Financial Aid...how much?

[UFgator24]

I was awarded $75,000 for my first year at Ross, 08-09. My question is...how much should I accept? How much did yall need for your first year down there? I don't want to accept too much but I also don't want to be left without any. The only money I will have will be from financial aid, as I have none of my own to use. Here is how it was broken down:
Books and Supplies$1,965.00
Loan Fees$1,620.00
Personal Expenses$5,760.00
Room and Board$19,050.00
Tuition and Fees$42,108.00
Transportation$3,987.00
Total: $74,490.00

Any help is appreciated, thanks guys.

[jabee_usm]

Geesh, that's alot of dinero!:)

[Closter]

Personal Expenses$5,760.00
Room and Board$19,050.00

Live in luxury huh?

[kryptik]

why dont you accept all of it, save what you dont use and then reduce next years aid?

[jabee_usm]

Ummm, pretty good idea!

[trailwares]

do you have the option of reducing the aid each semester or do you only get that option once a year, when they sent the award letter.

[jjmalu]

you can reduce it each semester.

[Gator98MD]

Or you could place whatever you dont use into a savings account or mutual fund/money market fund, so it earns you even more money. Make your money work for you!

[trailwares]

i thought you are paying interest rate about 8.5 percent on your grad plus loans. So I was wondering, which bank is giving greater than 8.5 percent for savings?

[mrpryor]

Next Tuesday (July 1), the student loan interest rates will be reset so theoretically it will be less than 8.5 based on the Fed cuts over the past year. Still, you won't get an account that beats the interest rate.

[Laconic]

Just a quick question. I got approved for grad plus without a co-signer, however, i believe after two or so years with the substantial amount of debt accrued, the credit score will take a dip. Anyone out there experience that problem and had to get a co-signer later on in the program?

[vaneleus]

Just a quick question. I got approved for grad plus without a co-signer, however, i believe after two or so years with the substantial amount of debt accrued, the credit score will take a dip. Anyone out there experience that problem and had to get a co-signer later on in the program?


My credit score hasn't gone down after two years. If anything, it's gone up. Just keep your revolving debt low, it has a greater impact on your score.

[jabee_usm]

Great information Vaneleus!:)