Question regarding housing expenses/Living expenses.

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
dep15152
Posts: 13
Joined: Wed Apr 07, 2010 4:22 pm

Question regarding housing expenses/Living expenses.

Postby dep15152 » Wed Apr 07, 2010 4:27 pm

I was recently accepted to two schools with full scholarships for tuition. However, both letters mentioned that books, housing and any other expenses were not covered. I filled out a Fasfa and got a EFC of zero, which I was told was good in the case of getting aid. Would federal aid cover housing and expenses? Or will I have to take out private loans for those matters? Also what type of loans should I be looking at? I am assuming academic scholarships are different from federal grants and loans. Also does one have to be enrolled in the school before attempting to garner federal aid/grants? Any help would be appreciated, as I have yet to make my decision due to the fact that I am worried about this area(one school is commutable and one is not).

Mr. Pablo
Posts: 283
Joined: Thu Mar 05, 2009 8:21 pm

Re: Question regarding housing expenses/Living expenses.

Postby Mr. Pablo » Wed Apr 07, 2010 4:37 pm

You will be eligible for $8500 in subsidized and $12500 in unsubsidized federal Stafford loans per year. These are the maximum amounts that you can borrow from these programs. If this money does not cover the rest of your expenses you can take out GradPLUS loans up to the cost of attendance, which is determined by the school. Some schools also offer need-based grants based on the information you provided in the FAFSA or through groups like NeedAccess.Typically schools will have you fill out a financial aid application, and will inform you of your award package. You should contact the schools for specific information, and you should do that very soon (today or tomorrow) .
edit: also, schools typically do not require you to be enrolled before you know what you are going to have to take out in loans. That would be asinine.

dep15152
Posts: 13
Joined: Wed Apr 07, 2010 4:22 pm

Re: Question regarding housing expenses/Living expenses.

Postby dep15152 » Wed Apr 07, 2010 4:51 pm

Mr. Pablo thank you for your help. Yes, I haven't filled out any financial aid packages yet. One of the schools website says that 4-6 weeks after I have been admitted to the University that I can expect to receive a letter outlining my financial aid eligibility. Is there any chance for anymore grants? Or will the rest of my expenses have to be loans strictly. Again thanks.




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