Financial aid and off campus

if a teen plans to go to a community college and wants to explore living in an apartment on his own, does financial aid provide any support for that or does it only cover tuition and on-campus room/board?

I've heard of it being used toward housing..not sure if it would also work if they are going to a local CC though...and assuming its a loan...have to really consider the debt upon graduation....and then possibly not being able to live independently because of debt payments...

if he can get a decent job...and a few roommates, they can get an apartment...just need to be sure the other roommates won't screw him over and stick him with the rent. It is possible to get a decent 2 bedroom apartment for $1600..so $400 each with 4 people. Costco pays good after a couple years, UPS pays good, but is hard to get into...better chance at the holidays and then trying to get a permanent position.

conandrob240 said:

if a teen plans to go to a community college and wants to explore living in an apartment on his own, does financial aid provide any support for that or does it only cover tuition and on-campus room/board?

As I said in the other thread, the ONLY financial aid a student can be awarded via submission of the Fafsa is federal aid. Federal aid consists of two things: Pell grant for very low income students (maximum $5k per year) and a federal direct loan (known as a Stafford loan). The Stafford loan can be subsidized -- which means that interest does not accrue during the time he is a full-time student -- or it can be unsubsidized -- which means interest starts accruing as soon as the funds are disbursed. The maximum Stafford loan for a first-year student is $5,500.

Pell grants and Stafford loan funds are disbursed directly to the college.

A student could potentially have money left over if, say, tuition is $8k/year, and he receives $5k in Pell and $5,500 in Staffford loan. Then the school would send the student a refund of $2,500, which the student can use however he pleases.

If the student attends a four-year college that has its own resources to grant F/A, then yes, needy students can be granted enough to cover living expenses.

I was thinking that it may be more financially feasible for your nephew to go to a four-year college that can provide either merit aid or a more robust financial package. Community college is only a financial benefit if the student lives at home.

One more thing: He lives in NY, right? If he goes to college in NY state he can be eligible for TAP (tuition assistance program). Those are state funds that he can get in addition to federal funds.

I know 20/20 hindsight. but his situation could have benefited from a college financial aid adviser to learn how to maximize his choices.

Even a generous financial aid package such as a "full ride" tuition scholarship doesn't cover fees. Fees can be a crazy amount of money, to the tune of thousands of dollars per year. He will still need some financial support or loans to make up the difference. Also, keeping aid (not loans) is also dependent on keeping a minimum GPA.

NizhoniGrrrl said:

Even a generous financial aid package such as a "full ride" tuition scholarship doesn't cover fees. Fees can be a crazy amount of money, to the tune of thousands of dollars per year. He will still need some financial support or loans to make up the difference. Also, keeping aid (not loans) is also dependent on keeping a minimum GPA.

If I may ... a "full ride" means the total cost of attendance is covered fully. That's everything, soup to nuts: tuition, room, board, fees, books, and a small allowance for personal expenses. Look up "cost of attendance" at any college to see what the total estimate is for that college.

A "full tuition" scholarship is just that -- it covers full tuition.

The GPA at which a student would lose need-based financial aid is generally one and the same as the GPA at which he would be placed on academic probation. Usually it's about 2.0. A student who cannot maintain a 2.0 has bigger issues than financial aid.

A non-need-based (i.e., merit) scholarship is a different animal. That usually requires maintaining around a 2.5 or 3.0, depending on the scholarship.

I stand corrected. Unfortunately the bottom line is it is difficult to get aid and the parents can really screw their kids if they don't cooperate with the financial disclosures on the FAFSA.