Financial Aid... how does it work?

[NatashaB]

Just received my financial aid award from COSC for the 6/3/13 - 8/18/13 term. I only moved to the US a couple of years ago, so am a little new to this, but am a little confused. For 3/4 time attendance, my costs are estimated as follows:

Tuition $2,898.00
College Fee $228.00
Books & Supplies $375.00
Tech Allowance $630.00
Loan Fee $45.00
Living Allowance $1,912.00
Miscellaneous $1,464.00
Total Budget $7,552.00

Parental Contribution $0.00
Student Contribution $8,841.00

My aid award is:

Fed Unsubsidized Direct Loan $5,250.00

So how would I cover the rest of it - I assume no additional loans are available apart from private loans? Is this award likely to change if I delay starting until the fall, or can I expect it to be the same? I am still working through the various straighterline/clep courses to test out of as much as possible, but I will need to take at least a few COSC courses for my intended degree.

[cookderosa]

Just received my financial aid award from COSC for the 6/3/13 - 8/18/13 term. I only moved to the US a couple of years ago, so am a little new to this, but am a little confused. For 3/4 time attendance, my costs are estimated as follows:

Tuition $2,898.00
College Fee $228.00
Books & Supplies $375.00
Tech Allowance $630.00
Loan Fee $45.00
Living Allowance $1,912.00
Miscellaneous $1,464.00
Total Budget $7,552.00

Parental Contribution $0.00
Student Contribution $8,841.00

My aid award is:

Fed Unsubsidized Direct Loan $5,250.00

So how would I cover the rest of it - I assume no additional loans are available apart from private loans? Is this award likely to change if I delay starting until the fall, or can I expect it to be the same? I am still working through the various straighterline/clep courses to test out of as much as possible, but I will need to take at least a few COSC courses for my intended degree.

Their breakdown is a bit confusing, but you won't pay all that money to COSC. For instance, these two fees ($3376) are just for you:
Living Allowance $1,912.00
Miscellaneous $1,464.00

From the breakdown, it appears as if you will owe COSC:
College Fee $228, Tech Allowance $630 and Loan Fee $45.00
The tuition depends on if you enroll in any of their courses (you mentioned testing, so you might only have a capstone or cornerstone tuition) and books are on you, you can buy used and if you test, you won't be buying any books. (Straighterline requires books).

So, if I'm reading this right, you'll pay COSC $903 plus tuition (if applies) and the loan overpayment will come back to you as an over-payment of $1000-$4000. You can use that to pay your CLEPs, buy books, and whatever other school expenses you have.

It appears as if your loan well exceeds your costs. Borrow wisely

[NatashaB]

You have just made my day so much better! That makes sense now.

Thankyou

[rebel100]

I don't know of a tech fee at COSC....so that would be money you pocket as well.

I wouldn't recommend you take any COSC classes except the required Cornerstone and Capstone....take everything else somewhere else. You can work out a consortium agreement to take classes at another college....it will be much cheaper.

Cook is right your loan far exceeds your needs....be really careful borrowing money for this. If you really have no other way to pay then borrow the bare minimum....this is genuinely dangerous ground for your personal finances.


What courses are you taking other than cornerstone?

[NatashaB]

I am going for a BA in organizational leadership. I think I can test out of everything apart from the following courses via Straighterline, CLEP and DSST (if you can suggest any ways of testing out of the list below that would be great):

Leadership
Team Leadership
Diversity in the Workplace
Electives: Examples - Social Problems and Their Impact on the Workplace, Strategic Planning, Project Management, business elective
Capstone - LDR 499 (Culminating course in concentration)
Pre-requisite or Co-requisite: MIS (not older than 10 years)
Cornerstone

With the above, plus straighterline, CLEP, TEEX, FEMA and 30 credits that I transferred in from a UK university I hope I should be all set. I don't want to borrow any more than the cost of the tuition fees that I have to pay COSC... as long as I can borrow enough for those, plus maybe textbooks, I'm OK. A little bit different from the quote I got from Phoenix for $40,000 to do my BA before I discovered this forum.

[rebel100]

Unfortunately to access Federal Student Aid you have to meet certain requirements. CLEP/DSST/SL are not covered.

You have to enroll and pass 6 credits per semester to receive a 1/2 aid award and 12 credits to meet a full time aid award. Since this is a loan there may be some leeway I don't know about....but I doubt it. There are a few $100 tecep/ec exams that cover relevant topics for you....and you will find COSC pretty flexible in meeting the requirments of the Org Leadership concentration (that's one of my concentrations)....but again the federal aid only counts for actual courses.

I used CSU-Pueblo for the bulk of my required classes and only took the corner and cap stones at COSC.....this was done via consortium agreement to maximize the utility of my financial aid package. Independent Study > Division of Continuing Education > Colorado State University-Pueblo

[NatashaB]

Hi,

I don't want to pay for my CLEP tests/straighterline courses from my student loan. I'm paying for those out of pocket as I go along. I just need the loan to complete the COSC courses above. I did think about trying to do the remaining courses at community college and transferring the credits in, but I've been distinctly underwhelmed with my local CC so far.

[rebel100]

Hi,

I don't want to pay for my CLEP tests/straighterline courses from my student loan. I'm paying for those out of pocket as I go along. I just need the loan to complete the COSC courses above. I did think about trying to do the remaining courses at community college and transferring the credits in, but I've been distinctly underwhelmed with my local CC so far.

Your local CC proobably won't work as they are usually lower level courses. You need them transferred in as upper level, hence the CSU-Pueblo recommendation.

Looks like your thinking of taking 4 classes besides the Corner and Cap. If just those 4 where taken at CSU-Pueblo you would save another $1800.00

And the CSU courses are self paced (most of them) I finished Human Resources with them in 6 days (spread out over 6 weeks....but only 6 days of work)

[NatashaB]

Thanks, I will look into CSU. Distance learning is much better for me, we may be moving states soon. Did COSC have any issue with you transferring in all your credits apart from the capstone and cornerstone? I assume I'd need to resubmit my FAFSA to CSU and enroll there in addition to COSC.

[rebel100]

Thanks, I will look into CSU. Distance learning is much better for me, we may be moving states soon. Did COSC have any issue with you transferring in all your credits apart from the capstone and cornerstone? I assume I'd need to resubmit my FAFSA to CSU and enroll there in addition to COSC.

You can only receive F/A from one college at a time. No need to re-apply at CSU-Pueblo, the process is facilitated via a consortium agreement bewtween you, COSC and CSU. The financial aid office at both schools have to talk. Charter Oak State College - Consortium Information

Note that CSU will have to adjust their dates to fit the COSC schedule....they were more than willing to do this for me, I have contact info I can dig up if need be if you run into any trouble.

You may have to pay for the CSU classes up front and be reimbursed when the F/A funds are dispersed.

You don't have to follow the Organizational Leadership rubric to closely...COSC will allow you to make changes and solidify your plan in your cornerstone course when you develope your CPS. I canm send you a copy of my CPS if you like...I just need your email address.