>

<p>What is your major?</p>

<p>What did FAFSA say is your EFC? That will determine Pell amounts (if any).</p>

<p>(the reason I asked if you're instate for FSU is because you said that you're transferring from a state school to FSU. FSU is a state school.)</p>

<p>Maybe I should have been more specific, I'm graduating from a state college (Seminole State College) into a state university (Florida State Uni). My major is Psychology (prospects of going into clinical). I have a good shot at qualifying for scholarship housing as well (Southernscholarship.org)</p>

<p>I don't know exactly where to look for an "EFC" on my form, but I am getting full Pell as of right now.
Thanks for the input again.</p>

<p>edit- I found the EFC at SSC where I'm at now for '09-10: $607</p>

<p>The EFC is on your Student Aid Report (SAR) and is what you get a link to after you file FAFSA. You should have filed your 10/11 FAFSA by now, so check your EFC as it can change every year. I think the maximum Pell grant for 10/11 is $5550, but it requires a 0 EFC. Anyway, it does sound like you'll be okay for funding at FSU, at least through undergrad. For grad school, you'll want to look into funded programs and you'll have much higher Stafford loan limits and be eligible for Grad Plus loans if necessary.</p>

<p>I do plan on working as much as my academic schedule allows for, thank you for your responses.</p>