Summer Financial Aid and Calculated Budget?

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Summer Financial Aid and Calculated Budget?

Postby jahall05 » Sat Apr 20, 2013 8:58 pm

Hello,

I am a current student in college (junior) and will be taking summer courses. When I was not registered for summer courses my EFC was 0 and my budget was 16,601 for the year. I am assuming all schools use a budget to determine how much to award in loans, grants, etc. Here is my predicament. My school allows you to move a semester of Pell grants, and parts of federal loans to the summer to cover those costs. I went ahead and moved a Pell grant for Spring and part of my loans to summer to cover the costs. Here is how it broke down originally: Pell Grant 5645, SEOG 400, Federal Loans (including "additional loan for denial of parent plus loan") 8261, State grant with school supplement grant 1800 which brought me to 16,106 which met my budget. Now that I registered for summer I have a bill for 4140.08. My new budget now says it is 23,321 and my EFC increased from 0 to $51/year. However, because of the denial of parent plus loan I was eligible for an additional 3000 in loans, but only received an additional 761 because my budget was met with the additional 761. Now that my budget went up, my loans and aid never increased or changed. I use this money for books, transportation, etc. just like it was intended and I am laid off of my summer job against my will and do not qualify for unemployment benefits. I just want to be sure there is no mistake in my calculated aid and that a loan wasn't supposed to be increased from the 761 additional.

Any suggestions or thoughts? They don't make it easy to understand at my school (or any school)!

-J
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Re: Summer Financial Aid and Calculated Budget?

Postby edvadmin » Wed Aug 14, 2013 11:38 am

If you are an undergraduate student you should receive between $5,500 to $12,500 per year in Direct Subsidized Loans and Direct Unsubsidized Loans depending on certain factors, including your year in college.
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