Pell Grant Direct Loan Unsub - 1 Direct Loan Sub - 1

<p>I was awarded these three. </p>

<p>Would I have to pay the direct loans back??</p>

<p>I need help asap. My pell grant was only 5500... and I have 0 EFC. Did they calculate wrong?</p>

<p>I believe anything called a 'loan' has to be paid back.
Grants do not have to be paid back.</p>

<p>Thanks charlottemom. I think I have to cancel my dorm then. Dorm cost 10000 and no way I can afford to pay that....</p>

<p>$5500 is the maximum Pell grant you can get so no it was not miscalculated.</p>

<p>Yes loans have to be paid back. The sub loan the govt pays the interest until you graduate or drop below half time. The unsub you are responsible for the interest from day 1. </p>

<p>Did you only now get your FA award?</p>

<p>I got it a few weeks ago... I applied for a school and they rejected me and then accepted me late June... and my FA just processed a few weeks ago because of that.</p>

<p>Both my parents make very very little money... 0 EFC ... shouldnt I be getting a bigger grant?</p>

<p>You did not get ANY money from the school. This is just what the government gives. It is not intended to pay for more than a state school for a commuter.</p>

<p>No. $5550 is the maximum Pell anyone can get.
0 EFC = $5550. >0 EFC = <$5550 Pell.</p>

<p>What school is this? </p>

<p>Can you commute to it?</p>

<p>edited to add.....I see this is Cal Poly Pomona. Can you commute to it?</p>

<p>
[quote]
0 EFC = $5550. >0 EFC = <$5550 Pell.

[/quote]
</p>

<p>For those of us who don't parler les mathematiques, she means that if you have an EFC of 0 then you will receive the maximum Pell Grant of $5550; if you have an EFC greater than 0, then you will receive a Pell Grant smaller than $5550.</p>

<p>@ mom2collegekids: Yea Cal Poly Pomona. Yeah I can commute to it. Since I was "out of area", they forced me to sign up for a housing contract and dorm. But I just filed for exemption since I thought I thought I could keep the loan... </p>

<p>@ cptofthehouse, swimcatsmom, and gardna: Thanks. </p>

<p>So whatever is left off the 5550 after tuition, I can keep that money?</p>

<p>Yes the school will forward to you whatever balance is remaining after the money is applied to tuition and anything else the school deems to be part of their cost of attendance.</p>

<p>@ DLOCAP: Thanks. So if I went to a CC and since they're classes are so much cheaper, I could have kept more of that money??</p>

<p>Thanks for the quick responses everyone. I appreciate it a lot.</p>

<p>It all depends on the cost of attendance of the school, if the CC you would have went to has a COA that is lower than the one you are going too, you would be getting more money back.</p>

<p>@ DLOCAP: Oh ok. I understand now. Thanks. I wish I would have understood this earlier before I made my decision... smh</p>

<p>*
So whatever is left off the 5550 after tuition, I can keep that money? *</p>

<p>That money will be divided into 3 parts because CPP is on the quarter system. The first part will go towards the first quarter. </p>

<p>Tuition and fees for the whole year are about $4800. The first quarter will cost about $1600. You'll get $1850 from Pell. That will leave you with about $250. I don't know if you can get that money in time to pay for your books.</p>

<p>@ mom2collegekids: Thanks for the clarification. Wow $250 will get me like two books. haha Im eligible for Cal Grant B... when do I get that?</p>

<p>The Cost Of Attendance (COA) is the amount a school sets for what you can get in financial aid. That number is made up of tuition, fees, travel/commuting expenses, books/supplies, and some living expenses. The living expenses are what the college deems it should cost for room and board if you live on campus, and there is also an amount it sets for commuters. You need to find out what that number is for your college. </p>

<p>You will get $150 in your account for the first quarter leaving you about $250 for other costs like books, travel, living expenses. You can also borrow money on a subsidized and unsubsidized basis through the Stafford Direct loans. With the subsidized loan, you will not accrue interest until you are finished with school. With the unsubsidized loan, interest will start accruing immediately, and you can either pay it off as you go, or have it added to your loan. Clearly, if you need to borrow, the subsidized route is the one to take.</p>

<p>Have you been told how much you'll get for Cal Grant B?</p>

<p>Does that money have to be used for a particular education expense?</p>

<p>@ mom2collegekids: $1,551. It doesnt say...</p>

<p>@ cptofthehouse: Thanks for the tip.</p>

<p>Just wondering, would I receive more if I update my FAFSA that I will be dorming? I put down "with parents" when I applied...</p>