Financial Aid Packages

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
lewis louis
Posts: 131
Joined: Tue Mar 03, 2009 2:08 am

Financial Aid Packages

Postby lewis louis » Wed Apr 14, 2010 12:51 pm

So,quick question: In the letter you get for your fin aid package it shows all the amounts, and the type of loan they are. They show a spot for the grad plus loan for a given amount, lets say 13000. Does that mean you've been approved to recieve that money? Thanks!

lewis louis
Posts: 131
Joined: Tue Mar 03, 2009 2:08 am

Re: Financial Aid Packages

Postby lewis louis » Wed Apr 14, 2010 1:48 pm

Anyone have any idea?

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sunshinefairy
Posts: 126
Joined: Mon Mar 08, 2010 5:47 pm

Re: Financial Aid Packages

Postby sunshinefairy » Wed Apr 14, 2010 1:54 pm

You have to apply separately for the Grad PLUS loans - they review your credit score and background and approve you based on that. If schools did include a line item for Grad Plus loans in your fin aid package it is just an estimate of the remaining money you would need (be eligible for) minus Stafford loans and any scholarship awards. I had the same exact question and this is the answer I was given from a fin aid office. Does that make sense?

lewis louis
Posts: 131
Joined: Tue Mar 03, 2009 2:08 am

Re: Financial Aid Packages

Postby lewis louis » Wed Apr 14, 2010 2:43 pm

So in other words it means nothing but 'here is the outstanding balance', and it does not mean i was already approved for it? When is it best to apply for the grad PLUS loan?

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SamSeaborn2016
Posts: 412
Joined: Fri Feb 13, 2009 3:07 pm

Re: Financial Aid Packages

Postby SamSeaborn2016 » Wed Apr 14, 2010 2:58 pm

Your award letter simply indicated which types of financial aid you qualifiy for, i.e. scholarships and loans. In the case of loans, you still have to apply and be "approved." With Perkins, Stafford and PLUS loans, it is pretty easy to be approved as they don't take look at credit score.

Here is a good link to explain eligibility for PLUS loans.

https://studentaid.ed.gov/students/attachments/funding/PlusLoansQA.pdf




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