Financial Aid Questions~a journey through the quest of finaid

Paying for College
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<p>Hello,</p>

<p>I plan to update this thread periodically with questions I have. Thank you so much for reading! Right now I have a few…</p>

<p>I plan to pay my own way through college. I could stay home for college and have it mostly paid for with little deficit, which I could probably work off on a side job. However, personal reasons require me to go out of state in Florida (near Miami area). </p>

<p>I’m working on getting all the scholarships I can–and I definitely have good financial aid help. I have a 32 act so I think I’m a good candidate for some school scholarships. I’m thinking that I will have my tuition covered with that and finaid combined, and $1,000 toward my dorm costs, but I still am going to have to pay for the rest of room, board, books, and any other cost of living. I’m at zilch right now :wink: working on getting a job ASAP over the summer before moving to Florida. (Yes I’m out of state) </p>

<p>-Do most colleges allow you to use scholarship/finaid money towards the room deposit when the time comes to pay for that? Or must that come out of pocket? </p>

<p>-Can I get the Stafford Loan without parental assistance? I would be considered a dependent student for now :)</p>

<p>This is all I can think of so far. I’m so thankful for the CC website! It’s such a help to be with people who are going through the same thing :slight_smile: If you have any suggestions for people paying college on their own, I’d love to hear it. Also, do you think this is doable? Or am I crazy for trying to do this unless I get better aid/scholarships? :slight_smile: Thanks guys :D</p>

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<p>As a dependent student for financial aid purposes, you will need to have your custodial parent fill out the FAFSA with financial info on you, that parent and if the parent is married, that spouse (the step parent). It is possible to override their information, but only with great difficulty and appealing to professional judgement from each college getting an application. If such an appeal is awarded, the student could get the first year $5500 Direct loan on an unsubsidized bases. For any college funds, that’s up to the college. </p>

<p>For school that require CSS PROFILE, both parents (even if not married, separated, divorced) and their spouses most often need to provide teh financials. Most all PROFILE school also require the FAFSA. </p>

<p>I don’t know a single school that guarantees to meet full need as defined by FAFSA alone. Most schools using just FAFSA will gap most students, often by a lot. You are guaranteed only PELL if your family income qualifies you and the $5500 Direct loan. Everything else is determined by the specific schools. A zero EFC means about $5600 grant from PELL, and then there is the $5500 Direct loan, some of it possibly subsidized if the cost of the school so allows it. </p>

<p>If a parent applies for PLUS (parent direct loan ) and is denied, a student can borrow an additonal amount about $5K, I believe from Direct loans. </p>

<p>Look at the data on the schools you are considering and see what percent of need they usually provide and what percent of students get full need met. Also run NCPs for the schools and run the EFC estimator. That will give you hard numbers and $s to contemplate. Estimates only, but a heck of a lot more than you have right now. </p>

<p>Possible to do? Yes. Easy? Umm. Depends upon the school and situation. I have a friend whose son got through community college, living on his own in another state from the mom. But due to some unusual circumstances and the lax rules and enforcement of the community college, he got instate tuition which is very low in that state at the school he picked. The cost of living in that area was also very low, and he was able to find some very low priced living arrangement with friends. So the PELL and the loans with a part time job , along with the low state rates, low cost housing made it a go. He got his AA last year, and is now at the state Uni there, and it’s been a problem making ends meet. Housing is more expensive there, Tuition is much higher and he can’t get the hours he needs at a job to make what would make it work. He also had issues getting in state status as they were more diligent about vetting out OOSers. It’s up in the air whether he will return next year. We are talking about getting about $18K between PELL and Direct Loans (with a PLUS denial) and about $1k in a scholarship from the school; the rest coming from the job. </p>

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<p>What college are you considering that promises this based on your stats? </p>

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<p>Thanks! The main school I’m looking at right now doesn’t require the CSS, and I’ve already submitted my FAFSA and I have the $5,500 etc. Thank you for the information on loans, that helps a lot. And I have run the NPC, but it doesn’t include information on some of the scholarships I’m applying for, etc:) I’m slowly surfacing water here, I’m just trying to find all the information I can and understand the process as best I can. I’m constantly surfing the web and searching for tips, pointers, etc. I haven’t applied to the community college yet, but I think I should. I’m not sure if it’s smart to leave my city and possibly go to a state university for almost zilch to go to a community college and pay for living costs, but, it’s still something I need to keep in my bag of tricks and think about :slight_smile: </p>

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<p>Do be aware that if you want your bachelor’s you will have to transfer from that community college to a 4 year school and it’s often easier to get your aid as a freshman and keep it all the way through. In the example I gave, the problem my friend’s son is having is now with his latter years. He made it just fine for the first two years. Merit awards are limited and sometimes virtually non existent for transfers. </p>

<p>If you can get into a state uni in your homestate right now for a full ride or close to it, I think you are nuts not to consider it heavily. What on earth is so compelling about going to a CC in another state and have to patch the aid together year to year, and take a chance on the transition to a 4 year school?</p>

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<p>Is that $5,500 the Direct loan or a Pell grant? Have you received aid packages from your schools?</p>

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<p>I’m confused. You say you MUST pay for college yourself. and you could do so by remaining near home. BUT for some reason you MUST go to college in Florida.</p>

<p>I’m sorry, but that makes NO sense at all. If you are even attending a community college in Florida, you will be paying the non-resident rate of tuition. It is not likely that you will get free tuition at a CC as an OOS student.</p>

<p>As noted, you also are very less likely to get any kind of merit aid money as a transfer student to a four year college. </p>

<p>If you plan to transfer to a public university in Florida, I would suggest that you check the requirements for establishing instate residency for tuition purposes at THAT college.</p>

<p>The second issue you have is that MAYBE you will be able to gain instate residency for tuition purposes, but that does NOT mean you will be independent for financial aid purposes, so your parents’ information will still be required on the FAFSA. Will they continue to provide it?</p>

<p>I think your plan has some significant financial holes in it. </p>

<p>If you are a senior, I hope you have some affordable options on your acceptance list. If not, I would consider working for a year, and then applying NEXT year as an incoming freshman to schools with guaranteed merit aid for your stats (see stickie thread at top of this forum).</p>

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<p>@cpt Thanks for that information, I’ll keep that in mind. At this point I’m going to forget the community college dillywop, because it would most likely be smarter to stay here and go to a state school in that case, even with my personal reasons.</p>

<p>@romani it would be the Pell grant!</p>

<p>@thumper1 I’d like not to disclose my personal reasons, because they -are- personal and I feel it’d be silly to discuss them here. :stuck_out_tongue: </p>

<p>The college I plan on attending at the moment is a private college, and it has pre-med (where I’m headed) with a med school. The college I’d have to attend here wouldn’t have pre-med, nor a med school, and isn’t that great. I’m fairly sure I will still get my parent’s information. They’re not paying for anything because they can’t, not for any arguments in between us. </p>

<p>I also highly doubt they’d be okay with me working for a year, but yeah :slight_smile: Thanks for your posts. I haven’t received the aid packages yet from the schools I’m looking at in Florida. I have sent them my FAFSA/ACT, and am trying to send them my transcripts, applications, and scholarship information ASAP, so hopefully I’ll get it out this week and my information from them will be back to me in the next couple weeks after that.</p>

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<p>Pre med is an intention, not a major (at least at colleges that aren’t Penn State :wink: ). A pre med can major in literally anything. It makes zero difference if your university has an associated medical school or not. (Except maybe for convenience in volunteering at the associated hospital, but then again there will be hordes of other undergrads trying to volunteer at the same hospital and you may not even get a place.)</p>

<p>Pre med is a set of required, largely introductory level, coursework that is available at every college in the US. </p>

<p>The name on your undergrad diploma has very little influence on your ability to get accepted into med school. It’s your achievements, grades and MCAT score that med schools look at.</p>

<p>Remember that med school is breath-takingly expensive and if at all possible you should minimize any undergrad debt.</p>

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<p>Thank you :slight_smile: I honestly don’t really care about the “prestige” of whatever school, as long as I get a solid chance at education, because I work extremely hard in school, and I know I can get the best out of whatever opportunities I had.</p>

<p>People had just mentioned that I was crazy to leave for a community college, but that certainly isn’t my goal :wink: </p>

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<p>A private community college? I’ve never heard of that.</p>

<p>If it is a private school, then you don’t have to worry about your state of residence.</p>

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<p>It is a private school, yes, thank you for your post</p>

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<p>It doesn’t so much matter whether the college is private or state, as much as whether or not you can afford it. I am assuming that you got enough aid/scholarships so that it would be doable, and you had some attractive options. With PELL, Direct loans, and all other resources, it was an option that would work for those two years of community college. </p>

<p>The problem there would be, then what? Your eligiblity for financial aid and merit is the strongest as a new grad from high school going into college. Transfers are generally last to get what 's left in aid, what’s left in a seat at the school even and virtually have no chance for merit money. The offer you get now is likely to be your best. </p>

<p>Now, it is true that most state community colleges do have relationships with some 4 year state schools to facilitate the crossover to a bachelor’s program, but being in a whole other state really raises questions as to whether the next two years will be doable. It’s s sticky enough issue, IMO, for those who go the comm college route and then have to transfer to get that degree, in that most areas do have CC available for folks, but all have a local venue for that 4 year degree within commuting distance. And then there is that issue about being a transfer and not being on a level playing field for getting money. The saving grace is often that you save enough going to school those first two years at a CC so that you can take a little bit more of financial risk those last two, and hopefully the CC has some transition help both in affording that 4 year school as well as getting accepted into a program in one. By going out of state to a CC, one can forego that bit of a boost.</p>

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<p>Great information for me to keep in mind:) </p>

<p>Does anyone know the answer to my first question in the opening post? About housibg deposits?</p>

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<p>You will not have your financial aid disbursed to you. It is credited to your bursar’s account at the college. This won’t happen until LONG after the housing deposits are due. How much IS your housing deposit? Do you have any savings or a job? </p>

<p>Some colleges might have some kind of arrangement for VERY low income students with regards to these deposits. </p>

<p>You would need to contact the college about this.</p>

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<p>Thank you! That will help me know what to prepare for at least:P It’s $500, when I have no savings so ;D Just have to plan on working hard this summer is all. And I emailed them Sunday, waiting for a reply. I’ll also be in a chat tomorrow night with the college so I’ll get a basic feel for everything. Thank you once again</p>

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<p><strong>NEW QUESTION</strong> Does anyone know of scholarships that go straight to the student and not to the school? Maybe some whose deadlines are very soon :slight_smile: Thank you!</p>

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<p>Even IF the scholarship goes straight to the student, you MUST report it to the college.</p>

<p>Talk to your high school guidance office. Perhaps,there is a local scholarship that you can apply for, that has an early awarding date.</p>

<p>In our experience, ALL of the local scholarships were awarded in May or June. But maybe in your area there is something earlier.</p>

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<p>I do really want you to make this work…but it seems dicey to me. I just don’t see how financially you’re coming up with about $8k in room and board costs. Work study will likely max out at $2500 or maybe $3500. It seems like room and board tends to be $10k or so many places, so you are at $3500 maybe $4500 toward a $10,000 bill. I don’t know many teens making $5500-6500 the summer after high school. </p>

<p>The very real possibility is that you won’t be able to make this work, and then not graduate and have a whole lot of loans to pay off. Be aware that you cannot “lose this debt” ever, even if you declare bankruptcy. Student loans are never forgiven, it’s the law.</p>

<p>Can I make a suggestion? I’m guessing you came here because you aren’t getting specific advice at your home high school. Try PM’ing Sally or one of the other moderators for more specific advice where you can be a little more candid. Good luck! </p>

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<p>I agree.,this OP is trying to make an unaffordable option work. </p>

<p>There should be very significant time spent looking at affordable options.</p>