Financial Aid / FAFSA help

3 children already awarded Pell and loans for next year. If #1 decides to terminate at AA after the Fall semester instead of continuing a 4-year degree, do the other 2 lose the aid they've been given? Or once awarded, it's theirs?

Also, if it will affect them, what is the least expensive route for #1 to continue toward a B.A.?

TIA for your expertise.

 

If #1 decides to terminate, it will not affect the award that the other two have received on their FAFSA as long as they are continuing. This applies to PELL and/or any subsidized or unsubsidized Stafford loans. However, it is important for #1 not to receive any Spring disbursements if he/she is not going to be attending. If he/she does, it is important that it is paid back.

I'm not sure what you mean by the second question, however. #1 can always reapply for FA in the future and still receive PELL (as long as #1 is in their first undergraduate degree program.) In other words, receiving an AA will not affect grants and loans going toward the BA.

Hope this helps!

 

Thanks!

That relieves pressure on her, so she can finish and then take a break.

 

Just keep in mind that her first loan payment will be due six months after she leaves school. However, once she re-enrolls she can defer it since she is back in school.