<p>Okay so my financial aid for this school just came in.....but what does this mean....here's what it looks like.</p>
<p>University Grant: Fall - 14,250 Spring - 14250 Total - 28,500
Perkins Loan: Fall - 500 Spring - 500 Total - 1,000
Work Study: Fall - 500 Spring - 500 Total 1,000
Sub Stafford Loan: Fall - 1,750 Spring - 1,750 Total - 3,500
Unsub Stafford Loan: Fall - 1,000 Spring - 1,000 Total - 2,000</p>
<p>Total for fall - 18,000
Total for spring - 18,000
Total for total - 36,000</p>
<p>So that's what it looks like.....here are the numbers from the Collegeboard website:</p>
<p>In-state tuition and fees: $35,828<br>
Out-of-state tuition and fees: $35,828<br>
Room and board: $11,740<br>
Books and supplies: $1,050<br>
Estimated personal expenses: $1,135<br>
Transportation expense: $1,720 </p>
<p>Those are the numbers for out of state and living on campus....which I am.</p>
<p>So what does this mean?</p>
<p>How much are my parents going to have to pay? And what does the perkins loan, sub stafford, and unsub stafford loan mean?</p>
<p>Thanks.</p>
<p>The college is “giving” you $28.5K. The rest is loans and work study. You need to figure out this college’s COA (looks close to $50K) and subtract the $28.5K from that number. Should be about $21.5K that you and your parents need to come up with.</p>
<p>WHATTTT</p>
<p>My EFC was like 5363</p>
<p>And wait, do I pay my four years of loans AFTER I graduate or how does that work?</p>
<p>Because I’m going to pay for the loans and such after I graduate…my parents really don’t need that.</p>
<p>Stafford and Perkins Loans you begin to pay 6 months after graduation (or sooner if you drop out).
The unsub Staffords begin accruing interest as soon as you receive the money. The sub Staffords accrue no interest until after you graduate. Looks like about $26K in loans for you (if the COA stays the same for all 4 years) and about $56K that your parents will need to come up with in addition to your loans.
Someone feel free to double check my math.</p>
<p>oops…cross-posted with above posts… will edit EFC</p>
<p>First…the COA from Collegeboard may be the current school year’s prices. Next year’s prices will likely be higher. So, keep that in mind…that COA will likely be about 5% higher this fall.</p>
<p>I look at it this way…</p>
<p>the 2009-10 “basic” COA is $48618 (tuition, room, board, & books)
the 2009-10 “full” COA is $51473 (includes @ $3k in personal expenses and travel)</p>
<p>Again, next fall’s COA will likely be about $2600 higher. So. let’s assume that the full COA for next fall will be about $54,000 (does that sound right?)</p>
<p>COA:… $54,000</p>
<p>Grant:…$28,500 (free money)
Loans:…$6,500 (Stafford and Perkins student loans - may increase amounts in later years)</p>
<h2>W/S…$1,000 </h2>
<p>various aid…$36,000 (BTW…the students loans will be owed by you after you finish school.)</p>
<p>COA… $54,000</p>
<h2>minus… $36,000</h2>
<p>EFC+gap…$18,000 (EFC $5363 + $12,637)</p>
<p>The Stafford loans could increase to $6500, $7500, $7500 in later years.</p>
<p>Was this a CSS school? Either way, remember that EFC is not the most you have to pay for most schools.</p>
<p>What school is this…how can you meet that gap? Can your parents pay their EFC?</p>
<p>I am guessing that they will increase the Stafford loans each year, so when you graduate you could owe $31,000 in student loans (Staffords and Perkins).</p>
<p>That alone will result in monthly payments about $350 a month for 10 years (about the cost of another car payment).</p>
<p>However, the bigger problem is the big gap. How would you cover that? Can your parents pay their EFC or perhaps more?</p>
<p>I hope this isn’t your favorite school, because it would leave you with unmanageable debt if you have to borrow the gap (about $51k total gap for 4 years.)</p>
<p>If you were to borrow the proposed student loans (@$31k) and also borrow the gap (@$51k), you would owe over $80k at graduation. That is waaayyyy toooo much debt. Your payments would be over $900/month for 10 long years. </p>
<p>What is your likely future career? How much do you expect to be earning upon graduation? (You would have to earn over $100k to comfortably afford those payments along with other normal living expenses.)</p>
<p>Damn, I’m definitely going to have to figure this out…this was one of my top schools too.</p>
<p>Wow, mr california, I would hate to see you owe that much money after graduation; I suggest you:</p>
<ol>
<li><p>call the school or email the FA officer and politely explain the EFC and make sure that this is the best school can do for you (it probably is, but it doesn’t hurt to politely ask);</p></li>
<li><p>review the other schools to which you applied; do you have a financial safety?</p></li>
<li><p>if no, find one! :-)</p></li>
</ol>
<p>It is a travesty that young people are being made these FA offers…I would not buy into the HYPE to borrow a lot of money for college when there are affordable options for almost anyone who is willing to be flexible and keep an open mind.</p>
<p>My 2 cents!!!</p>