HPSP & FAFSA

[QM1]

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I hope one of you can help me understand this.

Because tuition, books, etc is being paid by HPSP, the financial aid coordinator at my school is telling me I'm only going to be eligible for around $2915 in federal student loans (the difference between the $16500 that the goverment deems enough to live on while in school and the amount I'll receive in stipend). I'm married and have 2 kids so 16.5K is not enough especially with existing obligations. Do any of you have experience with this? Alternative loans are available of course, but at higher rates. ANY information regarding this will be appreciated. Thanks,

QM1

 

[evescadeceus]

I hope one of you can help me understand this.

Because tuition, books, etc is being paid by HPSP, the financial aid coordinator at my school is telling me I'm only going to be eligible for around $2915 in federal student loans (the difference between the $16500 that the goverment deems enough to live on while in school and the amount I'll receive in stipend). I'm married and have 2 kids so 16.5K is not enough especially with existing obligations. Do any of you have experience with this? Alternative loans are available of course, but at higher rates. ANY information regarding this will be appreciated. Thanks,

QM1

Alot of schools do not take the HPSP stipend into account when calculating financial aid overage. If your school is going to penalize you for being a part of HPSP, either HPSP will end up looking not as attractive, or more likely, your choice of school will make it impossible to make ends meet. Go with a school that does not penalize you for participating with HPSP, even if it means having to delay matriculation a year.

 

[Heeed!]

I hope one of you can help me understand this.

Because tuition, books, etc is being paid by HPSP, the financial aid coordinator at my school is telling me I'm only going to be eligible for around $2915 in federal student loans (the difference between the $16500 that the goverment deems enough to live on while in school and the amount I'll receive in stipend). I'm married and have 2 kids so 16.5K is not enough especially with existing obligations. Do any of you have experience with this? Alternative loans are available of course, but at higher rates. ANY information regarding this will be appreciated.

Some schools do this. I have a wife + 3 kids and needed access to lots of financial aid. I chose my current school purely for financial aid reasons. I could have gone elsewhere but NSUCOM was great to work with in the financial aid department.

 

[cdreed]

I hope one of you can help me understand this.

Because tuition, books, etc is being paid by HPSP, the financial aid coordinator at my school is telling me I'm only going to be eligible for around $2915 in federal student loans (the difference between the $16500 that the goverment deems enough to live on while in school and the amount I'll receive in stipend). I'm married and have 2 kids so 16.5K is not enough especially with existing obligations. Do any of you have experience with this? Alternative loans are available of course, but at higher rates. ANY information regarding this will be appreciated. Thanks,

QM1

I'm in the same situation at a very expensive school. And I went from active duty supporting my family myself to the less than desirable situation that you speak of. My best advice is that if you really want to start school this year, you will be able to make it work. It's just a little tricky. I ended up taking out a private loan at a higher interest rate.

Even with the private loans, my family barely keeps out of the red on a monthly basis. You'll have to really keep to a budget and cut out a lot of things that you like. For instance, we let go of cable, eating out regularly, and family vacations. I am also lucky enough to have family nearby, so I don't have to pay for childcare.

But all in all, I don't regret it a bit. I'm almost finished with MSII. And now I'm quite used to living at the poverty level. 😉

Good luck to you on your decision.

Cyndi

 

[bogatyr]

You should look into food stamps. All the graduate students that I know who have children get them. With two kids you get almost $500 a month. You won't get quite as much because your monthly stipend will count against you.