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.
User avatar
JamesDean1955

Silver
Posts: 744
Joined: Sun Jul 29, 2012 4:06 pm

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!

User avatar
EvilClinton

Bronze
Posts: 333
Joined: Wed Aug 15, 2012 6:45 pm

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).

User avatar
JamesDean1955

Silver
Posts: 744
Joined: Sun Jul 29, 2012 4:06 pm

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?

User avatar
cinephile

Gold
Posts: 3464
Joined: Sun Jul 18, 2010 3:50 pm

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

Diamond
Posts: 18204
Joined: Wed Oct 14, 2009 10:47 pm

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.

User avatar
JamesDean1955

Silver
Posts: 744
Joined: Sun Jul 29, 2012 4:06 pm

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

Diamond
Posts: 18204
Joined: Wed Oct 14, 2009 10:47 pm

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.



Return to “Financial Aid�

Who is online

Users browsing this forum: No registered users and 5 guests