Financial aid? confusing..its my first time receieving it.?

Question

okay i go to MATC. this is the first time in forever that i am attending a college, so i am not sure how financial aid works. how long does it cover it for?? i go back to school august 25th and i get out january 21st..so would alll this money be only good from august to january? or is it for a year? (like this january until next january?) please helppp!

heres what the aid looks like..

AWARD NAME. >> fall 2008 >> spring 2009

federal pell grant >> $2366.00 >> $2365.00

wi higher ed. grant >> $553.00 >> $552.00

federal stafford loan >> $1750.00 >> $1750.00

Answer 1

The aid you received is for two semesters...fall and spring.  From the dates you listed, it sounds like you're only attending Fall?  Fall is usually Aug-Dec and spring is usually Jan-May.  Different schools have different calendars, though...so you should check MATCs web site or call the Financial Aid Office.    If you are only attending one semester, you will get half of the award ($2366 Pell, $553 WI grant, and $1750 loan).

Answer 2

When you ask if the money will be good--it will be "good" for the whole school year. Givent he number you are showing, if your annual tuition and fees (and room and board if you live on campus) is less than $9,338, you will get that money back to spend on school related living expenses. I'd recommend that you reduce you stafford loans if you don't need the money.

You are getting d**n near the max from the federal government, so like me you are dirt poor and have an EFC near zero.

each allotment of aid goes to pay for one semester each--that is, (given the numbers above) you have $4,669 for fall semester, and $4,668 for the spring semester for a total of $9,338 for the school year. Tuition is generally charged by the semester. I dont now how much your tuition is, but anything over $9,338 will not be covered unless there's some form of aid you are mentioning.

The most important thing I can tell you is ithis--if you need mor emoney, ask for more from you aid department--the worst they can tell you is "no."

Remember, you have to pay the loan back, so you are going in debt $3,500 dollars for the year--that's not free money.