Can someone help me clarify this please?

Question

Okay Im going to be attending Montclair State University in the fall and need help clarifying my financial aid statement. Tuition for the Fall 2008 year is going to be $3,418.39 per semester, no room and board fee since I'm commuting and probably an extra $1000 for books. On my financial aid statement, according to the Pell Grant I received $2366 for Fall 2008 and the same for Spring 2009. My tuition Aid Grant was $3194 for fall 2008 and the same for Spring 2009. So then in all I have $11119 for the year.

My question is that out of nowhere the financial aid added Stafford loans to my statement which are about $5500 in total and I honestly don't think I need these do I? If the school is $3,418.39 per semester that comes out $6836.78 since there are two semesters right? So then why would they give me all of this extra money? Should I tell them no? Since I really don't want to deal with loans if my financial aid will cover it.

Answer 1

Hi-

They are telling you what you are eligible for.  No, you do not have to take it and you should not take it.  You are in great shape right now.

Answer 2

The school is just giving you your award package. It is up to you if you want to take the loans or not. My school normally sends an email when loans are included in the package, so I have the option of rejecting them. You really don't want to get into debt if you won't be needing it for school. Other students may need that money for living expenses, but from what I read it looks like you are in a great spot. Good luck!