Financial Aid only covers half of the cost of attendance

[Kevin0424]

Hey guys,

Today, I just got my financial aid package. However, the number only covers a little more than half of the COA. Is this a normal thing? How should I cover the other half? Thank you.

Edit1:

Thanks to all the friends who reply to this thread and my personal research, I learned two things:

1. I should apply for the Direct PLUS Loan Application for Graduate/Professional Students to make up the deficit.
2. The loan application for 20-21 year hasn't started yet. Not sure when, but according to @pagingdoctormom, it will start in June.

I'm still waiting for my school's financial aid office to reply and will update this post for others' reference.

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[Dantes]

Are you sure this includes all financial aid? If I had to guess it sounds like half of the COA is what the unsubsidized Stafford loans might cover. The rest can be covered through Grad PLUS loans at a higher interest rate, but still through the government.

 

[Kevin0424]

Are you sure this includes all financial aid? If I had to guess it sounds like half of the COA is what the unsubsidized Stafford loans might cover. The rest can be covered through Grad PLUS loans at a higher interest rate, but still through the government.

Thank you for your reply, the only thing showed up are the unsub loans. However, I don't see the Grad Plus Loans or what so ever.

 

[ciestar]

You have to apply for GradPLUS separately. That’s how you get the rest.

 

[deleted859689]

Hey guys,

Today, I just got my financial aid package. However, the number only covers a little more than half of the COA. Is this a normal thing? How should I cover the other half? Thank you.

Best thing to do is contact financial aid office of your school. They will help you through the entire process.

 

[Kevin0424]

You have to apply for GradPLUS separately. That’s how you get the rest.

Thank you for your reply, will it be too late to apply now for July semester?

 

[deleted480308]

Thank you for your reply, will it be too late to apply now for July semester?

Call your school

 

[ciestar]

Thank you for your reply, will it be too late to apply now for July semester?

Shouldnt be. Check with your financial aid people, though. When I was first starting, my financial aid information wasnt released until June, and i still got what i needed

 

[deleted1005514]

I don't think the Grad Plus application opens until June for 2020-2021 school year, just fyi.

 

[BoneWizard]

Yeah the grad plus application hasn't opened yet. Our school hasn't even sent instructions for renewing financial aid.

 

[deleted994889]

There are limits to how much Direct Unsubsidized loans your school can disperse dependent on how long the academic year is:

(10/mo) $42,722
(11/mo) $44,944
(12/mo) $47,167
Lifetime limit: $224,000 including undergrad (both subsidized and unsub)
*The yearly limit includes origination fees
*Total amount disbursed equally between terms per year i.e. 1 each for fall and spring terms

After that, you can dip into Grad PLUS loans up to the CoA set by your school's finaid office. After that, you can dip into private loans.

 

[ciestar]

I don't think the Grad Plus application opens until June for 2020-2021 school year, just fyi.

Yeah the grad plus application hasn't opened yet. Our school hasn't even sent instructions for renewing financial aid.

Ah, yes. It’s STILL April..

 

[BoneWizard]

Ah, yes. It’s STILL April..

There are no longer months or days of the week.
There is only yesterday, today, and tomorrow divided into coffee hours and alcohol hours.

 

[deleted1005514]

There are no longer months or days of the week.
There is only yesterday, today, and tomorrow divided into coffee hours and alcohol hours.

AM pajama hours and PM pajama hours

 

[ciestar]

AM pajama hours and PM pajama hours

Thats too much laundry