<p>From our experience, my daughter insisted on ED b/c she applied to a very selective school. she had a total package and was a shoe in, but with all the stress from school- she did not think she could wait until reg admission.
So she applied Ed & got in, but no merit scholarship money. We are average middle class who did not save much. I spoke to an admission counselor. He told me that all monies are incentive for reg admissions. If a student applied and got in, they are all considered the material we want. The moneys are incentive for regular to get the others to come. We are expecting a loan package. This is a game and very hard on the families. ED does not give a loan package in a timely manner. We have to wait until all the others are dealt out first. We are hoping for a subsidized loan. My question to any one who can give some advice. I want to know now what our loan package is. The accpetance letter said a loan package will come this summer. Would you think we can ask for a loan package by May would be appropriate? I sure would like to know where we stand.</p>
<p>Njjones, you need to speak specifically with Rice's financial aid offic on the timing. If she is not eligible for financial aid, I 'm not sure what kind of loans Rice is going to offer you. I would also start looking on the internet and at your bank, ask your D's high school GC, ask Rice again, for loan programs. PLUS is a big one for parents, as are home equtiy loans. Your homes state may also provide some educational loans. You need to do some of your own shopping for loans so that when Rice does sent you a package, you can assess it against what else is available to you. Just because the school is sending you this info does not mean it is necessarily the best option for you, and you may well be able to do better on your own. I know for PLUS you can borrow up to the cost of attendence. Most loan deals, however, give you few amounts set as they may be determined by your credit and income when they are not subsidized loans which you are not eligible to get if you are not on financial aid. </p>
<p>It is difficult when you apply early. For some schools, there are some early bird merit awards. For others, you are last for merit consideration.</p>
<p>I thought my D could get a subsidized loan under her name. I am going to call the university again. D just wants to go there and forget all the decisions she had to do her junior/senior year. Thank you for the information. Most of my friends do home equity loans due to the fact the interest is tax deductible.</p>