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close to finishing degree but I need some help figuring out my plan.
#1
So I got my unofficial evaluation and I only need about 14 S.H. to finish the degree.

The Analyzing and Interpreting Literature CLEP will count towards some credits that I still need and I was planning on completing the remaining credits through TECEP tests.

Here is where I think my plan got fowled! I was hoping to get financial aid or - more realistically- a Stafford Loan to cover the (if I remember correctly) ~3,000 dollars it will cost to enroll, graduate, etc.

To get a Stafford Loan though I believe I have to be at least a part-time student which means I have to actually be enrolled in 6 credit hours of online classes (pretty sure TECEP doesn't count here).

So basically all of this just occurred to me and I am wondering if this is right and what I should do? It would be bad if I was ready to enroll and graduate (by earning my remaining credits through CLEP and TECEP) but then couldn't get a Stafford Loan to help pay for the costs of enrolling and graduating.

As long as I enroll and take my last 6 credits with TESC as online courses I should be ok as far as getting a loan right?

Thanks so much for any advice or insights you have and I hope I have explained my situation and questions/concerns clearly.
#2
Are you talking about enrolling in TESC as a comprehensive in state student? That is up to about $4K. If you only need 14 credit why not CLEP or DSST more test and get it done quicker and cheaper with less hassle. with A & I Lit for 6 credits you only need 3 more 3 credit or 1 more 6 credit and 1 3 credit exam and you could be done. at less than $100/ exam that seems more time and cost effective.

Just my 2c
Linda

Start by doing what is necessary: then do the possible; and suddenly you are doing the impossible  St Francis of Assisi

Now a retired substitute Teacher in NY, & SC

AA Liberal Studies TESC '08
BA in Natural Science/Mathematics TESC Sept '10
AAS Environmental safety and Security Technology TESC  Dec '12
#3
yankee_racers Wrote:So I got my unofficial evaluation and I only need about 14 S.H. to finish the degree.

The Analyzing and Interpreting Literature CLEP will count towards some credits that I still need and I was planning on completing the remaining credits through TECEP tests.

Here is where I think my plan got fowled! I was hoping to get financial aid or - more realistically- a Stafford Loan to cover the (if I remember correctly) ~3,000 dollars it will cost to enroll, graduate, etc.

To get a Stafford Loan though I believe I have to be at least a part-time student which means I have to actually be enrolled in 6 credit hours of online classes (pretty sure TECEP doesn't count here).

So basically all of this just occurred to me and I am wondering if this is right and what I should do? It would be bad if I was ready to enroll and graduate (by earning my remaining credits through CLEP and TECEP) but then couldn't get a Stafford Loan to help pay for the costs of enrolling and graduating.

As long as I enroll and take my last 6 credits with TESC as online courses I should be ok as far as getting a loan right?

Thanks so much for any advice or insights you have and I hope I have explained my situation and questions/concerns clearly.
>>


Your Stafford and/or Pell are divided into 4ths. So, in order to get each dispersement, you need to be enrolled in 6 credits. The down side, as you are finding out, is that it can be faster to test than take classes. The up side, is that you get financial aid. Even if you CLEP, you need to pay the $2000 enrollment fee and $225 graduation fee. If you can be patient and wait, then you could enroll for 2 semesters. Take the 6 credit classes both times so that you are getting 6 credits while being enrolled in only 1 class each time. TECEP will mess up your plan - they don't count for financial aid AND they cost full tuition - scratch that. You'll come out even and shouldn't need anything out of pocket. (it takes 2 semesters to come out ahead, if you only do 1 semester, your still upside down $)

If that's confusing I'll try better- I'm in a rush out the door- but it's a simple process, I don't think I explained it in my hurry hurry answer.Sad
#4
Thanks a lot for the replies.

Lindagerr, that was my plan but I am realizing that if I do that, since I won't be enrolled in any actual classes I won't be considered a part time student so I will not be able to get a Stafford Loan. Any which way I go I am going to have to pay the enrollment and graduation fees in order to get my degree, even if I just transfer every credit over to tesc.

cookderosa, yeah I see what you are saying. That was really helpful.

You mentioned I would need 2 semesters because the Stafford loan is divided into 4ths.

So, being a senior and being independent (as opposed to dependent- not sure if that has an effect on the loan size) what is the biggest Stafford Loan I could get for each semester?

I assume from your message that it would take 2 semesters worth of Stafford Loan disbursements to be able to have enough money to enroll and graduate.

It would really be nice if I could wrap this up in one semester. If it is close I might be able to cover the rest of the cost myself.

I am not sure what you meant when you said that TECEP cost full tuition. I thought the online classes cost more than the TECEP tests but maybe I am wrong or don't understand something.

Thanks again!
#5
[QUOTE=yankee_racers]Thanks a lot for the replies.

Lindagerr, that was my plan but I am realizing that if I do that, since I won't be enrolled in any actual classes I won't be considered a part time student so I will not be able to get a Stafford Loan. Any which way I go I am going to have to pay the enrollment and graduation fees in order to get my degree, even if I just transfer every credit over to tesc.

cookderosa, yeah I see what you are saying. That was really helpful.

You mentioned I would need 2 semesters because the Stafford loan is divided into 4ths.

So, being a senior and being independent (as opposed to dependent- not sure if that has an effect on the loan size) what is the biggest Stafford Loan I could get for each semester?

>>

I believe your Stafford (subsidized) can be $5500 (mine was for 07/08). A pell grant is $4500. Combined, your looking at $10,000 if you went 4 quarters. It comes out to $2500 per quarter.

I assume from your message that it would take 2 semesters worth of Stafford Loan disbursements to be able to have enough money to enroll and graduate.

Yes. You have an enrollment fee and a technology fee, and then 6 credits. So, your first semester is the expensive one- roughly $3500. (roughly please, you can check my mathWink ) Your still negative at that point, but when you get into your next semester, your 6 credits of classes will be roughly $1200 so you'll be right side up at that point. If you continue to take 6 credits, you'll end up with a surplus of a little over $1100 each that will come back to you for quarters 3 and 4.

If you don't get a Pell, you won't be able to come out ahead, but you'll be really close. In that case, you can also take out an unsubsidized stafford for $4500 or $5000, I can't remember- or you can pay the difference. Keep in mind, you wouldn't actually be borrowing the whole $5500 because you only repay what you get in a dispersement. One semester wouldn't give you $5500.


It would really be nice if I could wrap this up in one semester. If it is close I might be able to cover the rest of the cost myself.

I am not sure what you meant when you said that TECEP cost full tuition. I thought the online classes cost more than the TECEP tests but maybe I am wrong or don't understand something


I just went to the website, and it looks like they lowered the price! My TECEP was $500 back in June I think. That's steep for 3 credits, especially since they don't count toward your 6 credit requirement. I'm pretty sure it was the same price as my tuition. Now it looks like $80 per credit for TECEP. Not too bad. They jacked the enrollment fee to $2400 and the per credit is up now too.

Still, you get the best deal if your in-state. Hope that helps.
#6
My husband just told me I only paid $250 for my TECEP exam....I need to quit all that crack smokin'

Just ignore my excitement about them lowering the costs. hilarious


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