<p>Hi,
My parents just calculated the EPC to know the ballpark price,
and wow! $20K. That's basically paying off all my college's expenses (Texas A&M).
Whatever happened to loans, grants and stuff?
Could the government cut out some EPC and put it as loan?
Even with some scholarships, those costs are going to deprive my parents' bank accounts and money to tip the bartender. jk.</p>
<p>Your EFC is what your family is expected to contribute. NO the government will not give you loans for that amount. The only loans you can get would be private loans. Even if you get a finaid package from the school, any loans included in that would not cover your EFC. If your parents have combined annual income of about $80,000 give or take...plus assets, this EFC would be about what I would estimate. BUT the only way to really know what your finaid package will be is to apply.</p>
<p>^All students can get an unsubsidized STafford loan each year, no matter what the EFC is.</p>
<p>Most people take out some loans to help pay their EFC.</p>
<p>Most colleges include loans and work study in aid, so if the college is 40,000 you might get $15,000 in loans and the remaining $5,000 in work study or loans. So you probably don't want more loans on top of that. I can't believe the EFC my family is supposed to come up with either! If it really isn't doable for your family, your state school might be cheaper. You really don't know what the college will offer until you apply though.</p>
<p>This is a state school -- Texas A&M. </p>
<p>Private schools that meet full need tend to have better aid, or at least that's what I've seen when doing the financial aid calculators. Others may have had a different experience.</p>
<p>There are very few -- if any --state schools with the endowments that allow them to meet 100% of your expected financial need. Most provide only a portion of the EFC, and that's first come, first served. That need also may be met by providing students with very large loans.</p>
<p>While public universities cost less on the whole than most private universities, private universities -- particularly top ones -- are more generous with financial aid. Consequently, it can be cheaper for many students to go to private colleges than public universities.</p>
<p>Highly appreciate y'all's responses.</p>
<p>Texas A&M may help with the B ontime (sp?). My dd attends A&M and they adjusted the efc down when they added this loan. It becomes a grant and you don't owe it if you graduate within a certain timeframe with a certain gpa. Otherwise its a loan at 0% interest. The schools only get so much of this money so definitely ask about it and apply for financial aid early.</p>