<p>Under "work/study and/or loans" will i be awarded less if i write yes to both. do i benefit at all from writing that i am not interested in loans and/or work-study? please help asap. my EFC is 0 and i need to know if that will have a direct effect on amount given?</p>
<p>They say it does not. I have no comparison numbers but my D said yes to both and got the Maximum Perkins loan, A subsidised Stafford loan and work study.</p>
<p>Remember All the federal moneys have maximums. With a 0 EFC you should get the maximum Pell grant ($4310 this year). For federal loans the maximum for freshmen is :Perkins $4000; Stafford $3500 (subsidised or unsubsidised or combination - there is additional unsubsidised available if your parents are turned down for a parent plus loan). Work Study - I believe the maximum number of hours you can work for fed work study money is somwhere around 20 hours a week. I have that bit of information in my head from somewhere but I am not quite sure where it came from! </p>
<p>So if you say no to WS it does not mean there will be more money available in loan form and if you say no to loans you can not be awarded more than the max in WS.</p>
<p>In my Ds case she got Pell, a State grant, Maximum Perkins, and I think maximum WS with the balance of her need being Stafford. I don't know how they decide what amount of money comes from which program.</p>
<p>That is why I'd prefer not to take loans. I'd prefer not to take loans at all starting from freshman year to avoid being in heavy debt upon graduation.</p>
<p>Work study income doesn't count into the next year's aid formula. Student loan proceeds don't count into next year's aid formula.</p>
<p>So accepting student loans or work study won't adversely change your EFC or affect your aid, either in the current or the next year.</p>
<p>Face it, on one wants loans!! They are, however, part of the financial aid package at all but a few schools that are need blind. For no loan you need a huge merit scholarship.</p>
<p>Anyone who doesn't accept a subsidized Stafford or a Perkins loan is either terribly misinformed or a moron! Where can you borrow money at 0% for up to 4 yrs & 9 months interest free? Duh!</p>
<p>most schools will either give you the loan/work-study award no matter what you check in the box -- or gap you (not give you any FA) to cover what would have been covered by the loans/WS.</p>
<p>If you don't want to graduate with alot of debt, accept WS, work a couple of jobs over the summer, apply wisely to schools that have good FA and don't gap and consider applying to schools where you would qualify for merit aid.</p>
<p>I am attending a public college that is $2800 per year and my efc is 0. Id hate to take loans out when i really dont need to.</p>
<p>if your EFC is $0, you are going to qualify for a Pell Grant -- which is around $4000. </p>
<p>The way FA works is that the school establishes a COA (cost of attendance) which is what they figure the cost of tuition, fees, books and room and board will be -- some also factor in transportation and personal expenses, some don't. Then the EFC is figured out from the FAFSA. </p>
<p>So -- you take the COA and subtract the EFC to yield your Demonstrated Need (DN). COA - EFC = DM.</p>
<p>In your case, the DM is the entire cost of tuition, books, fees, room and board. Now -- each school determines how much of that need they will meet -- and I can almost guarantee that the public college does not meet 100% of need. You are guaranteed a pell grant plus stafford loans and most likely work-study. depending on the state and the school, you might also get a small state or institutional grant. Your FA package will include loans -- if you are lucky, the loans will be managable, around $3500.</p>
<p>Here is the catch -- you don't have to accept the loans (or the work-study for that matter -- although work-study has some great benefits and very little drawbacks, so I encourage you to accept that award). If you live frugally, buy used textbooks and work over the summer, you might be able to forgo those loans -- maybe your parents can help out a little.</p>
<p>Reecy, it's probably better that kids who do not know how to manage money don't take loans that they don't need.</p>
<p>UriA702 - if your COA is $2800 and you have a zero EFC then you should get a Pell grant of $2800. They will not offer you loans or WS if it will cause your financial aid to exceed the cost of your school. </p>
<p>A schools COA figure (on which financial aid is based) includes tuition, fees, books, board and lodging, and generally a sum of money for travel and miscellaneous. The school will take your EFC and their COA and base financial aid offers on that. Is $2800 the cost including tuition and fees and books? ( I assume from that figure that you are not living in a dorm). The 1st thing you should be offered is a Pell grant ($4310 or the COA of the school if that is less and assuming you will be attending full time). You will not be given loans or WS if your need is met by the Pell grant. Pell grant does not have to be repaid. And if the total COA, including board etc, is over the amount of the maximum Pell and you are offered loans and/or WS you do not have to take them.</p>