In case you’re interested in knowing what financial aid covers in real life, I will share my actual numbers with you.
The amount of money the financial aid department budgeted for me below is a few thousand more than the package they actually offered, but that’s okay. I could have borrowed more to cover the shortfall, but I chose not to take on any more debt than necessary. I will manage very well.
BUDGET (2007/08 SCHOOL YEAR)
(As estimated by my college’s Financial Aid department)
$ 3,000.00 Tuition and fees
6,150.00 Room and board
1,200.00 Books and supplies
1,300.00 Miscellaneous
1,500.00 Transportation
0.00 Dependent Child Care
————–
$13,150.00 Total estimated need
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FINANCIAL AID AWARD PACKAGE
(2007/08 SCHOOL YEAR)
$ 4,310.00 Federal Pell Grant
300.00 Federal Supplemental Grant
1,200.00 Maine State Grant Program
300.00 Chamber of Commerce Scholarship
1,200 .00 Federal Work-Study
3,500.00 Subsidized Stafford Loan
————-
$10,810.00 Total Financial Aid Award
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As you can see, financial aid will cover most typical living expenses. Your situation may be very different than mine, but it’s worth looking into what you’re eligible for. The first crucial step is filing your FAFSA (Free Application for Federal Student Aid)*.
I don’t have dependent children, but if I did, the cost of child care would be included. That should soothe the concerns of single moms who think they need to choose between daycare and an education.
Some variables that affected my financial aid eligibility:
- I’m a woman over age 35
- My adjusted gross income for 2006 was under $7000 (very tough year!)
- Neither of my parents went to college
Other things to keep in mind:
- I’ll be a full-time student at an inexpensive community college
- I’ve lived in Maine for a year and a half, qualifying me for the lower in-state tuition
- I’ll be living off campus, but not far away (save on gas: walk/bike/take the bus when weather’s bad)
- I am very frugal with my money!
- Aside from an on-campus Work-Study job, I won’t necessarily need to work during the school year
- Grants and scholarships do not need to be paid back; loans do.
- Not everyone qualifies for a Pell Grant, but you won’t know unless you apply for federal financial aid
Depending on your personal situation and finances, college can be very affordable for you. YOU CAN DO IT!
* I can’t stress enough the importance of filing your FAFSA (Free Application for Federal Student Aid) early! For example, if you plan to start in the Fall of 2008, you need to apply for FAFSA in January or February of 2008. Student aid money is awarded on a first-come-first-serve basis, so the earlier you apply, the better.
A future blog will discuss FAFSA in detail.
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