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Aid is not based on if you are a single mom as one person put it. It is based on income. It is also based on the cost of attendance at that school. You will not get in aid over the cost of attendance. Now remember cost of attendance the total price you will pay for that school so that includes more then just tution like books, room and board, transportation, etc... But yes you can be awarded a pell and receive a stafford loan as long as you do not exceed the COA or cost of attendance at the school. Also in most cases if you do awarded a pell you may qualify for a subsidized stafford where the govt pays the interest on the loan while in school. Otherwise you get the unsub version where interest does accrue on the loan while inschool although you do not have to make payments on the loans as long as you do not fall below half time or leave school. Remember you also get a grace period on stafford for 6 months when you graduate, fall below half time or leave school.
of course you can get a stafford loan. as a single mom, you should rake in the money, especially next year once you haven't been working for a while. since the aid goes off of the prior years earnings, you will really see the benefit then
You you can. I get a very small pell grant, and I have to take the remainer of my tuition and books out in loans. Here is the difference in subsidized and unsubsidized loans.
A subsidized loan is awarded on the basis of financial need. You won’t be charged any interest before you begin repayment or during deferment periods. The federal government “subsidizes” the interest during these periods.
An unsubsidized loan is not awarded on the basis of need. You’ll be charged interest from the time the loan is disbursed until it’s paid in full. If you allow the interest to accrue (accumulate) while you’re in school or during other periods of nonpayment, it will be capitalized. This means the interest will be added to the principal amount of your loan, and additional interest will be based on that higher amount.
Make sure you tell the financial aid office at your school that you will have a change of income when school starts. Your aid package is based on your 2006 income and the assumption is that you will make the same amount (if not more) in 2007. Since you're quitting your job ask the aid office if they have an appeal form to take this into consideration. Most do, and any adjustments will be based on the school's policies.
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