The effect of need/merit aid on borrowing GradPlus loans

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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JamesDean1955
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The effect of need/merit aid on borrowing GradPlus loans

Postby JamesDean1955 » Sat Mar 09, 2013 6:21 pm

Couple of quick question for y'all:

1. I was offered need based aid (grants, not merit/need combination award) at a couple of schools so far. Can you still borrow GradPlus up to the full COA in this situation, or are you limited to borrowing COA - need aid = balance you can borrow?

2. Does this change if we are talking about merit aid?

TYIA!

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EvilClinton
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Re: The effect of need/merit aid on borrowing GradPlus loans

Postby EvilClinton » Sat Mar 09, 2013 6:23 pm

JamesDean1955 wrote:Couple of quick question for y'all:

1. I was offered need based aid (grants, not merit/need combination award) at a couple of schools so far. Can you still borrow GradPlus up to the full COA in this situation, or are you limited to borrowing COA - need aid = balance you can borrow?

2. Does this change if we are talking about merit aid?

TYIA!

Yeah the max for borrowing is always (COA - Grants, Scholarships).

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JamesDean1955
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Re: The effect of need/merit aid on borrowing GradPlus loans

Postby JamesDean1955 » Sat Mar 09, 2013 6:31 pm

EvilClinton wrote:
JamesDean1955 wrote:Couple of quick question for y'all:

1. I was offered need based aid (grants, not merit/need combination award) at a couple of schools so far. Can you still borrow GradPlus up to the full COA in this situation, or are you limited to borrowing COA - need aid = balance you can borrow?

2. Does this change if we are talking about merit aid?

TYIA!

Yeah the max for borrowing is always (COA - Grants, Scholarships).


Gotcha, thanks. It's just annoying that COA is based on a 9-month period, so I might need a little extra.

I'm assuming that alternate loans from private lenders are one's only options if they wanted to borrow more?

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cinephile
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Re: The effect of need/merit aid on borrowing GradPlus loans

Postby cinephile » Sat Mar 09, 2013 7:26 pm

You should be fine. Because the school almost always estimates that you need more $$ for COL than you really do, so as long as you can budget properly, you can save for the summer.

Also, you can get a paid summer job like being an RA. Or get a public interest stipend, most schools have them.

09042014
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Re: The effect of need/merit aid on borrowing GradPlus loans

Postby 09042014 » Sat Mar 09, 2013 7:31 pm

If you get a non paying job, your school probably has a practicum course you take that gives you credit. And then you can get an easy A, and take out cost of living loans.

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JamesDean1955
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Re: The effect of need/merit aid on borrowing GradPlus loans

Postby JamesDean1955 » Sun Mar 10, 2013 12:32 pm

Awesome, thanks guys!

DF I see you are back to your old self (tar) :wink:

09042014
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Re: The effect of need/merit aid on borrowing GradPlus loans

Postby 09042014 » Sun Mar 10, 2013 4:28 pm

JamesDean1955 wrote:Awesome, thanks guys!

DF I see you are back to your old self (tar) :wink:

II forgot I had the new one for so long. I surf tls without avatars on.




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