<p>My EFC is about 16500. My family can afford like 1/8 of that. What other sources of mone are there other than scholarships?</p>
<p>Loans and jobs</p>
<p>But aren't private loans also based on financial need?</p>
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But aren't private loans also based on financial need?
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<p>Sort of. the less you need the loan, the more likely they would be willing to lend you the money.</p>
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My EFC is about 16500. My family can afford like 1/8 of that.
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<p>The all-in cost of some state schools and community colleges are less than $16,500. Harvard's fee schedule is as follows:</p>
<p>1) $0 if Family Income is less than $60,000
2) 0-10% of income between $60,000 and $150,000
3) 10% of income above $150,000</p>
<p>or something like that.</p>
<p>All students are eligible for unsubsidized Stafford loans even if there is not financial 'need' as determined by FAFSA. The limit for freshmen is $5500 (unless parents are turned down for parent plus loans then you are eligible for an additional $4000).</p>
<p>Parents are eligible for parent plus loans. These are not need based and can be used to pay the EFC.</p>
<p>Also there are private loans.</p>
<p>FinAid</a> | Student Loans</p>
<p>The confusion about private loans being need based may stem from the fact that aid cannot exceed the cost of attendance. Colleges can only certify a private loan for the amount of need remaining - but this particular definition of need does not include the EFC. It is Cost of Attendance - all aid (grants, scholarships, work study, loans) = "need" for the purposes of certifying an alternative (private) loan.</p>
<p>EFC determines what you can afford. If your parents say otherwise, tell them to make their case to the financial aid office at the school you'll be attending.</p>
<p>Almost everyone's family has an EFC that is higher than they can afford. That is why nationwide the largest number of college-age students are attending their local community colleges, living at home, and working part-time.</p>
<p>You need to find out what your parents truly can afford and how much debt they are willing for you to take on. With that figure, you will know which colleges/universities/community colleges truly are affordable for you.</p>
<p>Wishing you all the best.</p>