Well I got a good scholarship amount, but...

[archcommus]

Received my estimated scholarship amount from my college today for the 05-06 year, $4,100. For a school with tuition under $16k that's pretty good, I'd say. However, I was also expecting to receive about $3,000 from PHEAA, as well, based on this chart. However, I called up the college today, and they told me they based my scholarship amount on the fact that PHEAA will give me NOTHING. They expect PHEAA will give me nothing because my dad owns a business. WTF does that have to do with what we can contribute? The fact he owns a business doesn't change our EFC. It doesn't change our income figures. It's not like you can take equity out on it like you can with a home.

If my school is right about that assumption, that's very upsetting, a big source of money that I thought was almost guaranteed. And, if PHEAA does unexpectedly give me something at all, that then consequently lowers what the school will give me as a scholarship.

Sigh... The school only costs $16k/year but it looks like I'll still be graduating with $30k in debt.

 

[amol]

I was about to type "BAN" until I saw that the first word was "WELL," not something else . . .

carry on

 

[upsciLLion]

Get more loans or find a cheaper school. It's not rocket science/Social Security reform.

 

[Detayned1447]

That sucks man. Just because he owns a business shouldnt affect it, it doesnt for my dad. He owns a construction company. Granted he makes too much for me to get aid, but that is only based on his income and not his self-employment

 

[Kipper]

PHEAA gives me exactly $400 a year, and I'm a only child in a single-parent household where my mom works for a nonprofit. It's peanuts compared to what the tuition here is (roughly around 25K, roughly equivalent to 80-90% of my mom's salary).

You can do one of two things: appeal their decision, or ask your school for more money. You may need to write quite a few letters for this. You may also qualify for subsidized Stafford loans, meaning the government pays the interest on the money until you graduate - think of it as free money for those years. 30K in debt is not bad at all given that many graduate with 40+.

Where are you attending?

 

[archcommus]

I'm going to Grove City.

We don't make a whole lot of money, my EFC for this year was $5580 so my need was $10,204. I don't see how my dad owning a "business asset" has any bearing on what aid the state gives me. Do they expect him to sell it to fund my education or something?

My situation seems similar to yours, MadCowDisease. My tuition is a pretty large chunk of my parents income. You also get aid from PHEAA, and it's only $400 a year despite your college's cost versus your mom's income? That's crap. I'll probably be in a similar boat. Like the lady in the GCC financial aid office told me, PHEAA will probably give me nothing.

I suppose $30k in debt isn't terrible, but since my school is cheaper than most I was really hoping to graduate with no more than $20k. But oh well, if I have to I have to.