<p>I've recently completed the FAFSA, but our EFC comes in at about 17,000 ish.</p>
<p>There is no way my family can pay that much for me to go to College.</p>
<p>So, I'm asking, if there is anyway to find alternative money to replace the family contribution, money that are not included in the College financial package? In other words, how do i find money that is not base on NEED?</p>
<p>THANK YOU TO ANYONE THAT HELPS</p>
<p>Our you a senior in hs?</p>
<p>Where have you applied to school? </p>
<p>Did you apply to any financial safety schools (such as state schools where you can commute to)?</p>
<p>How much can your family pay?</p>
<p>What are your stats? GPA and ACT/SAT (including SAT breakdown)</p>
<p>Money that is not based on need is generally called “merit aid.” You find that money by applying to schools which give merit aid, and at which your stats are at least above the 75th percentile listed on the colleges’ websites. However, there are very few places that will give you full tuition or full tuition + room + board. You must be the kind of student that they really want.</p>
<p>jy05434265 -</p>
<p>I ran the FAFSA calculators several years ago, and learned that our family would have an unaffordable EFC. Because we knew in advance, we had time to figure out what Happykid’s options were. She will spend two years at a local community college that we can afford out-of-pocket while we track down an affordable place for the last two years.</p>
<p>Talk with your parents about what exactly they can pay, and just exactly how much they are willing to let you borrow. Figure out how much money you can make with part-time school-year jobs, and full-time summer jobs. Consider working full- or part-time and studying part-time as well. </p>
<p>There are ways to make your education possible.</p>
<p>Wishing you all the best.</p>
<p>Good heavens, what did I write! LOL</p>
<p>ARE you a senior in high school? </p>
<p>*Money that is not based on need is generally called “merit aid.” You find that money by applying to schools which give merit aid, and at which your stats are at least above the 75th percentile listed on the colleges’ websites. However, there are very few places that will give you full tuition or full tuition + room + board. You must be the kind of student that they really want. *</p>
<p>Yes, but if this student is a senior, even with awesome stats it may be too late to apply to merit schools. Most have deadlines that have passed. It’s too bad when people don’t learn their approx EFC before the application season. :(</p>
<p>There might still be some. If not then a CC or commuting to a state school may be the only choice.</p>
<p>We’ll know more when he gives his stats what his options might be. We also need to know how much his family CAN contribute each year. :)</p>
<p>Other than what’s been posted, your family can take out loans, which is something that most families do to pay for their kids’ college. The kids also work summers and during the school year and take out loans. Often the kids do this to attend schools they commute to.</p>
<p>You might consider taking a year out and working and saving as much as you can. </p>
<p>If you do this, you will want to accept and defer enrollment at a particular college, assuming you applied this year.</p>
<p>^^^ I think that this will increase EFC even more.</p>
<p>catch 22 ^^ working for a year and saving money will increase your EFC even more. Student income affects the EFC by 50% after a protectes income allowance of around $4500. Student assets affect the EFC by 20% of their value.</p>
<p>catch 22 number 2 - the EFC is not neccessarily all you will be expected to pay. It is more like the minimum. Many students have a gap in aid, meaning the aid does not meet full need. This will depend on your school and their policies.</p>
<p>As other posters have said. Merit based aid is helpful (caveat: scholarships will reduce your need before reducing the EFC, but if you get enough to exceed “need” then merit money can reduce your EFC.) You, the student are eligible for $5500 in Stafford loans as a feshman. Your parents can also borrow PLUS loans.</p>
<p>If all else fails then happymom’s solution is an excellent way to save on the 1st couple of years.</p>
<p>First, Thank you to everyone that posted.</p>
<p>Second, some answers:</p>
<p>Our you a senior in hs?</p>
<pre><code> Yes I’m a seinor graduating in May.
</code></pre>
<p>Where have you applied to school?
Did you apply to any financial safety schools (such as state schools where you can commute to)?</p>
<pre><code> I applied ED at Wake forest, and was accepted. My financial safe school is a state school, in that case, I’m in New Mexico, so U New Mexico.
</code></pre>
<p>How much can your family pay?</p>
<pre><code> Our EFC came out at about 17500. My family can probably contribute $1000 per month, so 12,000 a year, which leaves about a 5000 gap.
</code></pre>
<p>What are your stats? GPA and ACT/SAT (including SAT breakdown) </p>
<p>Chinese-American
GPA: 3.89 out of 4.00 UW.
SAT: 1850 total, 1260 in M+CR
Um, not much ECs besides sports.
I tried to take really chanllenging courses, but our school, being new, offers only up to 2 APs per year. (by graduation I will have 4 APs) most of my other courses are honors or duel-enrollement, I also took a couple of classes after school in one of the near-by college.</p>
<p>Thrid. If my family must take out loans to cover the 5,000 gap, does the loan come from a private sector, say, a commercial bank, the government or the school? And is it under my name or my parents?</p>
<p>It seems like merit-aid or loans are the two most likely options, follow by getting a job? Is that correct?</p>
<p>I did not expect this many replies, lol. So, again, thank you to all you kindhearted folks. All your help is much appreciated.</p>
<p>*I applied ED at Wake forest, and was accepted. My financial safe school is a state school, in that case, I’m in New Mexico, so U New Mexico.</p>
<p>How much can your family pay?</p>
<p>Our EFC came out at about 17500. My family can probably contribute $1000 per month, so 12,000 a year, which leaves about a 5000 gap.
*</p>
<p>If you’ve been accepted ED, didn’t you receive a FA package? If so, what was in it? Was there a Stafford loan in it for you? Did the FA package cover everything but the EFC?</p>
<p>What have your parents said about their EFC? Have they said that they will take out a Parent Plus to cover it? If they take out the loan, it will be in their name. What have they said? </p>
<p>If your package already has a Stafford loan in it for you, then you can’t borrow any more money without your parents co-signing.</p>
<p>Since you’ve been accepted ED, didn’t you have withdraw your app to your safety school?</p>
<p>If your parents do decide to takeout the parents plus loan to cover what they need and get turned down, you will be entitled to get 4000.00 extra stafford loan.</p>
<p>
</p>
<p>If you applied ED to Wake, and accepted their offer of enrollment, you no longer HAVE another school in the hopper. If you did NOT accept Wake’s offer of enrollment due to finances, you will be able to go to U of New Mexico.</p>
<p>What is your status? Have you received a financial aid package from Wake? They will NOT offer you financial aid to pay your EFC…that is your expected FAMILY contribution. </p>
<p>I’m sorry to say…if you really cannot pay the difference between what Wake Forest offered you and what the cost is, you will have to decline their offer of acceptance.</p>
<p>I just got the acceptance letter on Monday, but I haven’t mail back the ED $500 deposit yet. and so I haven’t withdraw the other application.</p>
<p>Acutally I didn’t receive the FA offers, but that is my fault. I didn’t file the fafsa right after I applied.</p>
<p>It seems like I just made a big mistake…</p>
<p>So if my parents agreed to co-sign, or take out a loan under their name, it will be counted in the EFC?</p>
<p>^^</p>
<p>Didn’t you have to submit a CSS? I don’t think you had to submit the FAFSA because that wasn’t even available until Jan 1st.</p>
<p>how can they expect you to accept when you haven’t seen their financial aid offer? What if the “need” is also covered by loans?</p>
<p>You need to contact the school and ask for your FA package ASAP and a delay in your acceptance.</p>
<p>*So if my parents agreed to co-sign, or take out a loan under their name, it will be counted in the EFC? *</p>
<p>If your parents take out a loan to cover the part of their EFC that they can’t afford, that is fine.</p>
<p>however, since you haven’t seen your FA package, you have no idea if that also might include some loans.</p>
<p>Wake forest does not appear to be a school that meets 100% of need. So actually, the gap could be far larger than 5k. You will have to think carefully about the amount of loans you and your parents are willing to take. Your student loans are likely to be $25K plus, to borrow much more on top of that does not make sense for most.</p>
<p>Do not send in your deposit until you’ve seen their FA package and you know if it’s affordable. </p>
<p>You also need to find out from your parents if THEY will be paying back the loans or if you will be. If you will be saddled with these big loans, then you really need to reconsider going to Wake Forest.</p>
<p>What is your intended career? How much do you think you’ll be earning upon graduation?</p>
<p>OP–</p>
<p>With your stats, you’re eligible for a full/nearly full tuition scholarship at UNM. (The Lottery Scholarship and the Bridge to Success Scholarship for first semester freshmen). If you cannot get your financial issues resolved at Wake, please don’t delay in applying for these.</p>
<p>I know UNM isn’t as glamorous as some OOS colleges (speaking as a longtime NM resident here who had one kid go to UNM and one OOS), but it’s not a bad school and it offers some really first rate undergrad programs.</p>
<p>EFC is a starting ballpark. You really do need to see the “package” from Wake Forest. How much is scholarship? How much is Stafford loan? How much is work/study? </p>
<p>Even then, you can do some whittling. For instance, if you are covered under your parent’s health insurance while a college student, you may be able to waive the Wake Forest health insurance fee (saving perhaps $1500). If you are willing to live in an older dorm or have a smaller meal plan, you may also save bucks. </p>
<p>Some of the cost in the EFC is money your parents already pay out. For instance, right now part of their grocery bill goes to feed you. Next year that food won’t be under “Safeway” in their monthly expenses. . . it will be in a check labeled “College Dining Services.” </p>
<p>If you have a driver’s license and are driving, chances are your folks are paying a healthy driving insurance fee each month. Many insurance plans will have a much reduced rate for a college student who does not take a car to campus (ie, you are still covered when you are home for the holidays and drive to the store but it’s not as expensive as covering you all the time). </p>
<p>What you do NOT want to do: march into financial aid at Wake Forest or a bank and say “what can I sign to get a loan?” That is like going to a car dealership and saying the same thing! They will gladly loan you a great amount of money . . . and it can really hurt you. </p>
<p>You want to look at and understand all the numbers from Wake Forest and UNM. You want to see where you can cut corners. Then you want to get the teeniest loan from the best place possible (maybe a local credit union?). </p>
<p>See “How to pay for college without going broke” by . . Khaney (I think). </p>
<p>This is tough stuff to conquer. The numbers are huge and the fear is real – but the way to conquer fear and challenges is through information and work. Work to understand all the fees and and all your options for getting those fees paid. (Yep, that means trudging through the differences between a Pell grant, a Stafford loan, a bank loan, an equity loan, etc.). You need your parents help – but you can find a path that works. </p>
<p>Too many students go the “Little Mermaid” approach – they sign a contract (loan) to get what they want right now without talking to parents and without doing the grunt work to understand just what they are doing. Be smarter than a love smitten ditz! Start learning! Good luck.</p>