Fed Financial
Federal Financial Aid-First Come First Serve?
If federal financial aid first come first serve? I am just curious I am going back to school as a post undergraduate. I applied at my former college and was dissatisfied with the changes to the school. Before I actually started this school year I was awarded 11,000 for the full year. I applied at another school and was accepted one month before the spring semester is suppose to start. I was only awarded 2,500 for the one semester. I am thinking this is because it is so late in the year. Is that the case
Public Comments
- Yes, federal aid is first come first serve. However, your problem could also be that you used up the maximum limit for federal financial aid already at your first school.
- Yes, it sounds like that is the case. Not only are loans on a first come first serve basis, but so are the grants, scholarships, work study, etc. monies available. Also, that school may have different award parameters than the previous school you attended. They are not all the same.
- Yes, the award is low because is late in the school year. The Pell Grant only covers up this year to $4300 in tuition for the entire year. Your financial aid award is also made up of the state grant, scholarships from the college's endowment fund, and student loans. Scholarship endowment funds vary from college to college, and the top two are Harvard and Yale which amounts to the billions of dollars. The endowment fund is first come first served, and there could be no more remaining until the next academic year which begins in the fall. It is also too late to find outside scholarships to make up the difference. You could finish out the school year with your dissatisfied school and transfer next fall, or you could use student loans to make up the difference. Good luck!
