Should you take advantage of full-time financial aid?

Question

Hi,

When I applied for financial aid I put down that I was planning to go to school 3/4 time in the fall. When I received my financial aid I saw that they gave me enough to go full-time. Even though I would like to it might be more than I can handle with my work schedule but one friend advised me to go full-time while I have enough because I may not get as much next year. Any suggestions about that?

Thanks

Answer 1

The answer to this question depends on the type(s) of financial aid that you received. If the money was primarily federal education aid, chances are that you'll get the same general Stafford Loan offer next year, but a change in your financial circumstances might affect your eligibility for other forms of financial aid.

If the job that you're referring to is going to pay a decent salary - and you weren't earning that kind of money this past year, then it's not unlikely that your EFC (expected family contribution) score will go up. An increase in your EFC means that the Department of Education thinks that you and your family have more money to contribute to the cost of your education. That would be the case if you earned a good income this year.

That probably only matters if one of the aid types that you qualified for this year is a Pell Grant. Pell Grants are tied directly to your EFC score - the higher the score, the lower the grant, until you reach a certain EFC at which you won't qualify for a Pell Grant at all.

Without knowing the details of your financial circumstances, your current EFC score, and the types of aid that your college offered you, no one can answer this question for you accurately. The best advice that I can offer is to suggest that you discuss this with an advisor in the financial aid office of your school. If you explain your work circumstances and whatever financial changes you might anticipate in your income (and/or your parents' income), they would be in the best position to advise you about how your future eligibility for financial aid might be affected.

Good luck!

Answer 2

your friend may be right. unless you have a job, which you can get work-study or the tuition increases more than it is right now.