I don't know everything about financial aid, I just know what I currently am going through, and If I can put it in "lam ens terms" maybe someone out there can understand it better and shed some light.
I decided to go back to school, but knew there was no way I could afford it. Not yet anyway. I've heard of student loans, but laughed thinking, no one is going to loan me money. I figured this to be a hopeless lost dream, that I am destined to be a SAHM for the rest of my life, and heaven forbid something happens to my husband, hopefully he has great life insurance, because I have no schooling, no career, and nothing to give up in order to survive on my own with two kids. Then I started thinking more realistically. What if (heaven forbid again) we have to get a divorce, and share custody of the kids, he lives on his own, I live....who knows where, and I drive....who knows what, and I pay bills with....nothing!! Then what? Because our relationship didn't work out, I'm left with NOTHING! Mostly everything is in his name, because it was that way before we got married. I literally picked up my things and placed myself in his life. That very much could be a good or bad thing.
Now TRUST ME no divorce is in the future AT ALL. But every stay at home mom has to think of these things. Just - in - case. You never know. If something happened to your spouse, what would you do? Would you financially be ok?
This made me wonder, and worry. I need to be financially free, I need to have a degree, and have a decent career, and be able to take care of my babies AND myself if all hell breaks loose.
The best woman to ever listen to on advise is Suze Orman. She tells us we need to have a new Financial Truth. We need to start telling ourselves over and over and over again, that we ARE financially stable, that we WILL have an amazing career, and to set aside all your financial fears.
www.suzeorman.com
Financial fears are what hold you back from being financially FREE!
So I called! I called University of Phoenix, only for the mere fact that I knew you could go to school full time with their online program, and also work, or have children, without it effecting your everyday life. I needed that! Theres NO WAY I could go to school full time with a 2 & a 4yr old. Plus work so I can afford school?? lol. right.
I went to a face to face at the San Diego campus, met with an Enrollment specialist and discussed everything I had hoped to gain. I am currently an Undergrad due to the fact I do not have my AA. Being an Undergrad I was eligible to apply for the Pell Grant. Grants are money federally or state distributed to you, that you do not have to pay back. (we'll come back to this)
I filled out my FAFSA: www.fafsa.ed.gov
As soon as you are finished and you get to the confirmation page, it will give you your "Expected Family Contribution". This will be in the form of a dollar amount. If it's all zeros..that's great..any higher, that is the amount of money they expect you to pay out of pocket without any loans or grants. Now since I have no income, two kids, and my husband really doesn't make all that much...my "EFC" was zero. That tells the financial aid office at U of P that I should be eligible for the maximum amount. (Dont be fooled, doesn't mean you'll get it.) Then the confirmation page gives you two more dollar signs: Stafford Loan amount, and Pell Grant amount. You may have other grants or loans available as well depending on what FAFSA decides your eligible for.
My Stafford loan said: $10,000 and my Pell Grant said $5,500.
This also tells the financial aid, what I might be getting in the form of money to pay for school.
I then had to pick my degree. Since I have to finish my AA, that is costing me this year $9400.00. I received last week an award letter from the financial aid that my Stafford Loan awarded me $10,200 and the Pell Grant only awarded me $2750.
Now do the math. School costs: $9400...I was awarded: $12950.00
The Pell Grant is given, to not be paid back
Stafford Loan must be paid back AFTER you finish your degree program.
I HIGHLY suggest trying to find other scholarships or grants (as many as you can) to help pay for school. Ive tried. Its hard. Easier said than done.
Right now since I am in a financial bind...plus I don't work, I requested the over payment of $3550 be sent in check form to me. (This is given per year of course) (Every year could be different) This is money for you to use for school, whether it is to buy books, computers, pay for Internet, or rent, pay for childcare or whatever! Its up to you, and they dont have a say.
(The maximum a Pell Grant can be is: $5500.00) (The maximum an undergraduate can barrow from the Stafford Loan is: $9500)
The financial aid suggests only using the money you need and send the rest back..yah ok sure. I suggest take what you need and if you don't need that much, send it back so your student loan at the end of your degree program isn't so hefty. But wont it be anyway? Don't put yourself in stress and financial bankruptcy now just to go to school. Take the cushion, and make a promise now to yourself to pay it back when your finally a graduate and earning the money you deserve.
Just a reminder: Your FAFSA will tell you a rough estimate of what you may qualify for in $$ amounts.
Good Luck! Post any questions or opinions!!
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