Financial Aid incoming

I received a letter from my college pertaining to being approved for financial aid, or Federal Pell Grant, for the 2008-2009 school year. The award total is $2222.00, separated by the 3 semesters of Fall, Spring, and Summer. Keep in mind, my income from 2007 was less than $15000, with actual salary of 11 and change. What does it all mean? Well, considering my tuition is $42 per credit, along with an average book cost between $75-100 per course, I'm able to take a full-time schedule of 12 hours and would only have to pick up around $200 out of pocket per semester. The crucial aspect of maintaining financial aid, as stated in the letter, is succeeding in the classes themselves. There are factors involved in how much of the money can be used per semester. Since I'll only be taking 9 or 10 hours next Spring, I'm limited to use 75% of the award, as opposed to 100% if I was going full time (12+).

The math works well, as I have more flexibility in seeking employment to offset my cost of living (rent, food), with just $600 a year going to college. In other words, I can reduce the hours I'm working to concentrate on studies, or create room for more credit hours. I've committed to my current position as it pays well for a part-time job, and my morning work hours leave the entire afternoon and evening for attending college. Down the road, I could acquire another job that would only need to bring in 700 to 800 dollars a month in take-home pay. If that job pays just $8 an hour, then I would only need to work 22-25 hours a week to pay the bills.

In late January, I'll submit the complete actual cost layout in how much of the aid covers my tuition and books for Spring 2009, and if it is beneficial to take a full course to receive a higher ratio of aid. Regardless, another important threshold has been reached in my burgeoning college experience, help with paying for it!