<p>My EFC from FAFSA is $2354. I am an only child, with a mother and I receive no financial support from my father. My mother's income (before taxes) is about ~45,000 a year. I don't know if that's a lot in the grand scheme of things, but we certainly do not have that much in the bank, and we don't own a house (rent an apartment). My top choice gave me 10,000 in merit for a year, and their COA is 43,000 a year. What are the chances that I will only have ~15,000 in loans per year or less (including student loans in my financial aid package itself)? I'm not asking for a definite, but just wondering if anyone had the same sort of criteria that I had and what your results were.</p>
<p>Unless that school meets full need, it’s likely going to be too expensive for your budget. Borrowing $15,000 per year (way too much) will leave you $60,000 in the hole. You won’t be allowed to borrow that much without a parent willing to cosign.</p>
<p>Even that still leaves a gap of almost $20,000 per year not covered by grants or loans. You should get a small Pell grant, but where does the other $18,000 come from?</p>
<p>You need to look at a less expensive school, unless they make a significant need-based financial aid offer.</p>
<p>I’m only going for 3 years, got enough AP credits so I’m accepted as a sophomore. </p>
<p>And I’m not saying that my loans will equate to 15,000 a year. I have no idea how much they really give, because I’m not reliant on their stats, which says that the average applicant receives 25,000 in financial aid alone because I cannot tell if that average applicant has more EFC than I do.</p>
<p>We can’t guess how much aid you’re going to get, particularly without knowing what college you’re planning to attend. Do you know when your school is going to send you a full financial aid offer?</p>
<p>Even three years at $15,000 per is $45,000 in debt - too much, particularly if you want to go to graduate/professional school which might require even more loans. I borrowed only $17,000 for my entire undergraduate program.</p>
<p>I wasn’t asking for how much aid I will get, I was asking if anyone has the same EFC and around what they got. It seems that every thread I have seen has people with EFC of 25,000 or 0. There’s no real middle ground.</p>
<p>You’re lucky, I am not even considered an in-state student anywhere, because my mother is leaving our state at the end of the month, so any place I applied would be expensive and I don’t have the grades for an Ivy.</p>
<p>law2011,</p>
<p>Some states, like NY, consider you a state resident for tuition if you graduate from a state HS. See your GC immediately.</p>
<p>What others get with the same EFC as yours is going to vary all over the place. If the schools to which you apply tend to meet close to full need, and use FAFSA methodology, you would get your need met up to your EFC. That is the ideal. However, most schools will give you a small PELL grant, and Stafford loans, some subsidized. With a merit grant of $10K, you still have a gap of over $20K a year. The big question is how much of this your particular college will cover. Does this school tend to meet close to full need? That the average need based grant given is $25K, you might get a good part of your need met But it all depends on the school.</p>
<p>Kayf, RI does not do that, I have checked because I have emailed them back many times. Also, my mother may be moving back to our home country, which she has dual citizenship in and I do not, so I will be considered a US citizen regardless.</p>
<p>Cpt, I’m sorry, I thought that some people would have a rough estimate on how much they received. My top choice says that they meet 80% of need on collegeboard, but I’m not sure how accurate that is, nor does the actual college website have those statistics.</p>
<p>I’m sorry guys, I thought this was more straightforward than it’s turning out to be. You can ignore this thread now!</p>
<p>It depends on the school. The averages give you some idea, but it still can vary from person to person. If you are an above average candidate,usually, it would mean that about 80% of your need would be met. The college website rarely has those stats. College board does as does USNWR in their financial aid section for that particular college. But averages do not always translate to individuals. There will be folks who get 100% of need met, and some who get less. Have you gotten your financial aid package yet? If the merit award is truly that, you might still be up for some financial aid. That would include some PELL money for sure and most likely some subsidized Stafford loans, then whatever other aid the college has to offer in forms of grants, more loans and possibly work study.</p>
<p>Hi, Here is a link to more information on residency</p>
<p><a href=“http://www.ribghe.org/residency1.pdf[/url]”>http://www.ribghe.org/residency1.pdf</a></p>
<p>It may be if you can convince your mom not to claim you on her tax return for the last two years before she leaves you can meet the emancipated student rules.</p>
<p>Before everyone screams at me, no this guy will not be emanicpated for federal purposes, eg FAFSA, but it appears he may be for RI.</p>
<p>Your mom is going to be moving out of the country. YOU can’t borrow more than the small federal limits. Since your mom is leaving the country, I’m not sure if she would be an adequate co-signer. Or, your mom may refuse to co-sign since she doesn’t earn a lot. Is your mom quiting her job? Will she have a job in the home country?</p>
<p>These are the amounts that YOU can borrow by yourself…</p>
<p>frosh 5500
soph 6500
jr 7500
sr 7500</p>
<p>Does anyone know what the rules are for a US citizen who has lived in the US, but then the parent moves out of the country and the child stays in the country. Does the student really lose his residency?</p>
<p>Mom2, the link I provided had the RI (OP’s state) rules on what happens if kid becomes emancipated. I think he comes close to meeting rule, he certainly meets the spirit of them. I would talk to finaid at URI if I were he. He must find someone to deal with the specific question.</p>