<p>I have a question regarding our EFC and PLUS loan....</p>
<p>We are not taking the PLUS loan for our son ~ and our EFC has been calculated in his financial aid package. It turns out that neither are going to be needed for his tuition. We are not required to give that portion of our EFC to the college, are we? I am a little confused with the EFC and what exactly is expected of parents in regard to this amount.</p>
<p>It turns out that with his Federal Subsidized Loan ($2026.00) and the grants, scholarships and University Level I Waiver, he is looking at paying $65.00 plus books for his first semester.</p>
<p>I was also told that he should not be in too big of a hurry to start paying on his student loan. We were told that he could use his loan in negotiations with his future employer and they may pay it for him....Any comments on this?!</p>
<p>Thank you for any input and clarifications!</p>
<p>Your EFC is a government calculation of what your family can be expected to contribute to college. This figure is used to determine eligibility for government programs like Stafford loans, Pell Grants, etc.</p>
<p>The university is the one who puts together the package. If they offer a package that meets your entire financial need as well as covering your expected contribution (or almost does), then that's great.</p>
<p>Sounds like your son must have won some scholarships or qualified for some waivers. One quick question: have you notified the school regarding any outside scholarships? Each school handles outside scholarships differently and typically has its own Outside Scholarship Policy which students and parents can read. You are required by law to notify the school of these outside awards.</p>
<p>Yes, he had one outside scholarship ~ they have been notified and nothing in his package has changed. They said that whatever is left in his account will be disbursed to him. </p>
<p>He did receive monetary gifts from his school and teacher's association for Valedictorian ($1,000), which we assume does not have to be reported. These were just gifts in check form written to him.... I am assuming they do not have to be reported.</p>