<p>our EFC is around 9k, but we can pay around 11-13k/year for UVA if we pinch our budget. i've been looking around and I find figures of it stating that the average grants/scholarships at UVA is 15-16k and the rest are loans. but that number seems too good to be true, as OOS students get a lot more in grants and scholarships from what I've seen here on CC. we're trying to make it to where I don't have a lot of loans. College</a> Search - University of Virginia - UVA - Cost & Financial Aid <em>Financial Aid Statistics</em> part.</p>
<p>so does anyone have a rough estimate of what a 9k EFC instate (Northern VA if that matters) would be in grants/scholarships? we're waiting for our package and we've already committed to UVA. i guess we're just impatient lol.</p>
<p>anyone know how much FA UVA gives on average for instaters?</p>
<p>I am instate with 5k EFC. My offer contained $11,000 in access UVA scholarship and $9000 in loans. With the loans, $7000 was subsidized and $2000 was unsubsidized.</p>
<p>VAResi - ours was similar and we are also in NOVA (which doesn’t factor in, they don’t grant based on cost of living) but we had grants of about $9K I think and the rest loans, the grant/one of the loans was reduced some as my D had some local scholarships but you should be fine given your EFC and what you can pay. Also they will cap loans over your 4 years but Dean J said they usually front load loans but they don’t give you more than $25K in subsidized loans over your 4 years.</p>
<p>Also, keep in mind that most people are eligible for a $2,500 per year Federal tax credit for college expenses. It is good for 4 years - you can get the first credit during the calendar year when you pay the first semester’s tuition. Money taken out in Federal loans can count towards that $2,500, so it doesn’t necessarily need to be linked to an out-of-pocket expense from current income. </p>
<p>That means the credit can be used in combination with tax advantages for a 529 account. For example, you might pay $10,000 from a 529 and $2,500 from a federal loan, and you can say that the $10,000 is an eligible expense for the purposes of the 529 and the $2,500 can be used for the tax credit.</p>
<p>Of course, a credit is right off your federal taxes, not a deduction. Even if you don’t owe $2500 in federal taxes, there are provisions for most of the money to be paid to you in a refund. </p>
<p>By the way, I am fearful that Federally subsidized loans will have worse terms, lower limits and higher interest rates in the future. That is why I am recommending that my son take the maximum allowed amount of Federally subsidized loans as a 1st year, instead of waiting until his junior or senior year to use loans.</p>
<p>AccessUVA has a statement that says that students will not receive need-based loans over 25% of the full cost per year. So UVA is around 24,000 per year IS. So, if you have 9k EFC, then you should expect around 6,000 in need-based loans, and then they offer a few other loans, but not need-based (Unsubsidized loans). And I believe the rest is then awarded through grants. That’s sort of how it worked out for me, so I’m pretty sure it works out something to what I said.</p>
<p>To build upon the previous comment, the following applies to most students across the country:</p>
<p>Almost everyone is eligible for $3,500 of subsidized Staffords and $2,000 of unsubsidized Stafford federal loans. The amount of subsidized Staffords that can be take out increases in later years of college. </p>
<p>In addition, for persons with higher need, UVa offers subsidized Perkins federal loans, which work very similar to subsidized Staffords. Other colleges may or may not offer Perkins to a particular student, depending upon how much allocation they have available. </p>
<p>The amount of subsidized Stafford loans that are available then increases each year, and tops out at about $23,000 for most people (in addition to any subsidized Perkins). </p>
<p>The amount of unsubsidized staffords continues to be $2,000 a year for 4 years, across the country for all colleges.</p>
<p>The goal should be to try to graduate without needing any loans other than subsidized loans. Other loans are much more expensive per $1,000 of borrowing.</p>
<p>Federally subsidized loans for grad and professional schools are being eliminated in a few months. Therefore, it makes sense to try to save some cash for grad school if you are attending soon after undergrad, and use the maximum federal loans for undergrad.</p>