<p>Should I apply for financial aid if my EFC is 86,669? Would colleges look down on this because of the EFC number?</p>
<p>title should read 86k</p>
<p>You have to file FAFSA if you want to be eligible for federal student loans. I would imagine that is about all you will be eligible for with an EFC that high. Some schools also require you to file for aid if you want to be considered for merit aid.</p>
<p>No they won’t look down on you. They have better things to do with their time than go “ha ha ha - mandrabel is applying for financial aid with that EFC”. If you are eligible for any aid under their policies they will award it to you. If not they won’t.</p>
<p>mandrabel.</p>
<p>Swimcat is right. (Swimcat, how much could he borrow with fed loans?)</p>
<p>What is your situation? Have your parents told you how much they can spend on your education?</p>
<p>Stafford maximum for a dependent freshman is $5,500.</p>
<p>Maximum contribution from parents is 15k. Im in florida so i’ll get bright futures (around 4k) and FRAG (for private colleges in fl) which is around 2.5k. </p>
<p>I really like private colleges rather than public universities. Im hoping to go to Oglethorpe in Atlanta (they will match bright futures).</p>
<p>^^^</p>
<p>What is it about privates that you prefer over publics? :)</p>
<p>Although you may prefer privates, you’re going to be in a difficult situation, since your parents will only pay $15k and you won’t get any FA from any privates with that high of an EFC ($86k) - since that suggests a very high income and/or sizeable investments (it’s assuming your parents can pay $344k towards your college education.). </p>
<p>You’ll only be able to borrow $5,500 from Stafford. That means your parents would have to borrow or co-sign the rest - which they might not be willing to do. You would not be able to borrow that much without a co-signer, and the repayment would be too high for you anyway.</p>
<p>Many popular privates cost about $50k per year. IF your parents pay $15k, that would mean you’d have to borrow $35k per year - about $140k total (actually more since costs go up every year.)</p>
<p>Your monthly student loan payments would be about $1600 per month. You’d have to immediately have an income of about $200k to be able to comfortably repay that much loan.</p>
<p>I’m just telling you this so you don’t put too much hope in the “private” basket. Which Florida publics will you be applying to as financial safeties? :)</p>
<p>To the OP…with an EFC of $86,000 you will NOT be receiving ANY need based aid from ANY college in the country. An EFC of this amount would indicate an income in the $250,000 range annually or so. This is well out of the range for even the MOST generous need based financial aid incentives.</p>
<p>If your parents are indicating that they will pay $15,000 a year, you will probably need to find schools within that budget (including your Bright Futures scholarship) and perhaps some merit aid you might receive from a college based on your academics.</p>
<p>mandrabel, I’m in the same boat, almost to the penny. I was only eligible for loans. I was hoping for scholarships since my stats are very good – but not good enough. </p>
<p>Neither my parents nor I want to accumulate a lot of debt after my dad lost his job last year so we will carefully weigh our options when the letters start to arrive. To boot, my state’s system (California) is very bad financially. </p>
<p>I’m fully aware that I won’t be eligible for FA. Nevertheless, I’m applying for all kinds of aid.</p>
<p>Another thought…</p>
<p>Since you won’t be eligible for FA, if your stats are high enough, you might get some generous merit at some schools. BUT, you would have to apply ASAP since those deadlines are VERY soon.</p>
<p>What are your stats?</p>
<p>Thumper, While OP would not get any other FA she would have to file FAFSA in order to take advantage of the Unsub Stafford.</p>
<p>Erin’s dad…yes…the FAFSA is required to receive an unsubsidized Stafford loan. BUT that is not considered NEED BASED aid.</p>
<p>Well Flagler is sort of my safety (also a private college). Total cost is around 21k-4k-3k comes to around 14k.
Oglethorpe is around 36k and im hoping for some merit based aid.</p>
<p>Stats are
610 CR
590 M
600 W
two internships at investment banks, Florida Boy’s State, Debate Team, Academic Team (place in top 3 every year in county), golf team, honor societies/national latin awards…
3.225 UW, 3.7 W, have some dual enrollment credits as well as AP credits
coming from a recognized private school in central fl</p>
<p>The only way you’ll get financial aid is if you get it for your academics. For instance, a few years ago my daughter could have gone to University of OK for free, with a laptop bought for her and other perks as well, simply because of her National Merit status. (But there was NO way she was going to go there.)</p>
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<p>Stats are
610 CR
590 M
600 W
two internships at investment banks, Florida Boy’s State, Debate Team, Academic Team (place in top 3 every year in county), golf team, honor societies/national latin awards…
3.225 UW, 3.7 W, have some dual enrollment credits as well as AP credits
coming from a recognized private school in central fl
<<<<<<<<<<<<<<<</p>
<p>Oglethorpe’s scholarship listings are very vague. I never like to see that. It suggests that they don’t have many to offer (or much money) - especially when they require finalists to come and compete for the few awards.</p>
<p>I think you need more financial safeties unless, you’d be happy to go to Flagler. </p>
<p>Why do you prefer privates?</p>
<p>Thumper, not to be too retentive, the OP asked for FA and I stated Stafford was FA. You keyed in on need based.</p>
<p>OP, you should be competitive for Oglethorpe. You are above the average SAT score and your GPA is right on the average as well.</p>
<p>Yes…the Stafford is financial aid. I’m sorry if I made this confusing. What I was trying to say…regardless of need, this student would still qualify for a Stafford loan.</p>
<p>^^^^</p>
<p>competitive to get accepted or competitive for scholarships? Isn’t that assuming that they award many? I didn’t get that drift from their website.</p>
<p>that’s an insanely high EFC…</p>