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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I was one of the poors at my prestigious university.  I lived at home and spent 3.5 hours per day in transit, and had 2 part time jobs.  I had a decent GPA but could have done better if l didn’t have to commute and work.  Don’t just assume those lower GPAs signal not having a high level of talent, preparation or work ethic.  [/quote]

How come the school or Pell grants did not cover your room and board? [/quote]

DP. The maximum pell grant for the 2023-2024 school year is only $7,395/year. And that is for kids from the absolute neediest families; like, families with an HHI of $39k, for example. I assume the amount was much lower than $7,395 when the poster you’re replying to was in undergrad.[/quote]
Forgive my naïveté, I also thought the schools give FA to Pell eligible students [/quote]

Pell Grant PP here. Let’s assume the recipient attends a public university or a private that doesn’t meet full need. In addition to the $7,395/year, someone who is eligible for a full pell grant will also get federal work study, which at many schools tags a student for priority access to the “better” on-campus jobs, like being a library attendant. Federal work study can be anywhere from $2,000 to $2,500/year for up to 20 hours/ week. That isn’t nearly as much money as the student would make working at a local restaurant in the college town, but it offers more flexible scheduling & makes it easier to do schoolwork while working. In addition to the FWS & pell grant, a student who has financial need would have portions of their federal student loans subsidized (meaning, no interest accrues on those portions while the student is enrolled in school). The total limit that any student regardless of need can take out is $27k spread over all 4 years, not per year. The freshman year limit is $5500 in loans.

So, a student who is eligible for the full pell grant could get the total of the federal loan + FWS + pell grant secured. That totals to about $15k for, say, freshman year. That student is entitled to that amount as long as they don’t drop below a certain level of enrollment or fail a certain number of classes. They get that amount at minimum regardless of which school they attend, as long as it accepts federal aid. Very few don’t; Hillsdale, for example. That can also be in addition to merit scholarships, if they come directly from the college the student is attending. Working during the summers helps financially, too.

The catches? That $15-20k a year in funding is *all* the student has. There is no parental financial assistance or 529 account. They may not be able to commute to school. They can’t go live back with their parents, who likely are renters, after school. That student’s family is in no position to help them pay back loans post-college. They’re at a very high risk of not graduating. They’re also at risk of failing to keep their grants & merit scholarships. They may have to take fewer credits in order to make rent, which means they may only get a part-time pell grant, which is a lower amount. They have family whom they need to send money home to. Their parents can’t co-sign off-campus apartment rentals for them. All forms of federal financial aid have lifetime limits. You can’t afford to fail.

Hopefully this post gives some balanced insight. [/quote]

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