FOUR Student Scenarios
Michael
Michael is an excellent student and a California resident. He lives at home with his single mother and younger brother who attends high school. His mom earns $20,145 and has no savings. Marvin earned $1,000 over the last year to save towards his first year of college.
College Costs: $49,340
Family Contribution $0
Maximum Eligibility $49,340
Michael’s Package for 2008-2009
Cal Grant: $9,708
Federal Pell Grant: $4,731
Federal SEOG: $1,000
College Grant: $20,816
Academic Competitiveness Grant $750
Federal Work Study $2,500
Federal Stafford Loans: $5,500
Federal Perkins Loan $1,000
Total: $46,005
Michael will live on campus and use private scholarships to help make covers his expenses. His parent may also choose to borrow from the Federal PLUS program to help meet room and board expenses.
Caitlin
Like Michael, Caitlin is an excellent student. She comes from a family of five in Nevada. Both of her parents work earning $86,000 with no savings. She has two sisters who are also in college. Caitlin earned $3,162 over the year and has $1,000 in savings. She plans to live off campus with her friends.
College Costs: $48,712
Family Contribution $4,741
Maximum Eligibility $43,971
Caitlin’s Package for 2008-2009
College Grant: $17,588
Federal Work Study $2,500
Federal Stafford Loans: $5,500
Total: $25,588
Caitlin may decide to use $5,000 she received in outside scholarships to help with tuition and her parents use the PLUS loan to cover her living expenses and books.
Jorge
Jorge is a good student from Southern California. His father is a widower and takes care of Jorge and his younger brother. Last year his father earned $68,350 and has investments of $30,000 along with $7,000 in savings. Jorge earned $6,753 and has saved $9,000 from jobs he worked during high school.
College Costs: $49,340
Family Contribution $18,663
Maximum Eligibility $30,677
Jorge’s Package for 2008-2009
College Grant: $19,940
Federal Stafford Loans: $5,500
Total: $23,440
Jorge won a $1,500 writing competition award and will use that along with his savings to help with tuition. His father will borrow the PLUS loan to cover his remaining expenses.
Gita
Gita comes a family of four and graduated from a Lasallian High School. Her parents’ income was $163,288 last year. They have savings of $50,000 and $39,000 in investments. She also has her grandmother living with the family as well. Sheila has $5,000 in savings.
College Costs: $49,340
Family Contribution $45,463
Maximum Eligibility $3,877
Gita’s Package for 2008-2009
College Grant: $13,000
Federal Stafford Unsubsidized Loans: $5,500
Total: $16,500
Gita has some options to help meet her net costs. She can take out her Stafford unsubsidized loans up to $5,500. Her parents can also take out the PLUS loan to cover her expenses. Alternatively, her parents can set up monthly payments on the College’s payment plan for the nine months that Gita is in school.
