Amount Awarded for Financial Aid lesser than COL+Tuition Forum

[Andreeai]

What can I do if the total amount awarded ( grad+gradplus) is lesser than the amount I need to pay tuition, book, health insurance + COL?
The difference between what I was awarded and what I would actually need is aprox $ 3000.

Any input appreciated

Thank you

[starsong]

What can I do if the total amount awarded ( grad+gradplus) is lesser than the amount I need to pay tuition, book, health insurance + COL?
The difference between what I was awarded and what I would actually need is aprox $ 3000.

Any input appreciated

Thank you

Federal financial aid regulations provide GradPlus loans up to a figure known as the "Cost of Attendance". This # is set by the financial aid office. Your individualized calculation (tuition + health insurance + etc.) is hence dlargely irrelevant, as the finaid office has already determined the COA. You may want to compare the components of their COA with your calculations. Unless they made a mistake, it seems most likely that something you included--i.e. health insurance, or a part of the COL--was not officially included in the COA. If so, there's nothing you can do--you can't borrow more than that COA in federal loans.

OTOH, if they made a mistake, I would just politely point it out and request an updated award.

[smalltown]

It's true that if your money reaches the limit of COA set by your school, which should be easily available on the school web site, you can't borrow more in federal loans. You will likely be shut out of any private education loans, too, because most of those only allow you to borrow to COA. You could get private loans of another type, but considering you will have no income, that might be difficult to convince a lender to lend you that money.

I did have a problem at my school, along with several other people, that the cost of attendance set at the time of the financial aid award did not meet the cost of attendance when school started. In that case, they just increase your loan amount. It seemed to be a common problem that is easily fixed.

[AngryAvocado]

What can I do if the total amount awarded ( grad+gradplus) is lesser than the amount I need to pay tuition, book, health insurance + COL?
The difference between what I was awarded and what I would actually need is aprox $ 3000.

Any input appreciated

Thank you

Federal financial aid regulations provide GradPlus loans up to a figure known as the "Cost of Attendance". This # is set by the financial aid office. Your individualized calculation (tuition + health insurance + etc.) is hence dlargely irrelevant, as the finaid office has already determined the COA. You may want to compare the components of their COA with your calculations. Unless they made a mistake, it seems most likely that something you included--i.e. health insurance, or a part of the COL--was not officially included in the COA. If so, there's nothing you can do--you can't borrow more than that COA in federal loans.

OTOH, if they made a mistake, I would just politely point it out and request an updated award.

I think what she is saying is that, for her, the COA isn't going to quite cover it. If that's the case, she may just have to take out private loans to cover the difference. It happens and I don't think it's all that uncommon, but you might need someone to cosign to keep the interest rates reasonable.

[starsong]

What can I do if the total amount awarded ( grad+gradplus) is lesser than the amount I need to pay tuition, book, health insurance + COL?
The difference between what I was awarded and what I would actually need is aprox $ 3000.

Any input appreciated

Thank you

Federal financial aid regulations provide GradPlus loans up to a figure known as the "Cost of Attendance". This # is set by the financial aid office. Your individualized calculation (tuition + health insurance + etc.) is hence dlargely irrelevant, as the finaid office has already determined the COA. You may want to compare the components of their COA with your calculations. Unless they made a mistake, it seems most likely that something you included--i.e. health insurance, or a part of the COL--was not officially included in the COA. If so, there's nothing you can do--you can't borrow more than that COA in federal loans.

OTOH, if they made a mistake, I would just politely point it out and request an updated award.

I think what she is saying is that, for her, the COA isn't going to quite cover it. If that's the case, she may just have to take out private loans to cover the difference. It happens and I don't think it's all that uncommon, but you might need someone to cosign to keep the interest rates reasonable.

Every private lender that I know of limits loan eligibility to the COA. There used to be private loans beyond the COA, but they evaporated with the financial crisis. Most schools provide a COA that is quite generous; it should be possible to stay within the budget...

[blsingindisguise]

If I were you I'd ask yourself why you're ready to spend so much money to go to law school

[erniesto]

This is not legal advice: Get a (second) summer job? Mow lawns, sell weed, be an escort, ticket scalping is always fun and lucrative, day trading, poker, grandma, dress like a homeless person and beg. Whatever it takes. Avoid private loans like AIDS (too soon?).

Alternatively (and I'm not sure this is possible) ask your financial aid office to up your CoL/Housing figure to cover it. You'll probably have to provide significant amounts of documentation to do it..

[swc65]

I think OP may be saying that her aid is less than the COA budget as determined by her school. I may be wrong though.

This is typical. Your aid is determined by your COA (AKA budget) - EFC= aid.

You can borrow to fill in your EFC as well. So if the school published budget is

71000
- EFC (3000 for you seemingly)
68000 loans


You can fill out a form to borrow for the EFC component.

If you are saying that you have done your own calculations and the school's aid doesn't meet what you have calculated your need to be, talk to the finaid office. They can increase your budget for certain expenses.

[starsong]

I think OP may be saying that her aid is less than the COA budget as determined by her school. I may be wrong though.

This is typical. Your aid is determined by your COA (AKA budget) - EFC= aid.

You can borrow to fill in your EFC as well. So if the school published budget is

71000
- EFC (3000 for you seemingly)
68000 loans


You can fill out a form to borrow for the EFC component.

If you are saying that you have done your own calculations and the school's aid doesn't meet what you have calculated your need to be, talk to the finaid office. They can increase your budget for certain expenses.

Doesn't the EFC affect stafford eligibility only? gradplus should be independent of EFC.

[swc65]

I think OP may be saying that her aid is less than the COA budget as determined by her school. I may be wrong though.

This is typical. Your aid is determined by your COA (AKA budget) - EFC= aid.

You can borrow to fill in your EFC as well. So if the school published budget is

71000
- EFC (3000 for you seemingly)
68000 loans


You can fill out a form to borrow for the EFC component.

If you are saying that you have done your own calculations and the school's aid doesn't meet what you have calculated your need to be, talk to the finaid office. They can increase your budget for certain expenses.

Doesn't the EFC affect stafford eligibility only? gradplus should be independent of EFC.

No it does not affect eligibility for either loan. You can still borrow Stafford and GradPlus for the EFC. However, the EFC is subtracted from your aid on the assumption that you can afford to shell that amount out. Hence, why it is the "expected" family contribution. If you cannot or do not want to pay it, you can borrow that amount. Also, it is unlikely that you will borrow Stafford to meet your EFC since you will most likely already be awarded the max Stafford amount in your aid package.

EFC is simply an assumption/calculation made by the financial aid office. The EFC represents the amount they believe you should be able to pay on your own.