<p>My expected family contribution is $8,500. Assuming that the university that I attend meets all of my financial need, would I be able to take out the maximum amount on a Stafford loan to help meet my expected family contribution or would I not be able to take out a loan at all since my need it met?</p>
<p>Does the school you are planning to attend promise to meet full need? many do not. if they do, do they promise to meet full need without loans? Very few schools do so. Loans are usually part of the financial aid package.</p>
<p>If they do meet full need without loans then I believe unsubsidized Stafford loans can be used toward your EFC.</p>
<p>That is correct. If all need is met through other aid, the unsub loan can be used toward EFC. If there is no sub loan in the aid package, a freshman is eligible for $5500 unsub. If there is any loan in the aid package, a freshman is eligible for $5500-whatever Stafford amount is in the aid package (and it would all be unsub, in this case).</p>
<p>[AccessUVa</a> - Makes it Happen](<a href=“http://www.virginia.edu/financialaid/access.php]AccessUVa”>http://www.virginia.edu/financialaid/access.php)
Yes, my school promises to meet 100% of demonstrated financial need</p>
<p>Oh alright thank you kelsmom!</p>
<p>Are you low income enough to qualify for the loan free program (family income is equivalent to 200 percent of the federal poverty line according to the link you posted)? An EFC of 8,000 sounds high for an income 200% of the federal poverty line. If not, some student loans will probably be included in your aid package.</p>
<p>There are also parent PLUS loans you parents can borrow.</p>
<p>No, I do not qualify for the loan free program, but higher up on the page it states:</p>
<p>“AccessUVa offers loan-free packages for low-income students, caps on need-based loans for all other students, and a commitment to meet 100 percent of demonstrated need for every student.”</p>
<p>Oh ok I see what you are saying. I was just looking at that third part, but misread the “caps on need-based loans” part. I guess there might be more loans than I thought.</p>
<p>Yes, it says they will Cap loans in need based aid at 25% of instate COA over 4 years. Instate COA for 2010-2011 is around $23,000 a year, so I think they are saying currently they will cap loans at around $23,000 for the whole 4 years I say currently because the COA will probably increase a little most years). So in reality it looks like they are capping loans in a financial aid award at around the stafford loan limits. Which is really quite reasonable. But means Stafford loans may not be available to help with the EFC. Hopefully you will be eligible for some merit money as well.</p>
<p>No, that still doesn’t sound too bad for a cap even of around $25000 (give or take a few) over four years. This school gives out very few merit scholarships and is very big on financial aid, but I have other affordable schools in my list. Thanks for clearing that up!</p>