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| *Women health>>>AIDS |
Stafford Loans and Pell Grant - Financial Aid? |
I will be receiving a pell grant. I was wondering if I am able to get a stafford loan etc as well to help out with the rest? I am single mom and I will qutting my job to go full time with the help of parents. Anything extra would help pay the bills! Aid is not based on if you are a single mom as one person put it. It is based on income. It is also based on the cost of attendance at that school. You will not get in aid over the cost of attendance. Now remember cost of attendance the total price you will pay for that school so that includes more then just tution like books, room and board, transportation, etc... But yes you can be awarded a pell and receive a stafford loan as long as you do not exceed the COA or cost of attendance at the school. Also in most cases if you do awarded a pell you may qualify for a subsidized stafford where the govt pays the interest on the loan while in school. Otherwise you get the unsub version where interest does accrue on the loan while inschool although you do not have to make payments on the loans as long as you do not fall below half time or leave school. Remember you also get a grace period on stafford for 6 months when you graduate, fall below half time or leave school. of course you can get a stafford loan. as a single mom, you should rake in the money, especially next year once you haven't been working for a while. since the aid goes off of the prior years earnings, you will really see the benefit then You you can. I get a very small pell grant, and I have to take the remainer of my tuition and books out in loans. Here is the difference in subsidized and unsubsidized loans. A subsidized loan is awarded on the basis of financial need. You won鈥檛 be charged any interest before you begin repayment or during deferment periods. The federal government 鈥渟ubsidizes鈥?the interest during these periods. An unsubsidized loan is not awarded on the basis of need. You鈥檒l be charged interest from the time the loan is disbursed until it鈥檚 paid in full. If you allow the interest to accrue (accumulate) while you鈥檙e in school or during other periods of nonpayment, it will be capitalized. This means the interest will be added to the principal amount of your loan, and additional interest will be based on that higher amount. Make sure you tell the financial aid office at your school that you will have a change of income when school starts. Your aid package is based on your 2006 income and the assumption is that you will make the same amount (if not more) in 2007. Since you're quitting your job ask the aid office if they have an appeal form to take this into consideration. Most do, and any adjustments will be based on the school's policies. |
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