<p>I am currently attending Community College. I attended one school in the Spring, and was told by that school that the highest amount they will let you borrow in a full year is $3500. I qualify for a full Pell grant and $9500 in Federal loans for a year, but have been told the school has the right to determine how much you can borrow. They don’t give you the unsub part of the loan.
So, I changed to another school, and the full amount they let you borrow in a year is $8,000 (sub and unsub) I asked why it wasn’t $9500 and was told that this is the highest amount I can get, no other explanation. (it’s close but I need all I can get due to the fact that I am going full time and living off of this money for the entire year - work and school would hurt my perfect grade point which I am working hard to keep perfect to enter into a program later)
I have asked other schools about their rules and so far I am getting almost ALL the colleges in Alabama are only allowing $3500 (total loan amount) for the entire year.
How can schools do this when the government’s websites are encouraging students to go full time and use these loans to pay for your living expenses?
All I keep hearing these days is the high debt of student loans. I am 40, I have finally decided to go back to school and I know full well what I am getting into, but I feel I should have this opportunity if I choose it, without the schools telling me that it’s not in my best interest.
Is anyone else dealing with this type of thing?</p>
<p>Brandy</p>
<p>I am unaware of any schools that do this, however, it is possible, I guess. My only question is whether or not you are a commuter living at home with parents, or you live on your own.</p>
<p>Pell grant & federal loans are parts of your financial aid and your financial aid can’t exceed your schools’ COA.</p>
<p>I am living on my own. My COA is around $17,000.
Maybe you could help me with another question, what constitutes a full year?
I went Spring and now Summer. I have been told this is the 2012-2013 year and a new one starts in the Fall (for Fall and Spring 2013-2014)
even though this is one year of college does it count as two?
I stay confused with all this lol
I won’t be attending next Summer, was hoping to be finished the basics to enter into a program by the following Fall.
Thanks for answers!</p>
<p>COA is the official Cost Of Attendance at a school, not what it personally costs you. You might want to find out what the COA is for your college and if there are separate COAs for those students living with parents and commuting, and those who are living on their own. The COA is filed with the government and when you apply for the loans, they automatically come into effect, from what I have seen. A parent who is getting PLUS, can ask what that COA and that is the max s/he can borrow, for example.</p>
<p>"How can schools do this when the government’s websites are encouraging students to go full time and use these loans to pay for your living expenses?</p>
<p>I have never seen an advertisement about using Federal student loans to help with living expenses. STUDENT loans are to pay for education and things related to education (books, lab fees, etc) not cars, rent, etc. You can only get financial aid up to the cost of attendance, so for community college, that would usually be tuition, books and related fees, since most ccs don’t offer dorm housing. Even dorms and food are not considered “education expenses” according to the government. Lots of people manage to work and go to school and have perfect GPA. Not to mention, it shows you are capable of being successful AND working, not one or the other. I don’t get as impressed with 4.0’s when I know the student never had to work. They SHOULD have a 4.0 in my opinion.</p>
<p>I’ve heard that schools (especially CCs) are having trouble with students not paying back their student loans and the schools suffer (in some way) for this.</p>
<p>I don’t think fed websites say that you should borrow all you can to cover living expenses. </p>
<p>there should be an expectation that you’re working full time during the summer and part-time during the school year. The idea that all of it should be borrowed isn’t good money sense.</p>
<p>If you borrow $8k or so per year, you’ll have over $30k in debt by the time you get your BA. That’s a LOT of debt.</p>
<p>What is your career goal?</p>
<p>How much do you think you’ll be earning upon graduation?</p>
<p>*almost ALL the colleges in Alabama are only allowing $3500 (total loan amount) for the entire *</p>
<p>That isn’t true for the four year univs at all. Again, the CCs may be limiting.</p>
<p>Teach, MANY CCs have a living expense factored in to the COA. They still have living expenses even if they’re not living on campus.</p>
<p>Teachandmom, COA does not have o be dorm living. Many CCs do include a room and board estimate but my friend’s kid had the same problem in my state-- a COA that was too low. In that case, they made an appt with the financial aid officer and asked for an increase.</p>
<p>Transportation </p>
<p>$3,600.00
Personal/Miscellaneous </p>
<p>$2,700.00
Room and Board </p>
<p>$4,080.00
Books and Supplies </p>
<p>$1,400.00
Tuition and Fees </p>
<p>$4,140.00
Total: </p>
<p>$15,920.00</p>
<p>this is copied directly from my school as my COA…
they factor in these school related expenses.
I am not opposed to working. I didn’t get offered a work study, but am going to have to get a part time job to get by. I just wanted to clarify that I have work a job my whole life until recently, and even a part time job turns into almost full time hours depending on their needs. The other students that I see working jobs are pulling barely passing grades or not passing at all in biology classes that I am taking. I do not want my grades to suffer. I find barely passing grades unacceptable. and I have not picked the program I want to take yet, but I know it will be in the health field. I am getting general studies in first, and the health programs are so competitive that they base entry on your grades. the higher my gpa and sat scores the better chance I have of being accepted into the program I choose.</p>
<p>I was planning on getting a part time job this Summer but I have realized the biology class I am taking this Summer (along with other classes) is only 2 months of class, as compared to the biology class I took in the Spring that lasted 4 months. Such a short time to cram it all in. So I have decided to wait about getting a job until the Fall, since I only have 6 weeks of class left.</p>
<p>They are expecting you to spend more on books and supplies than on tuition?
That sounds cray-cray!</p>