<p>I understand this thread may be misplaced, but I just have a few questions about Emory's Financial Aid, and I figure the people on this forum can help me out.</p>
<p>If my family makes less than $100,000 a year, and Emory's Loan Cap for this income category is $15,000, does this mean I will have only $60,000 in tuition debt coming out of 4 years of undergrad study?</p>
<p>If not, what exactly does it mean? :)</p>
<p>Thanks for any help!</p>
<p>No. $15,000 after the 4 years.</p>
<p>So, you're saying I will graduate from Emory with only $15,000 in tuition debt?</p>
<p>I assume the rest has to be payed up front? Sorry for my ignorance. I have scoped out the financial aid portion of Emory's website and I just can't wrap my head around things.</p>
<p>It's $15,000 cumulative over the 4 years. According to the web site once you reach 15k of debt they replace loans with grants. There are probably some asset as well as income requirements for the program though they don't mention that on the web site. It seems to imply that your family or you needs take loans rather than pay out of pocket. This part is a little surprising since it's not clear why they should care whether the student uses family assets or borrows money. Perhaps what it really means is that the student needs to meet the difference between the COA and the sum of the EFC and any grants up to 15K and at that point the difference between the COA and the EFC is met entirely with grants. This is harder to state but makes more sense.</p>
<p>The way the web site is written it seems to assume that any difference between the COA and the sum of the EFC and grants is met by family or student borrowing. As I'm sure they know, some families choose to make up this difference from assets rather than borrow the money.</p>
<p>Mayo777,</p>
<p>First, congratulations on your ED II acceptance to Emory.</p>
<p>As hilsa and curious14 have indicated, the $15K cap is a CUMULATIVE amount, that is the aggregate of your loans over 4 years. Further, the $15K amount in reference to the "Loan Cap Program" is likely the cumulative amount of those loans that are part of Emory's financial aid packages -- and probably NOT any outside loans that you or your family may take out as a possible means to meet your EFC (Expected Family Contribution) that serves as a baseline for the Office of Financial Aid to determine demonstrated financial need.</p>
<p>Since the Emory Advantage program is just commencing with the incoming freshman class for Fall of 2009, you may want to contact the Office of Financial Aid (404-727-6039) and find out your assigned Financial Aid Officer (good person to know) and discuss the specifics of your/family's financial circumstances. </p>
<p>Here's a link to a previous discussion thread on this topic:
<a href="http://talk.collegeconfidential.com/emory-university/646233-question-about-financial-aid.html%5B/url%5D">http://talk.collegeconfidential.com/emory-university/646233-question-about-financial-aid.html</a></p>
<p>Thanks to everyone for their input.</p>
<p>To NorCalDad, I called the Financial Aid department today and had a woman basically tell me my college debt would be 15,000 dollars, and I frankly told her that was too good to be true. She said it wasn't, and as I hung up the phone, I wondered about the possibilities of room and board, books, fees, travel. </p>
<p>Even so, I've looked up the average Emory student debt at graduation and found it to be $23,000.</p>
<p>What are your estimates of further debt after Emory Advantage? (I will also have HOPE and a pell grant).. I just can't walk across the stage in 2013 with $50,000+ in debt.</p>
<p>PS, I checked out the link you gave me and found it to be very informative. It seems only right that I now search for any holes in this process.. (as you pointed out, there are horror stories of college debt)</p>
<p>Actually.
The $15,000 like someone ^ said, only refers to loans from Emory.</p>
<p>There is a yearly limit on the amount you can borrow in loans from Emory per year. & you don't actually get to the $15,000 until around your senior year. I forgot the yearly breakdown..but for freshman year the max is $5,500, if I'm not mistaken.</p>
<p>So, the cover the rest of unmet need for tuition and other expenses, you will most likely need to take out some outside loans.</p>
<p>rmayo777,</p>
<p>I think that the intent of Emory's Office of Financial Aid is that they want to assist a student who can demonstrate two things: 1) Financial need; and 2) Academic promise.</p>
<p>In order to do this, they have to assess your/family's financial situation in terms of income and financial assets. That's why you needed to do the FAFSA and CSS PROFILE applications for financial aid first. Emory uses this information, along with your EFC, to establish your specific eligibility and amounts for aid components (e.g., Pell/institutional grants, Federal/State loans, work-study program, and any external scholarships you may receive). Their job is to reasonably determine the proper amount of financial aid -- and your job is to provide enough information to warrant the financial need.</p>
<p>The average loan debt of past Emory graduates is not out of line with many top private colleges/universities. As an incoming freshman, you are in a position of enjoying Emory's commitment (via the new Emory Advantage program) to making a quality education more affordable to those have the demonstrated need, as well as the demonstrated academic promise.</p>
<p>Based on what I have seen over the years, where people have the most concern is that their EFC is higher than what they would like, and thereby requiring some families to actually take out external loans (external to a college's finaid package) in order to meet the EFC. There is a formula that is universally used for EFC determination, and this link provides information on it: <a href="http://www.ifap.ed.gov/efcformulaguide/attachments/111408EFCFormulaGuide0910.pdf%5B/url%5D">http://www.ifap.ed.gov/efcformulaguide/attachments/111408EFCFormulaGuide0910.pdf</a></p>
<p>Each college/university is different in its ability to offer financial aid. Emory is both committed and able to be more generous than most schools, but that does not mean that they have a bottomless well of dollar resources. Talking in generalities for your specific situation doesn't provide a true picture, and that is why I always advise that if there is anything specific to YOU that you consult with your assigned Financial Aid Officer. Good financial planning for the COA, taking advantage of the Work-Study program, and working summer jobs will help a lot.</p>
<p>if a family's income is between 50k - 100K, will the EFC (Expected Family Contribution) be alot??</p>
<p>i am trying to see how much outside loan i will take? although the whole 15K loan cap thing sounds good, but it is not like 15k is the only thing on my bill....the EFC (Expected Family Contribution) concerns me. i am not so sure of the way they determine that...</p>
<p>any ideas?</p>
<p>^^ Nerdy-kid,</p>
<p>Weren't you accepted ED II? If so, you have a Financial Aid deadline coming up to complete the FAFSA application - due March 1, 2009. You will also need to have your and your parents' U.S. Tax Returns and Forms W-2 into the Office of Financial Aid by March 1st. (Generally the Office of Financial Aid will cut you a little slack, so if you're a few days late, it's OK, but they call them DEADLINES for a reason.)</p>
<p>If you have questions about this you should immediately contact the Office of Financial Aid. Here's the link to the ED II Financial Aid information/deadlines:
Financial</a> Aid - Emory College - How to Apply for Early Decision Round 2</p>
<p>
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if a family's income is between 50k - 100K, will the EFC (Expected Family Contribution) be alot??
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</p>
<p>By asking this question, it is apparent that you may not know your EFC? The EFC will be calculated and provided to you when you have completed your FAFSA application and receive your SAR (Student Air Report) back. Did your parents do the FAFSA application? (Frankly, I don't think students are able to do the FAFSA application without their parents' participation -- partly because the student may not know all the financial assets and income information that needs to be provided.) Assuming your parents did the FAFSA, check with them. If you/parents have NOT done the FAFSA yet, you need to act on it immediately.</p>
<p>As far as how EFC is calculated, I put a link to a document that explains this thoroughly (see my post above) -- perhaps more thoroughly than you may want. At any rate, nobody will be able to estimate your EFC without knowing a lot more than just income information. There are other factors that include such things as cash savings, investments, financial assets, and family factors (e.g., divorced parents, non-custodial parents, number of dependents in school, etc.)</p>
<p>:) thanks for your thorough advice!! Yes, i have completed FAFSA with my parents and we are sending the tax returns and W-2 this weekend. Things just seem complicated and I cannot completely figure out how financial aid is calculated from looking at some of the information on the web with the loan and other good stuff ( and after looking through CC, i am sure i am not alone :)...</p>
<p>but your link is very help, thanks!</p>