Financial Aid Question

[kc1m2l8c]

I apologize for posting yet another financial aid question, but I am really perplexed. Before yesterday, I'd received financial aid award letters from two schools, each with a 2016-2017 cost of attendance of about $40,000. Both schools had given me the maximum $20,500 in Federal Direct Loans and then the remainder of the cost of attendance was covered by Graduate PLUS Loans. So both award letters would have allowed me to take out full cost of attendance in federal student loans. However, I received an award letter yesterday from one of my top school choices that only allotted me $9,000 in Federal Direct Loans for the year. Nothing else. The cost of attendance is comparable to the other two schools. I'm really confused because I thought graduate students were guaranteed $20,500 in Federal Direct Loans. Does anyone know why the amount would be so different? I do currently work full time (and did curing CY 2014), so my expected family contribution on the FAFSA is greater than $0, but that clearly wasn't an issue with the other two schools. I had intended to cover most of my expenses with student loans...now I'm worried that I won't be able to at all schools.

[Jolie717]

That's odd - my grad plus loans were slightly different between two schools but that is bcz one offered more in work study.  You should update the financial aid depts at all schools you applied to if your expected earnings will be different during grad school - I guess you can ask them about it at the same time.

[kc1m2l8c]

50 minutes ago, Jolie717 said:

That's odd - my grad plus loans were slightly different between two schools but that is bcz one offered more in work study.  You should update the financial aid depts at all schools you applied to if your expected earnings will be different during grad school - I guess you can ask them about it at the same time.

2

This school didn't even offer me PLUS loans as an option! I don't know how I'm supposed to invent money. I'm hoping this was all just a mistake. I thought schools would only use what was reported on the FAFSA in determining aid, so that's good to know I can reach out to inform them my income will be SIGNIFICANTLY different. I had already come to terms with the fact that my 2015 income would prohibit me from receiving any aid except for loans (like work study), so maybe if they understand I won't be making that during the academic year I could become eligible for other types of aid too? I'm really stressing about this.

[Jolie717]

I'm betting it's a mistake based on your other two schools.  Fingers crossed!

[kc1m2l8c]

I'm just posting this for anyone who has the same issue and stumbles across this post. I did speak with the financial aid office. It wasn't a mistake as much as just how their process works. I am indeed eligible for the maximum federal direct loan and PLUS loans to bridge the gap between that maximum amount and the total cost of attendance. At UW, they first award you the minimal amount of loans based on your FAFSA EFC and put it on you to request more. I personally think they should explain that in the award letter, but there it is.

[racoomelon]

When can we expect to hear back from FASFA? Does it depend on the school or...?

[kc1m2l8c]

2 hours ago, racoomelon said:

When can we expect to hear back from FASFA? Does it depend on the school or...?

Are you referring to your EFC or to your financial aid award? The EFC is the only thing that FAFSA will determine, and you should have that immediately upon filiing. The school will determine your ultimate financial aid award package. The timing of the award letter depends on the school. Hope that helps!

[racoomelon]

23 minutes ago, kc1m2l8c said:

Are you referring to your EFC or to your financial aid award? The EFC is the only thing that FAFSA will determine, and you should have that immediately upon filiing. The school will determine your ultimate financial aid award package. The timing of the award letter depends on the school. Hope that helps!

I was referring to the financial aid award! Thank you, this does help. Now that I think of it, my undergrad school didn't tend to notify me until around May.