Do you think I will get financial aid...?

Question

I just graduated from a two year college and i'm returning to school at a four year college but i'm a little unsure if my financial aid will cover everything. The school is $10,500 a semester and me and my husband (combined) made around $41k last year... is that too much? Plus we have one child (if that matters at all)... and also, at four year school do you have to pay for your books out of your pocket or does FA pay for it? Thanks!

Answer 1

You will get a Pell Grant of around $1100 with an income of $41k and a child. The max this year for the Pell is actually $4310 and even though you won't get the max, you still might eligible for other grants. You really need to put in a little research with the school to find out what else there is. Go to the FA office and ask them what they recommend. They won't let you down.

Four year schools require you to buy those books out of pocket.You can often take out exra loans if you need to cover extra expenses. However you have to be careful not to take out the wrong loans. Federal loans are the gold standard and some states have loan programs for students too, but look very closely if you have to get into private education loans. The interest rates will be be between 8.25-20% and there can be origination fees too. (Origination fees can be 9% of the loan.That means a loan of $8k will cost you $720 right away.)

You are eligible for $7500 in total federal loans your first year. Remember, that is year and not semester. Good luck!!!

Answer 2

Hi

I suggest that you go here to determine if you are eligible for financial aid:

http://www.fafsa.ed.gov/

Since it cost you $21,000 a year for school, and you only make $41,000, I'm not really sure, but I'm tempted to say yes. I wish that financial aid would take housing and other type of personal expenses into consideration, and that would probably make a big difference in your case, but they only go by your income tax info. Before you apply for financial aid, you will need a pin number, and you can get that from here:

http://www.pin.ed.gov/PINWebApp/pinindex.jsp

If you are eligible, I believe it will state so once you have completed the application. You will also receive Pell grants and/or loans. Even if you do receive the maximum Pell grant, which is $4,050 a year, it still won't be enough to cover all your tuition and expenses for each semester, such as books and supplies, and you will have to get a loan to cover the rest of the cost. You should also check the school to see what scholarships are available and what you are eligible for. This is what I told other people concerning financial aid:

http://answers.yahoo.com/question/index;_ylt=AoVznlVce8sqOlYygXjukC_ty6IX;_ylv=3?qid=20071005133442AAodDBE&show=7#profile-info-15e22e28107f582bcdd1db8b2599c68baa
http://answers.yahoo.com/question/index;_ylt=Aimxg9XvtFPvNu7YbqBUXmrty6IX;_ylv=3?qid=20070924210502AARWnrq&show=7#profile-info-3d6794d74a14dfb92cf6530412b084abaa

I hope this helps you.

Answer 3

Actually, the answer is yes you will get financial aid because it is not considered too much. If you received financial aid before you should receive it again. The FAFSA formula takes into consideration your family income and savings along with the family size. The money outside the Pell Grant should adjust to match pretty close to the new tuition. The books depends on the financial aid situation. I recommend spending the couple extra bucks for the CSS worksheet to make sure the expenses are covered. If it makes you feel better, I recommend start searching for outside scholarships and start applying for consideration. I have included some free pages which should help. Good luck!