Question:
Im recieving a nice financial
aid
package at my university, they cover
all my tuition plus a little extra
in just grants and they gave me some
subsidized loans also. They
covered the TOTAL "cost of attendance
given by the school, but I am finding
that I need just a tad more
money. So I am looking into
private student loans. Now I'm
wondering
if i recieve a private loan,
if it will in any way effect the financial
aid
package the school is already giving
me?
Answer:
The total Cost
Of Attendance (COA) includes what
they will bill you for tuition, fees,
room and board (if living on campus),
plus estimated out of pocket expenses
for books, transportation, and miscellaneous
living expenses. In the case of a
commuter there is also a food and
housing allowance built in. If aid
covers the full COA then it exceeds
what you will be billed. After the
term begins you get a "refund"
of the excess to pay for out of pocket
expenses.
You may not
receive more financial aid and other
private educational loans that exceed
the COA. If your financial aid already
covered the full COA then your school
will either refuse to certify any
private educational loans or may reduce
aid to offset the private loans. Your
financialaid office should be able
to tell you what, if any, refund you
will receive and any private loan
eligibility you may still have.
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