<p>Hello this is my first post so I hope it belongs in this area. I am going to college in a few days, the yearly tuition is $16,000 a year. I was able to do my FAFSA and get the pell grant so I was also able to take down prices by getting things done early. I thought I was looking pretty good I was able to chop my tuition right down the middle I got a letter from my college saying that with all the things I did my 16,000 was now 8,000. BUT! When ever I talked to them two weeks ago they told me that the cap for a freshmen to take out of a student loan is like $5,500 and we would have to try and trim down some of my classes. They said that I could us a Parent PLUS loan but the thing is that my mother can’t afford it but has too good credit to get it denied. When it is denied you’re cap is raised to like 9,000 as a freshmen. I’m so confused on what to do? How do some of these people go to colleges that have tuition of like 30,000+ a year if the cap is 5,5000?</p>
<p>If a college costs more than you can afford you can’t attend it unless you get sufficient financial aid. It sounds like your aid was not enough.</p>
<p>The full Pell Grant plus Direct Loan is about $11,000…which is enough to pay for a community college. </p>
<p>Can you get financial aid from your state? Also, is $16,000 including room & board?</p>
<p>what is the difference between FASFA Pell Grand and Financial Aid?</p>
<p>also yes that is including room and board</p>
<p>Pell Grants are a part of Federal Financial Aid See <a href=“https://studentaid.ed.gov/”>https://studentaid.ed.gov/</a></p>
<p>I believe I got about 5k off my tuition for the pell grant</p>
<p>You got $5000 in Pell Grant money. You still,have a balance to pay. You can get the $5500 Direct Loan. </p>
<p>Are you saying your total college cost is $16,000? Tuition, room and board…everything? Please clarify.</p>
<p>Yes sir everything will cost a total of $16,000 and I have about $8,500 in Pell Grant, Early Submissions and small Scholarships. </p>
<p>So you get nothing from your state?</p>
<p>I do not know anything about getting money from my state. All I know is that I did my FASFA and received Pell Grant </p>
<p>Does your school award you Direct Loans & Work Study which could cover the remaining $7500?</p>
<p>Well I just looked at the grants for the state I live in now (Illinois) and they are for occupations I’m not doing or you have to be going to an Illinois college which I am not. As for the Direct Loans they never talked to me about it but instead tried pushing for the loan to be put on my mother. They do have a Work Study Program though</p>
<p>Sounds like you’ll need to make up for the difference between federal loans and net price through savings (whatever you earned over the summer) and future employment.</p>
<p>Welp Thank you for everyone’s help! This may be a lot harder than I had anticipated.</p>
<p>You have $8500 covered…correct? You should be able to get a $5500 direct Loan…which brings you to $14,000 covered, right? That leaves $2000…$1000 for this semester, and $1000 for next semester.</p>
<p>Did you work this summer? Do you have $1000 in the bank? Can you continue to work part time to earn the $1000 you will owe for next semester?</p>
<p>Does your school offer a payment plan! If so, you could divide your. $2000 shortfall into 10 payments of $200 each month. Can you earn that mich? Do you have $400 to pay the July and August payments?</p>
<p>If you are attending an out-of-state school, $16000 a year seems low</p>
<p>its a bible college and costs are kept low through donations of churches</p>
<p>If I got a direct loan doesn’t that mean I would be paying off the loan while paying off the 2k?</p>
<p>OK! I went and found some things out. Tuition for the year is 7690 and Room and Board is 5400 which totaled to 13090. The other were for “Estimated Cost of Personal Expenses” and “Estimated Books and Supplies.” My books are being taken care of by my Church, and my personal expenses have already been bought so that means thats 13,090 I really need to pay to the college for tuition and room and board. - 8730 of things I don’t have to pay for and it comes to 4360. So does that seem right or am I thinking about this wrong?</p>