Can you get a pell grant and federal student loan at the same time? If so, how do you go about doing that?
June 29, 2010 by admin
Filed under Student loans
I am recieving a $5,500 pell grant for this school year and it is paid to me in set dividens, It covers my tuition and everything but I am in clinicals and have to pay a $3,000 clinical fee which it will not be enough to cover. I was wondering if I could try to get a federal Student loan at the same time or should I just try a personal Student loan from a bank?
It’s always best to get a federal school loan through your institution if you qualify, which you would if you are getting that amount from the Pell Grant. Federal student loans are usually subsidized, meaning they are awarded on the basis of financial need. You won’t be charged any interest before you begin repaying the loan because the federal government subsidizes the interest during this time. Private loans through banks are almost always unsubsidized, meaning they are charged interest from the time the money is first disbursed until it is paid in full. The interest is capitalized, meaning that you pay interest on any interest that has already accrued. These are not a good thing for poor college students!
Also, I’ve found that the financial aid departments at universities are very helpful if you have questions after you graduate. They are trained to work with students and are much more accessible and easier to understand than banks or credit unions.
Yes it’s possible, that’s how a lot of students pay for their schooling (with grants and federal loans). You will have to fill out an MPN and choose a lender. If you contact your school’s financial aid office, they should be willing to walk you through the steps. In addition, check your school’s website and look at the financial aid page – they often list the steps there as well. Don’t get a private student loan. . . stick with federal loans. Since you’re getting the maximum Pell, you should qualify for subsidized loans (which means the government will pay the interest while you’re in school and they have a lower interest rate) – stick with these if you can.
I don’t think banks can give out student loans any longer, just fill out your loan through your school. Apply for a subsidized loan, and if you don’t receive enough apply for the unsubsidized loan. If you’re receiving a full pell grant you will receive the subsidized, which the government pays the interest while your in school the unsubsidized loan you pay the interest, either while your in school or you can wait until you graduate. Depending on how many credits you have and weather or not your a dependent or independent student will depend on the amount of loan money you can get. Since you got the max pell grant amount I’m assuming your independent, you can receive up to 3500-5500, depending on credit hours completed in subsidized, plus a additional in unsubsidized up to 6000-7000 depending on credit hours completed. Those amounts are divided per semester, so I know you couldn’t just request 3,000 and it be given for one semester, they will divide it for summer, fall, spring semesters. You can get as much loan money as the limits allow, just remember that they have to be paid back. I wish you much success in your education and future job, I hope this was helpful.
scholarships. onlinewebshop. net – it provides some tips about applying to US federal and state grants for college students.