Q&A: How much does financial aid and student loans usually pay for college?.?
Posted on August 20, 2011
Question by Areal C: How much does financial aid and student loans usually pay for college?.?
I live in Maryland and would like to attend college in south carolina but the tuition would be 20,000 a year plus 7,000 for room and board, my mom is a single mother…we probably cannot afford that. How much could I usually get in student loans and financial aid?
Best answer:
Answer by just not that
you can get up to 5500 in a federal stafford loan. If your mom is low income, you can get up to 5550 in a federal Pell grant. Since you have CHOSEN to attend an expensive out of state school, your mom will have to borrow the rest in a parent PLUS loan for you. But since she’s single, asking her to take on that burden seems pretty selfish…especially since she’d have to do it all FOUR years you are in school. That is a lot of money and 4 different loans with 4 separate payments she’d be making when you are a senior!!! Yikes! I’d look for an in-state school that you can attend on your Pell grant alone).
Good luck.
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2 Responses to “Q&A: How much does financial aid and student loans usually pay for college?.?”
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Financial aid and loans are based off your income. It’s impossible to say how much you would get- the only way to find out is to apply to the school, be accepted, fill out a FAFSA and talk to the school’s financial aid office. I wouldn’t expect your mom to pay for all your college… get a job.
Your financial aid will really depend on your mom’s financial situation. I totally understand making the decision to go to an out of state school, I did the same thing (and am actually in Maryland from Florida). You can borrow between 4500-5500 a year through federal subsidized loans. This means that you won’t have to pay interest on the loans until you graduate. Usually there is more federal money available but will be unsubsidized. Then there are other types of loans that you may be eligible for. Your mom could take out a PLUS loan–she would have to pay monthly on this loan while you were in school. Look at your school’s payment plans. I know a lot of my friend’s parents pay monthly on their tuition. Also, if you are going to a well known school with a large endowment (generally private schools) you may be very likely to receive a grant from that school or another scholarship. Be sure to apply to every scholarship you are eligible for. There are a ton of websites that allow you to search through scholarships that you would be eligible for based upon GPA, financial need, among other things. I came across this article that is really helpful with explaining different ways that you can come up with money for school as well as what going to school actually costs. Check it out: http://www.universityfacts.com/how-to-interpret-financial-aid-lingo/
I think that would be really helpful for you to look at. Don’t turn down a great school because of the price tag. Also, don’t expect your mom to pay for all of it. I am currently working 2 jobs in school and still maintaining a 3.7 GPA. My parent’s made a deal with me that they’d help me pay back my loans as long as I graduate with over a 3.5 and the higher my GPA got from there the more they’d help me pay. They did this to keep me motivated to do well in school. Maybe you could work out a deal like that with your mom if she is hesitant to help you out from the get go.
Best of luck to you!! I was in your shoes this time 4 years ago, and trust me it is stressful knowing I have a lot of debt, but I know going to a better school will help me get a better start in the corporate world. To me, that is worth it. You need to make that decision for yourself!