best laptop for a graduate student 2012 image
lilcheerer
I am going to be attending Kent State University in Fall 2012. My tuition, room and board come out to about $20,000. I received about $24,000 in loans and grants alone so I will have about $4,000 left over. Do I get ALL of the money back to pay for my books and possibly a laptop? If I do get all of the money back, when and how do I get the money? MUCH APPRECIATED :) :) :)
Answer
Sophia's answer was correct. I just wanted to add that you are not required to accept extra funds. Most schools use Pell money first, so often what is being "refunded" to you is loan money that you will have to repay with interest after you graduate. If you need it for educational expenses like books or a laptop, it's certainly fine to keep it. But if you can pay for those items out of pocket (perhaps with work-study or money from a part time job), you can save a considerable amount over the long run by not accepting the extra loans.
For example, if you have a $4000 credit balance every year, by the time you graduate, you will have borrowed an extra $16,000. It costs about $11.50 per month for every thousand dollars you borrow, so that $16,000 will add $184 to your student loan payments every month for 10 years and cost you $6,080 in extra interest--money that you could have used to buy a car, furnish an apartment, put toward your wedding, etc.
If the credit balance is coming from Pell funds that you don't have to repay, don't worry about it. But if it's from loans, you might want to consider limiting the amount you accept to just what you need for books and other supplies.
Sophia's answer was correct. I just wanted to add that you are not required to accept extra funds. Most schools use Pell money first, so often what is being "refunded" to you is loan money that you will have to repay with interest after you graduate. If you need it for educational expenses like books or a laptop, it's certainly fine to keep it. But if you can pay for those items out of pocket (perhaps with work-study or money from a part time job), you can save a considerable amount over the long run by not accepting the extra loans.
For example, if you have a $4000 credit balance every year, by the time you graduate, you will have borrowed an extra $16,000. It costs about $11.50 per month for every thousand dollars you borrow, so that $16,000 will add $184 to your student loan payments every month for 10 years and cost you $6,080 in extra interest--money that you could have used to buy a car, furnish an apartment, put toward your wedding, etc.
If the credit balance is coming from Pell funds that you don't have to repay, don't worry about it. But if it's from loans, you might want to consider limiting the amount you accept to just what you need for books and other supplies.
have you ever applied for financial aid? BEST ANSWER!?
pink is lo
I have no one to help me out with college I'm doing this all on my own so I'm new to all of this I applied for financial aid they said I was eligible for the most I can get which I'm not sure how much that is and I was wondering does it only cover 1 semester or is it for the whole year of 2014 how does it work? also when do they send you the rest of the money that you don't use for school is it after one semester? Depending on how much I get I'd like to get a laptop for school so I'm just curious!any other additional information about financial aid would be greatly appreciated thank you!!
Answer
Each year the FAFSA covers Fall, spring, and summer. However, your award will cover fall and spring and then if you take summer courses you will file a paper in your college if you want summer aid and you will get that separately at that time.
This is how it works:
The FAFSA, free application for federal student aid, becomes available each year to fill out beginning Jan 1. There are federal deadlines to fill this out, which means a final date all the state govts must request for the aid and there are state deadlines which is a date all states must request aid by the colleges. However each college in the states have their own deadlines. So make sure you check your state deadline and the college deadlines as to when the FAFSA must be turned in. But if you wait that long its a mistake. The earlier the more you get. You dont wait until the taxes are done to do your FAFSA that year. Put will file on the tax question, use the previous years completed taxes to do the fafsa, finish the application and submit. Then asap do the taxes for the current year, log back onto your fafsa, put filed for tax questioon, put in the correct tax info for that year and resubmit. Filing early maximizes your award because some aid runs out.
The answers on the FAFSA determines your financial strength and how much financial need help you need from them. Its not just income but also other assets like stocks, mutal funds, rental property, amount of money in banks and other factors like how many in family, how many in family attending etc. They put your answers in a formula and the result is your EFC. This is a measure of your financial strength.
Those with low EFC are offered grants and the subsidized loans as those are given to those demonstrating a greater need for financial aid help. My daughters EFC was 2700 and she did qualify for those, as well as other loans and aid she needed to attend.
This EFC will be put in a SAR report, student aid report, and sent to the colleges you listed on the FAFSA. You list on the FAFSA up to 10 schools you may be interested in. Those colleges to which you applied and offered you admittance will create a financial aid award for you based on your EFC. They will do a financial aid budget for you also called cost of attendance (COA). This is the tuition, fees, books, housing, meals, travel expenses and personal expenses. This is your COA, the amount you need to attend.
COA
minus your EFC
= your financial need to attend.
So they will offer you federal aid that you qualify for (grants, student loans, parent loans, work study) that they have available and usualy it is a combination.
So if they offer you all the aid you qualify for and they have to offer and it is not enough to cover the whole financial need you need to attend then you would need an additional to private loan from a lender like a bank etc. which you get on your own.
Also, dont get scared when you hear loans. Most all students have these student loans (staffords and perkins) . They go in your name, no credit check or age, and you dont pay them back until starting 6 months after you quit, graduate or fall below half time and then you make payments. There are also parent loans, which go in the parent name but they must apply for this and it does go by their credit.
So as you can see the lower your COA the lower the loans you will need to take out so its smart to pick a cheaper college or if you are low income-low EFC you can pick a no loan college
http://studentaid.ed.gov/
http://www.finaid.org/
This comes out every year: http://studentaid.ed.gov/sites/default/files/2012-13-funding-your-education.pdf
You get the financial aid by semester. Grants, loans will go into your college account your college has set up for your. Then the college will charge you for the classes and fees and dorm and meal plan if required for the semester. They will use your grants first then loans to pay those charges, and the rest if any is your refund. My daughter gets her financial aid in her account about 3 weeks before the semester and her refund right before college starts or the first week of college to buy books and any other things you need. Each college differs. My daughter they have master card debit cards they get their refund on, some colleges mail checks. Just ask your college.
Each year the FAFSA covers Fall, spring, and summer. However, your award will cover fall and spring and then if you take summer courses you will file a paper in your college if you want summer aid and you will get that separately at that time.
This is how it works:
The FAFSA, free application for federal student aid, becomes available each year to fill out beginning Jan 1. There are federal deadlines to fill this out, which means a final date all the state govts must request for the aid and there are state deadlines which is a date all states must request aid by the colleges. However each college in the states have their own deadlines. So make sure you check your state deadline and the college deadlines as to when the FAFSA must be turned in. But if you wait that long its a mistake. The earlier the more you get. You dont wait until the taxes are done to do your FAFSA that year. Put will file on the tax question, use the previous years completed taxes to do the fafsa, finish the application and submit. Then asap do the taxes for the current year, log back onto your fafsa, put filed for tax questioon, put in the correct tax info for that year and resubmit. Filing early maximizes your award because some aid runs out.
The answers on the FAFSA determines your financial strength and how much financial need help you need from them. Its not just income but also other assets like stocks, mutal funds, rental property, amount of money in banks and other factors like how many in family, how many in family attending etc. They put your answers in a formula and the result is your EFC. This is a measure of your financial strength.
Those with low EFC are offered grants and the subsidized loans as those are given to those demonstrating a greater need for financial aid help. My daughters EFC was 2700 and she did qualify for those, as well as other loans and aid she needed to attend.
This EFC will be put in a SAR report, student aid report, and sent to the colleges you listed on the FAFSA. You list on the FAFSA up to 10 schools you may be interested in. Those colleges to which you applied and offered you admittance will create a financial aid award for you based on your EFC. They will do a financial aid budget for you also called cost of attendance (COA). This is the tuition, fees, books, housing, meals, travel expenses and personal expenses. This is your COA, the amount you need to attend.
COA
minus your EFC
= your financial need to attend.
So they will offer you federal aid that you qualify for (grants, student loans, parent loans, work study) that they have available and usualy it is a combination.
So if they offer you all the aid you qualify for and they have to offer and it is not enough to cover the whole financial need you need to attend then you would need an additional to private loan from a lender like a bank etc. which you get on your own.
Also, dont get scared when you hear loans. Most all students have these student loans (staffords and perkins) . They go in your name, no credit check or age, and you dont pay them back until starting 6 months after you quit, graduate or fall below half time and then you make payments. There are also parent loans, which go in the parent name but they must apply for this and it does go by their credit.
So as you can see the lower your COA the lower the loans you will need to take out so its smart to pick a cheaper college or if you are low income-low EFC you can pick a no loan college
http://studentaid.ed.gov/
http://www.finaid.org/
This comes out every year: http://studentaid.ed.gov/sites/default/files/2012-13-funding-your-education.pdf
You get the financial aid by semester. Grants, loans will go into your college account your college has set up for your. Then the college will charge you for the classes and fees and dorm and meal plan if required for the semester. They will use your grants first then loans to pay those charges, and the rest if any is your refund. My daughter gets her financial aid in her account about 3 weeks before the semester and her refund right before college starts or the first week of college to buy books and any other things you need. Each college differs. My daughter they have master card debit cards they get their refund on, some colleges mail checks. Just ask your college.
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Title Post: HELP! What happens to my extra grant and loan money?
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