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How does FAFSA work for multiple schools?
I have two schools on my FAFSA application a regional state school and a private (very expensive school) the results were that I was eligible for $3600 in Pell grant money. Now that money was applying for the regional state school does it change for the private school?
3 Answers
- just not thatLv 71 decade agoFavorite Answer
Your EFC and your Pell grant are always the same no matter where you attend. This is why community colleges are so popular. You could probably attend a community college entirely for fee next fall and spring on that 3,600 pell grant and possibly other smaller federal and state grants you aren't going to know about until you get your award letters from each of your two schools. FREE, going to college for free is always good. lol
If you go to a regional state school, you'd still get the same in Pell and possibly state aid, but you are going to have to take out loans.... which you must repay. You will be offered 5,500 in Stafford loans as well. (the max you can get). If your state school is higher than this, you might be offered a bit in Work Study or perhaps a Perkins loan.
The private school is a whole other matter. You will still get your Pell, and prob the state grants and Work Study, but it is not going to be even close to covering your entire cost. So you will be loaded up with other types of financial aid including the Stafford loan again the max is 5,500 and THEN on top of that your parents will be offered parent PLUS loans. Depending on the cost of the school they could need to take out quite a bit per year.. upwards of 30,000 depending on how expensive the school is.
Do they love you that much? Or maybe I should ask, do they love that private school that much? LOL
If they do, congrats to you (and remember they will need to borrow at least this much every year for you for the entire 4 years of your college), if they don't, you might consider attending the state school.... or the community college if you want to go debt free for the first two years and THEN transfer to the expensive private school. Good luck.
Yes, my young Jedi master... LOANS are considered financial aid...even parent PLUS loans.
- Anonymous5 years ago
Loved this question