Would it be a good idea to work as a part-time bank teller and go to college full time?
Sure -- with small amount of hours, and if you can handle both aspects well.There are tons of college students work part-time jobs, it adds a nice touch to your resume, shows you have some initiative and able to handle multiple workloads, and it gives you something to talk about at your (first) job interviews.However, I can not stress this enough: your primary goal of going to college full time is for the education, in another words, not to earn money.Sure it's nice to earn some pocket change to pay for your rent or the coffees you drink while studying at libraries. But you have to be certain that it does not cost your grades to drop or miss classes.You only have one shot to take the classes (generally speaking), but you have life long ahead of you to work the jobs. When I used to work at my school's cafeteria during college, I saw some kids scratch their heads to work beyond the 20hrs/week limit in order to make a little bit more money, even take less classes to do it (sometimes it's because their parents paid for the school, and the paychecks go to their own pocket)... Now that is the dumbest thing one could do! Please keep that in mind. A solid GPA is irreversible and it follows your whole life. At college, learning is your top priority.
Sallie Mae full time status currently. May drop below full time. Consequences ?
If you've already received the loan funds, you won't need to return them. However, you will have to check and see what your school's Satisfactory Progress Policy is. The school that I work at requires that students complete 67% of their total attempted credits - if they fail to do that they are put on Financial Aid Probation (which means they need to visit with the Financial Aid office regarding what's expected of them before they are able to receive funding for the next semester). What this means is that if you were a student at my school, you would have to be sure and successfully complete your last 9 credits to avoid being put on Fin. Aid probation. Another thing to remember is that if you fail to successfully complete at least 6 credits (half time), the Financial Office MAY be required to send back any Federal funding that you've received (Stafford loans, for example). So, if you're only doing poorly in your physics course and you're doing alright in your other courses (and ATTENDING classes), you should have no worries as far as dropping the course and falling to 3/4 time status.
How will dropping a class affect my financial aid?
I had 10 units so Im not a full time student. I dropped out of my math class and that was 5 units. Now I have 5 units. I got a refund disbursement because I was barely able to get financial aid. I got $500 for last fall and $1000 for spring (currently). It's been pretty much half way through school. Do I have to pay back the money for the course? And if I do, do you know how much? I appreciate the help.
If I take a semester off, do I have to start payments on my Unsubsidized Stafford Loan?
After you graduate, leave school, or drop below half-time enrollment, you will have a six-month "grace period" before you begin repayment. During this period, you'll receive repayment information, and you'll be notified of your first payment due date. You're responsible for beginning repayment on time, even if you don't receive this information. Payments are usually due monthly. Under certain circumstances, you can receive a deferment or forbearance on your loan, as long as it’s not in default. During a deferment, no payments are required. You won’t be charged interest for a subsidized FFEL or Direct Stafford loan. If you have an unsubsidized Stafford Loan, you are responsible for the interest during deferment. If you’re temporarily unable to meet your repayment schedule (for example due to poor health or other unforeseen personal problems), but you’re not eligible for a deferment, your lender might grant you forbearance for a limited and specified period.
How does a college student pay for an apartment?
You pay for an apartment just like a non-college student. With a job or with money the folks give you. Just be sure you choose an apartment you can afford because money isn't miraculously going to fall from the sky for your utilities and stuff just because you are a college student. Since you already have the huge expense of a car payment, it may limit what you can afford. You may have to choose what is more important, housing or a car. The money you get in student loans (5,500 a YEAR in federal Stafford loans a year as a dependent freshman - only half this is for the fall and the other half is for the spring) is limited and not always does it even cover all the costs of your tuition and fees (depending on how expensive the school is you attend and if your parents are willing to take out parent PLUS loans for you). Also be aware your loan money won't be given to you until several weeks until AFTER the semester has already started, so you would have to have the money UP FRONT for utility and rent deposits before you get your aid. If you have any money left over after your tuition and fees are paid, then the school issues you the extra usually 4 weeks after the semester starts. Sounds like you need to start saving now... or sell the car. If they ever do a study about who is the most likely person to drop out of college, I guarantee it's college students responsible for car payments.
Federal award amount for half time student?
The answer is "yes" - your financial aid eligibility is directly influenced by whether you are a full-time or half-time student. First of all, you must be registered full-time to receive certain types of aid, including the SMART grant, or the Academic Competitiveness Grant (ACG). You must be registered at least half-time to receive a Stafford or PLUS loan. You do not need to be registered for any specific number of hours to be eligible for a Pell Grant, but the amount of the award is determined by your registration status. There are separate award amounts for full-time, 3/4 time, 1/2 time and 1/4 time students. Though you'll still be eligible for a Stafford loan, you will probably be eligible for a smaller loan, because your aid eligibility is based on your Cost of Attendance. Cost of Attendance includes an allowance for tuition, college fees and books - and I'm going to guess that the tuition, fees and book expenses for half-time students are much lower then they are for full-time students. I would definitely not rely on the expectation that you will receive a financial aid package at the same level as your previous awards. Your school will be asked to certify your registration to any lender who is disbursing any kind of student loan, or to the US Department of Education, before they disburse Pell Grant funds. I hope that helped - though I know it's not what you wanted to hear. Good luck!