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The effect of need/merit aid on borrowing GradPlus loans
Posted: Sat Mar 09, 2013 6:21 pm
by JamesDean1955
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!
Re: The effect of need/merit aid on borrowing GradPlus loans
Posted: Sat Mar 09, 2013 6:23 pm
by EvilClinton
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).
Re: The effect of need/merit aid on borrowing GradPlus loans
Posted: Sat Mar 09, 2013 6:31 pm
by JamesDean1955
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?
Re: The effect of need/merit aid on borrowing GradPlus loans
Posted: Sat Mar 09, 2013 7:26 pm
by cinephile
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.
Re: The effect of need/merit aid on borrowing GradPlus loans
Posted: Sat Mar 09, 2013 7:31 pm
by 09042014
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.
Re: The effect of need/merit aid on borrowing GradPlus loans
Posted: Sun Mar 10, 2013 12:32 pm
by JamesDean1955
Awesome, thanks guys!
DF I see you are back to your old self (tar)
Re: The effect of need/merit aid on borrowing GradPlus loans
Posted: Sun Mar 10, 2013 4:28 pm
by 09042014
JamesDean1955 wrote:Awesome, thanks guys!
DF I see you are back to your old self (tar)
II forgot I had the new one for so long. I surf tls without avatars on.