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Old 09-02-2012, 05:21 PM   #1
Riverhill
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Good news...Now what???

Good news...

Our DD just recieved a call from the University she has wanted to attend for along time to tell her that she was accepted. She starts her senior year in high school Tuesday. That is the good news, plus they are giving her a $13000 scholarship

Now what...

Total cost per year is $41,000 based on several other factors they let me know that she/we will need $14,500 to cover cost. Is is possible to get loans for that amount???
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Old 09-02-2012, 05:45 PM   #2
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You are able to get federally subsidized loans for the total cost of attendance minus your expected family contribution. Your EFC and total cost of attendance also takes into account food/lodging, so it often is inflated over what you will actually incur costs for.

That being said, I graduated 6 years ago and cringe every time I pay on my student loans. Have her apply for every scholarship she can find, and I don't mean 5 or 6. You can go to Dave Ramsey's website and find the link to a software that will search thousands of scholarships. It is available pretty cheaply, and can net some serious savings if you apply for as many as you qualify for.

She will probably also be eligible for a Pell grant, with tuition and fees being that high. You won't be able to know her full financial aid package until the FAFSA has been completed and the school has packaged the results. In the meantime, have her get started on those scholarship applications!
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Old 09-02-2012, 05:46 PM   #3
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Quote:
Originally Posted by Riverhill View Post
Good news...

Our DD just recieved a call from the University she has wanted to attend for along time to tell her that she was accepted. She starts her senior year in high school Tuesday. That is the good news, plus they are giving her a $13000 scholarship

Now what...

Total cost per year is $41,000 based on several other factors they let me know that she/we will need $14,500 to cover cost. Is is possible to get loans for that amount???
You'll probably need to take out some private loans if you plan to finance the whole $14,500 of it. I would suggest applying for more scholarships and some grants too if possible. I definitely didn't qualify for Pell and my parents lost all my college fund after 9/11 (bad financial advisor had everything in stocks). Anyways... there is a max on federal student loan money.
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Old 09-02-2012, 06:01 PM   #4
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The Pell grant is only for people with very low incomes. It does not matter how expensive the college might be.
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Old 09-02-2012, 06:05 PM   #5
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obviously I have no idea of your financial condition but both my DH and I are offered subsidized and unsubsidized loans each school year. That's in addition to the Pell Grant. Each of us gets a financial aid package that matches the total cost of enrollment as posted by the university.

So if the need (based on your EFC) is there then hopefully you should be able to get the federal loans.

And I'd make sure to only accept what you really need. Those loans will have to be paid back.
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Old 09-02-2012, 07:47 PM   #6
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The first step is filling out the FAFSA.
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Old 09-02-2012, 07:53 PM   #7
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The first step is filling out the FAFSA.
My understanding is that I have to wait until I complete my 2012 taxes to complete the FAFSA. Is this right?

Since she will be starting next july, I feel like we are in a holding pattern until next year.
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Old 09-02-2012, 08:16 PM   #8
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That is correct. You can't fill out the FAFSA until after you do your taxes. Also, I would call the school and ask them if they can do better scholarship wise. That's an expensive school and tuition goes up every year. One school that really wanted my son kept upping his scholarship money the longer he said he wasn't sure if he wanted to attend. Good luck, college is expensive, I have 2 in right now.
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Old 09-02-2012, 08:32 PM   #9
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I am confused. The total cost is 41,000 dollars. Her scholarship is 13,000 dollars. That is a difference of 28,000 dollars. Where does the 14,000 dollars come from? Is that just for one semester?

You can fill out a sample FAFSA right now using the 2011 information and estimating any major differences. Here is a link to one:

https://fafsa.ed.gov/FAFSA/app/f4cForm?execution=e1s1
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Old 09-02-2012, 08:42 PM   #10
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Originally Posted by lastminutemom View Post
I am confused. The total cost is 41,000 dollars. Her scholarship is 13,000 dollars. That is a difference of 28,000 dollars. Where does the 14,000 dollars come from? Is that just for one semester?

You can fill out a sample FAFSA right now using the 2011 information and estimating any major differences. Here is a link to one:

https://fafsa.ed.gov/FAFSA/app/f4cForm?execution=e1s1
The rest of the money come from the schools co-op program. The students have 3 months in class and 3 months working in the field they are studing. Kettering University is known for the fact that their graduate have 2-3 years experience in their field upon graduation. They are paid real world wages, not normal student on campus jobs. There is also $ 5500 from grant money.

The best part is Disney is one of the co-op employers. So she could be working as an engineer for disney while in college This would avoid the whole CP idea and low wages.
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Old 09-02-2012, 08:50 PM   #11
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For freshman, the Stafford loans are limited to 5500 for freshman, 6500 for sophomore and 7500 for juniors and seniors. This is money that your daughter borrows and signs for. It is on her.

Anything above and beyond, either you will have to borrow or she will, with you as a co-signer. You will ultimately be responsible, regardless of what understanding you have with her. Student loan debt is impossible to discharge. Just want you to go into this with your eyes wide open.

If you are rejected for a Parent Plus loan, then she can borrow slightly more, but it may mean that you won't have access to any borrowed funds which may make this school impossible to afford. (Keep in mind that your ability to borrow will be lowered with each debt you take on.)

One more thing, make sure the 14500 remaining doesn't already count on the 500 stafford loans taking up some of the rest of the costs. Ask for the financial stuff in writing, unless you already have it.

There is also this on the Kettering page:
http://www.kettering.edu/financialAi...-opportunities

Encourage your daughter to apply.

Last edited by lastminutemom; 09-02-2012 at 08:56 PM.
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Old 09-02-2012, 09:13 PM   #12
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Originally Posted by Riverhill View Post
My understanding is that I have to wait until I complete my 2012 taxes to complete the FAFSA. Is this right?

Since she will be starting next july, I feel like we are in a holding pattern until next year.
The FAFSA deadline may be months earlier than the income tax return deadline. Make sure you do not miss any deadlines, and do not wait until shortly before the deadline to file. Complete the FAFSA with estimated tax information, and then make any necessary corrections to the FAFSA once you have the correct information. If I remember correctly, we always had to file the FAFSA by February 1 for our kids to meet some state scholarship deadlines.
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Old 09-03-2012, 06:55 AM   #13
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You might want to double check. The 5500 grant sounds like the Stafford Loan. We have a freshman this year. We were amazed at how many people we know that had all $100,000 just sitting in the bank ready to move to the college. Of course a private college would be a lot more. We also know a lot of people that had saved nothing hoping to get money from FAFSA or because they were unable to save over the years. We were in the middle! Good luck, it is stressful!

At $25,000 a year, that's a new car every year....that is not going to happen for DH and me!
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Old 09-03-2012, 07:48 AM   #14
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Quote:
Originally Posted by Riverhill View Post
My understanding is that I have to wait until I complete my 2012 taxes to complete the FAFSA. Is this right?

Since she will be starting next july, I feel like we are in a holding pattern until next year.
No your taxes do not have to be completed and filed. You can file the FAFSA in January based on estimated numbers and then update with the final numbers once the taxes are complete. Most of the colleges prefer this as it allows them to consider you for several grants or scholarships that have earlier deadlines than the tax forms.
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Old 09-03-2012, 08:06 AM   #15
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You need to also keep in mind the possibility that her award may be significantly reduced after the first year, unless this is a school which guarantees the same award every year. Sounds like you are very new to the financial aid process; I suggest you start researching.

It's odd to be admitted to a college a year before you finish HS; also to be offered financial aid without filling out any paperwork. Is this usual for this school?
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