I have a two-part hypothetical question I need your help with. Ok. So say I go to California Community College. I've applied for financial aid and a regular sallie mae student loan. And I qualified for both the maximum amount
A: Okay, here goes....
Your schools "cost of attendance" should be listed somewhere on the website. You did not mention which CCC you were going to attend so I cant search for it. Usually this is a VERY generous number that not only includes
EDWARDSVILLE, IL -- Students will see increased Pell Grants and friendlier loan repayment terms as a result of an historic overhaul of the nations ...
What is free?
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Congress and the Nation X: 1997-2001
... a requirement in current law that Sallie Mae and other guaranty agencies ... to dramatically increase the maximum allowable Pell grant for disadvantaged ...
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CQ congressional quarterly weekly report
... led by the federally chartered Student Loan Marketing Association (Sallie Mae). ... Pell grants or other student financial aid reduced as a consequence. ...
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Social problems, selections from CQ researcher
Federal Pell Grants for low-income students have lagged behind rising costs for ... For example, Sallie Mae offered New York's Pace University a $4-million ...
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Federal law and college policies require the colleges to reduce the need-based financial aid package when a student wins an outside scholarship. (The federal Pell Grant is never reduced.) However, colleges have flexibility in how they reduce the financial aid package. Most colleges will apply the outside scholarships first to any unmet need, then to reducing loans and work-study. This ensures that the student still gets a financial benefit from the scholarships, since loans have to be repaid while scholarships do not. Only about a sixth of colleges will reduce their own grants first or insist on preserving a gap between the financial aid package and financial need.
Accordingly, it is a good idea to ask each college for a copy of its outside scholarship policy, which specifies how the college reduces need-based financial aid packages when a student wins a scholarship. Differences in the ways each college displaces outside scholarships can significantly impact the bottom-line cost of the college for students who have won many scholarships.
College Loans | College loan borrowers amendments to the ...
All new federal college loans will be paid by the Ministry of Education's Direct Loan Program. This means that subsidized and unsubsidized Stafford and Perkins loans to students, parents and loans for college students (PLUS) for the parents are no longer available from banks or private lenders such as Sallie Mae.
Banks and private lenders may, of course, continue to offer their student loans, but now there is a clear separation between public and private. This made the process of obtaining federal loans clearer because there is only one way to apply: Complete the Free Application for Federal Student Aid (FAFSA) and report to the school you want to make federal loans.
Federal loans may become easier to obtain. Mark Kantrowitz, publisher of FinAid.org, told the Wall Street Journal that his research shows that private providers are still far fewer loans approved that the Federal Direct Loan Program.
Changes in interest rates on federal loans The maximum Pell Grant has increased from $ 5,350 to $ 5,550 a year. Both full time and part-time students eligible for Pell grants, which are awarded based on financial need. Fill out the FAFSA to apply.