Very Stupid Financial Aid Question

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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Thomas Hagan, ESQ.
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Very Stupid Financial Aid Question

Postby Thomas Hagan, ESQ. » Mon Mar 20, 2017 10:06 am

So I completed FAFSA a while back and received my merit scholarship from schools. However, the scholarship doesn't cover the full COA. How do I make up the difference?

Since that was only merit money, do I wait further for another letter showing me how much financial aid/loans are available? Or do I have to apply for outside loans?

Thanks!

cavalier1138
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Re: Very Stupid Financial Aid Question

Postby cavalier1138 » Mon Mar 20, 2017 10:21 am

You'll get more information from the school (it may not be until after you make your seat deposits). But as long as you filled out FAFSA, then the school will disburse some combination of Stafford and Grad PLUS loans to cover your tuition and other expenses.

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WamBamThankYouMaam
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Re: Very Stupid Financial Aid Question

Postby WamBamThankYouMaam » Mon Mar 20, 2017 10:21 am

Thomas Hagan, ESQ. wrote:So I completed FAFSA a while back and received my merit scholarship from schools. However, the scholarship doesn't cover the full COA. How do I make up the difference?

Since that was only merit money, do I wait further for another letter showing me how much financial aid/loans are available? Or do I have to apply for outside loans?

Thanks!

Your school will automatically send you your eligibility determined by FAFSA later during the summer. You are guaranteed to qualify for up to a $25,000 (might be $20,500 don't remember exact number) Stafford loan every year and as long as you don't have an adverse credit history, you'll qualify for Grad Plus loans that are capped at your total COA (COA minus any other aid).

At least at my undergrad, they would tell you the total amount you are eligible for and then they let you decide how much of it you want to accept. Accept the Stafford loans before the grad plus loans because they have a lower interest rate.

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Thomas Hagan, ESQ.
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Joined: Fri Aug 26, 2016 1:55 pm

Re: Very Stupid Financial Aid Question

Postby Thomas Hagan, ESQ. » Mon Mar 20, 2017 12:25 pm

Thanks to both of you! I had a random panic attack and thought I was supposed to be doing something about this right now.




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