<p>@cptoofthehouse
understand but overall i feel like the efc formula is ineffective policy.I do intend on using what liquid assets i have to pay for tuition. I am applying for scholarships and i am accelerating my liquid assets towards necessary things like a car and roth ira im thinking 600 dollars of my own money will go towards college expenses. I just making sure i can get the best deal on textbooks. Hopefully work study jobs are available next semster</p>
<p>A lot of ineffective policy, out there. But this is one that is giving you some money through Pell and lending to you, which I don’t think you’ll find too many others eager to do so. If you can find a better deal, go for it. This is what is available from the feds. The formula has lots of niches where people can make out and where some have to pay, in unfair ways.</p>
<p>If by waiting a semester and working more during that time, you can get your car paid off so that more of your future income can go to educational expenses, that might be something to consider. Crunch the numbers and see what you think.</p>
<p>Where are those figures from?</p>
<p>Is that the standard COA the college is providing which is generally high? What were your actual expenses during your first semester?</p>
<p>Book expenses $1250??? That’s WAY high. We only spent about $500 my son’s first semester buying last minute from the campus bookstores. Second semester when we shopped around and rented some books it was around $300… How many classes are you taking for over $1000 in books???</p>
<p>Boarding expenses $5572, rooming expenses $5620 - Didn’t you say you were NOT living in campus housing? What are these expenses?</p>
<p>Misc living expenses $2820 - how much did you spend your first semester on misc expenses, how much can you trim that amount if you have to? You don’t HAVE to buy clothing, go to movie, eat out, etc… You should be able to trim this amount somewhat.</p>
<p>Transportation costs - $2030 is this the school’s figure or yours? What are your actual costs? do you have a car? fly home? pay for parking? how much do you spend in gas?</p>
<p>Figure out your ACTUAL costs, your gap may not be as large as you think. Then figure out how many hours you would be comfortable working during school and figure out how much you can earn working part time during the semester. </p>
<p>See if you still have a gap. Private loans are generally a BAD idea. Also unless you have a well established good credit history, you’ll need a co-signer for private loans.</p>
<p>Brooklyn, I agree with cptofthehouse. My current situation is having both Pell Grant Awards and my Federal Loan Disbursement. My husband and I are on an EFC of zero due to the fact neither of us work currently except what I made through Federal Work Study. I am currently being audited and let me explain that the verification process is quite rigorous. I am still verifying and re-verifying the fact that both my husband and myself do not work and my husband has a life-altering disease and that he collects disability awards from so we pretty much live off of that. Unless you have sure way to know that your checking accounts have an extremely low balance for the entire time of your FAFSA I would not suggest lying about money you have laying around. Everything needs to be accounted for when speaking about money you have to return to the Federal Government unfortunately. Currently I am about 15k in debt with Federal Loans but my first two years were spent at a community college working part-time in order to pay for books and tuition with grant money each semester. I am over 24 and married now so the EFC for me is 0 due to that alone. I spent about 5 years getting a 2 year degree, and I that part I do regret; but what I don’t is the debt free so I could start with a clean slate at a University that I felt comfortable taking out this kind of debt with. It all seriously depends on your situation; whether you have a spouse or SO who is comfortable with you attending school, GPA, what level you are in college and etc. My best advice is try to be as honest as possible with your FAFSA and that may be hard and you may have to bear more tuition/book expenses but the system is designed for you to really attend college consistently and finish and pay them back. Regardless of how you make your decisions they must be the best ones for you and the ones in your life. I hope I helped and remember that they always check things out sooner or later!</p>
<p>While reading this I was thinking exactly what jrcsmom wrote in post #24. You need to look closely at what the college says are your expenses and what you actually spent. It seems they think you are living in a dorm while you say you are living with a family friend, and I am sure there are a number of discrepancies like that in a generic COA sent by a college.
I also have another question - what are you planning on doing with that major/double major? I think given the nebulous idea of it, do not get into ANY debt. You wont find a job in “leadership skills”. You may be better off figuring out what it is that interests you, seeing if its a career with long term prospects and going to a vocational school for it.</p>
<p>When colleges come up with a COA, they use figures that will cover most expenses. The number is usually comprised of averages and high points to establish a COA ceiling for maximum federal aid purposes. Those are utmost limits for federal aid. For instance, parents borrwing PLUS can borrow up to those amounts. If you can “beat” those numbers, you make out. For example, I know that you can really do better or worse depending on how far you live from the school and what your transportation options are. I know kids who commute that can catch a ride with parents or other family members so that the cost is nominal. Others HAVE to buy a car, and that would make that cost category sky rocket.</p>
<p>As for books, my son currently in college is finding them very expensive. They aren’t even books but just sealed sets of papers. You have to buy your own binders for them and they are priced through the roof. Can’t order or rent them either.</p>
<p>^^My daughter had a couple of books like that. The most annoying as the calculus “custom” version of book that cost over $200. The math dept gave out some drivel that it made the book cheaper for the student because the book only included the chapters the school needed. But the full book was waaaay cheaper used online. The school forced students into getting their book by making an access codes needed for some online stuff only available with the book. And because it was loose leaf they don’t buy it back (plus students need the access codes. It was our most annoying and last book experience at her school. They made their $$$$s on that book (saving students’ money my a$$), but we never bought another book from the school unless there were no other options!</p>
<p>Financial Aid is not supposed to fully subsidize a college education, part of the equation means people have to look at schools they can afford versus the schools they wish to go too. If you can’t afford it and still want to go there,to bad pay the price and stop whinning.</p>
<p>My parents would have said no to that. They said no unsub loans at all, ever. </p>
<p>Have you looked in to outside scholarships? What about your parents paying some? What about community college? What about other schools? I cannot even consider state universities because they do not give enough financial aid. Private schools give way better financial aid often times.</p>
<p>What would be best is do community college for two years. And then go off to the university once you have maxed out the community college. That way, it will only be 2 years of loans.</p>
<p>I agree. My COA estimate is the same as yours. I too go to a community college. My actual cost is NOWHERE near that. The COA is meant to put a cap on how much financial aid you can collect, if I understand it correctly. One semester I was given less than the max amount for loans because between grants and loans my total financial aid was more than my estimated cost of attendance. My actual cost of tuition and books is way less than the estimate. Last semester, between tuition and books my total was only a little over $2000 for a 14 hour semester (a 3 hour course costs about $300 at my school). That 9400 should be plenty and you’ll get some back. You can pay the your other expenses with the proceeds and a part time job.</p>
<p>higher prices=need better education=for better career=money!</p>
<p>I would go to the least expensive in state 4 year college that will accept you that’s not a community college, apply for every scholarship and grant I could find, and cut those “miscellaneous” expenses as much as possible. Also try to rent your books or buy used. And you can always transfer schools later as long as you go to a decent one. Loans should be the last resort.</p>
<p>I’d think about going to a community college for the fist two years, where the tuition can run you as little as a few thousand dollars, a fraction of what you might pay at a private college, and then transfer to a four-year school to complete your bachelor’s degree. If you do end up taking out a loan, a general rule of thumb is to borrow no more than your starting salary.</p>
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