<p>Our EFC is $7,000. I would really like to not have my parents pay for my college education. $30 here and there is one thing, but asking them to pay $7,000 a year and take out a Parent Plus Loan of about 10k? That's ridiculous. So, right now, here are my choices and would really appreciate some unbiased feedback because everyone around me has either graduated from one or the other. I plan on going pre-med (and yes, I know everyone starts out as pre-med but less than half actually make it to medical school). I want my parents to just tell me what to do, but they won't because they said that they don't want me to blame them if I'm not happy later on.</p>
<p>U of WA is ranked 42nd by US News and 16th in the world (ARWU) and is in Seattle. The financial aid offer is $7,000 EFC, $10,000 parent plus loans, and the rest are student loans on me, no grants.</p>
<p>WA State is not ranked and is in the middle of nowhere. I have scholarships and could possibly have all $23,000 paid off for four years because of scholarships. But right now, our EFC is to be taken out as parent plus loans.</p>
<p>So if this is the final offer from both, my parents would be paying either 7k (WSU) or 17k (UW) and my total student loans from WSU is also less than UW.</p>
<p>So here's my question: is it possible for me to talk the financial aid people into making all the parent plus loans into my own student loans? So for UW, we would still have the EFC, but not for WSU. I know my parents will be okay with whatever I choose, but I want to be practical--I can always go to grad school somewhere else that's more well known. Please help me?</p>
<p>First of all…your EFC is a calculated amount that your family is expected to contribute towards your college education this upcoming year. Unless you receive(d) some full ride scholarship, it is unlikely that the school will expect your family to pay LESS than your EFC. In most cases…students are paying MORE than their EFC (as is your case…your EFC and the Plus loan).</p>
<p>The PLUS loan is a loan that your parents would take out. Those loans are available UP TO the cost of attendance at a school. Student loans would be the Stafford loans. There is a limit for freshman year (is it $5500 this year…I think so). So…could your Parent PLUS loan be converted to a student loan…short answer…NO. </p>
<p>Between you and your parents, you will be taking out $17,000 in loans just for this year (whatever you take for your EFC…plus the Plus loan). Was a Stafford included in that package? What you need to find out from your parents…are the WILLING to assume that debt for your college education? This is a presonal family decision. It seems like a LOT of debt to me, but it may not seem like that much to them. So…ask them. </p>
<p>I will say…with an EFC of $7000, your family income is probably in the “modest” range…not very high. It might be a challenge for your family to assume those loans. BUT talk to them.</p>
<p>It’s great that you have another more affordable option to at least consider. Is it possible to go there for two years and then transfer to the other more expensive school?</p>
<p>Does the WA State financial aid have Stafford Loans already in? If not Stafford loans are in your name and you can take out $5500 as a freshman. You could most likely earn the difference with a summer job. If your parents are turned down for the PLUS loans you will also be eligible to obtain more loan.</p>
<p>I think you’re a little confused about EFC. It is the federally calculated Expected Family Contribution, and used to calculate your eligibility for federal grants and loans. Your need is defined as the difference between the cost of attendance at a specific school and your EFC. So, if a school has a cost of attendance of $20K per year, and your EFC is $7K a year, your need is $13K a year. But, there is no promise by most public schools that they will meet all your need, and the part they don’t try to cover is called the gap. Furthermore, the financial aid package is likely to include loans, possibly for both you and your parents.</p>
<p>So, if the University of Washington has a cost of attendance (tuition, fees, room & board, books & supplies, personal expenses) of $20K/year, they may offer you some combination of federal grants (if you qualify), college grants, merit scholarships, student loans and parent loans. Unless you are getting some merit scholarships, I think it would be unusual for U. of Washington to come up with a package that was all grants of $13K per year.</p>
<p>If you post the details of the amounts each school has offered in each category, perhaps we can help you better understand what it means.</p>
<p>If you want to go to med school, then you need to minimize all loans. You’ll need to reserve your borrowing power for med school. </p>
<p>Wash St is good enough for pre-med. </p>
<p>What do you mean by saying that Wash St isn’t ranked? Wash St is ranked…and it’s ranked high enough to be competent for a pre-med student. Get good grades…work especially hard in bio, chem, math, and physics classes, do well on your MCAT…and you’ll get into med school. </p>
<p>What is your scholarship/aid package from Wash St?</p>
<p>University of Washington:
EFC: 7104
Sub Stafford: 3500
Unsub Stafford: 2000
Parent Loan: 9699</p>
<p>Washington State University:
Merit Scholarship: 6000
Institutional Grant: 4896
Sub Stafford: 3500
Unsub Stafford: 2000
Parent Plus Loan: 7236</p>
<p>For Washington State, I was recently told that I got another $1,000 (already guaranteed and could possibly be $5,000 depending on how I do on the interview) so I’m not sure where to put that but I’m thinking it will be subtracted from the institutional grants? I’m also still up for several scholarships from WSU. I’ve talked to my parents and they told me to go where I want to. My parent’s income is $80,000/year–I know that they will pay the EFC and take out the loan if necessary but I really don’t want them to. I’m kind of embarrassed just talking to them about it. That and I think part of it is pride. I don’t want them to pay for college.</p>
<p>I think the extra scholarship will reduce the student loans. Often schools reduce loans and work-study first…call and ask. </p>
<p>I can understand that you want to do college costs yourself, but you have to realistic. You have med school ahead of you. Medical school costs about $225-250k. So, if you’ll need to borrow for that (which you would), you need to avoid loans for undergrad.</p>
<p>I hope you get that extra Wash St scholarship.</p>
<p>I don’t think the numbers in your above post are right. For the first school, you’ve left off either the EFC or the bigger amount of Plus for a gap.</p>
<p>but asking them to pay $7,000 a year and take out a Parent Plus Loan of about 10k?</p>
<p>Ross, I agree with others about WSU, but let me say, please don’t hesitate to talk to your parents about college and money. Truly. My family earns quite a bit less than yours and we pay out more than that every year for our kids, and they have very good financial aid situations. So what you’re talking about is really small potatoes as far as college costs go, and your parents seem willing --and certainly able with an 80K income-- to support your higher education. Tell them thank you, make them proud, but defnitely get used to talking with them about it. You have some years ahead of you yet that involve all you for this undertaking.</p>
<p>mom2collegekids: Nope. Those numbers are correct. It says “expected parent’s contribution:7104” then below on aid after the stafford loans it says “Federal Direct Parent Loan: 9699” giving the total of the aid to be $15,199 so plus our EFC of $7,104, that’s 22,303. They’re on two separate categories. So doesn’t that mean my parents would have to pay 7104, then take out 9699 on loans or did I get that wrong?</p>
<p>'rentof2: I have no doubt that they will help me and support my decision. It just makes me uncomfortable to be relying on them that much while I’m in college.</p>
<p>So the consensus is WSU is the smart, practical choice? That as long as I work hard, do well, score high on MCAT I’ll be okay for med school?</p>
<p>*So doesn’t that mean my parents would have to pay 7104, then take out 9699 on loans or did I get that wrong?
*</p>
<p>You didn’t get that wrong…what I meant was that in post #7, you don’t mention the EFC for the first school (you only mention the gap as a plus loan), but for the second school you include the EFC as a plus loan. That makes it look like UWash look more affordable than it is. Do you see what I mean?</p>
<p>So the consensus is WSU is the smart, practical choice? That as long as I work hard, do well, score high on MCAT I’ll be okay for med school?</p>
<p>Absolutely. WSU is ranked well, it’s well known. There isn’t a med school out there that is going to say…“hmmm…WSU…never heard of it.” It’s not like WSU is some obscure school that no one’s heard of.</p>
<p>BTW…since Wash St is being so generous, it’s likely that much of your direct costs will be covered with scholarships/grants/etc.</p>
<p>What exactly is the COA breakdown of Wash St?</p>
<p>Washington State University:
Merit Scholarship: 6000
Institutional Grant: 4896
Sub Stafford: 3500</p>
<h2>Unsub Stafford: 2000</h2>
<p>subtotal…$16,396</p>
<h2>EFC/ Parent Plus Loan: 7236</h2>
<p>Grand total…$23,632</p>
<p>As you can see…since the COA includes $2500 in transportation/misc expense…those can be controlled/lessened. </p>
<p>BTW…you should ask for some work study (maybe about $2k) in lieu of the unsub loan…that way those earnings don’t count against your EFC and it can be pocket money during the year. Then you can earn more in the summer and not have that hurt your EFC, either. You should try to minimize the unsub loans by working in the summer to pay for that amount.</p>
<p>You have an EFC AND you have gap in your aid. The EFC of $7000 has to be funded somehow…and the GAP in your aid also does. The PLUS loan will fund the GAP in your aid. Your family is supposed to be paying the EFC. EFC’s are typically not included in funding provided.</p>
<p>You’re actually not in a horrible position if you look at the way the bills and aid will be disbursed. Wash St will bill you for $9577 per semester (or less if you request a triple or a smaller meal plan than they’re using for COA estimates). They will apply your aid of $8198 per semester, leaving you a balance to pay of $1379 per semester. </p>
<p>If you and your parents can pay that $1379, plus books, transportation and personal expenses (which seem inflated in their COA), then you shouldn’t need extra loans. Many schools offer a monthly tuition payment plan which is interest free. That may be an option.</p>
<p>Thumper…I agree that for UWash he has an EFC and a plus loan (for gap), but I think for Wash St they put the EFC as a Plus loan (am I seeing that wrong)?</p>
<p>If the EFC for Wash St is shown as a Plus loan (which parents can pay to avoid), then Wash St is much more economical because their EFC has been “reduced” a bit because they shouldn’t have to borrow to pay transportation or misc expenses.</p>
<p>If he can get $2k in W/S added (which he should try), he can use that to pay misc expenses, and get a summer job in lieu of the unsub loan. </p>
<p>Of course, if his parents need to borrow some money, they may want him to take the unsub loan and then pay for it themselves (during the year) since its rate would be lower than a Plus loan.</p>
<p>For Wash St, they put EFC as a plus loan, for UWash, we have an EFC and a plus loan. And I’m a she–not that it really matters on here, but I thought I would point it out.</p>
<p>ahhh…sorry about the he/she thing. I think the Ross name thing made me think that you’re a boy…but it could be your last name or a reference to something else. </p>
<p>Anyway…Wash St is your best bet since you’ll be going to med school. Don’t be afraid to have your parents help you out. Your scholarships pay for your tuition and fees. </p>
<p>See if you can get at least $2k in Work study (if necessary, have them take away the Stafford unsub because you can always do that later). If you can do the $2k work-study during the year working part-time, that can be your pocket money. Then you can use your summer earnings towards other costs. :)</p>
<p>GO WSU. Their offer is MUCH BETTER. You want to graduate premed with AS LITTLE DEBT as possible if you plan to go to med school. Take the merit aid and run with it.</p>