recieved letter of financial aid award today...?

Question

in the the letter it gives me dollar amounts for spring and fall semesters....there is the estimated federal pell grant, estimated ACG, estimated stafford loan (sub.), and institutional work study ELI. and added up fpr each semester is a total of 3,700. So my question is.... is that what im getting in financial or is that what i will have to pay? Ok thanks for any help!

p.s. i dont know if all the states are the same in aid but i live in Pennsylvania and it's a state school

Answer 1

I'm not sure anyone actually answered your question.

You must read your award letter carefully.
Add up all the estimated loans/grants on your award letter.
Then determine if it is per term or per year. 3,700 sounds like per term unless you are getting only a small amount of money.
The award letter will state your cost of attendance and the amount you are recieving. Unless there is a negative sign it should be the amount you are recieving (not the amount you have to pay). The total that your loans and grants come up to should be more than your cost of attendance.

Keep in mind that work study is not given to you. You actually have to find a work study job to get that money. So you might as well subtract that amount.

If you accept all your loans etc.. then the money will go directly to your school. They will take out tuition and fees and then issue you a check with the remaining money. You can use the remaining money how you want (food, rent, etc...).

For more information go to any local college or university. Go to the financial aid office. Ask to see a financial aid counselor and they can look at your award letter and tell you the answer specifically (how much you will have for rent etc.. per term). You can also call your schools 1-800#.

Hope this helps.

Answer 2

Is this from the federal govenrment or the college itself. If it is the federal government, I would wait until you heard back from the school itself. If it was the school itself, I recommend seeing if you could find outside scholarships could possibly minimize the need for student loans. Each financial aid award is based on the individual student situation and not all students qualify for Pell Grants. I will list some free sources to locate money for school.

First, the college's financial aid office and website has a list of private scholarships offered from outside organizations and companies. Sometimes a college major's website will list scholarships, too.

Second, the public library has a book listing scholarships with some not even listed on the web.

Third, the high school guidance office has a list of local scholarships for current high school students.

Finally, I recommend joining several free membership scholarship search websites. There are scholarships for a variety of things including ethnicity, clubs, hobbies, and even wearing duct tape to the high school prom. Most are updated on a regular basis. Most offer a customized search based on information entered onto a form on the website.

Good luck!

Answer 3

Any type of loan must be repaid 6 months after graduation which can get extended another 4 to 5 years if you continue school before the 6 months are up.Grants are free money.All aid is the same for each state.The tuition for school is higher almost twice for schools outside you state.Scholarships is what varies from different colleges.

Answer 4

grants and monies earned thru work studt are not funds that need to be re-paid.....