<p>Hey guys I'm going to the University of Connecticut (UConn) this year, however all my aid is in loans (not that I'm ungrateful since some people didn't even get loans)</p>
<p>My father had to employ to people under the table since he self employed, so his income on the FAFSA "looks" high but in reality its isn't. So we ended up with $4,(00.00 in EFC and a whole bunch of loans.</p>
<p>Award Offered Accepted Disbursed </p>
<p>Fed Sub Stafford Loan 3,500.00 0.00 0.00 USD</p>
<p>Parent (PLUS) Loan Eligibility 19,002.00 0.00 0.00 </p>
<p>Aid Year Totals 22,502.00 (UConn tuition is $18,842)</p>
<p>I've been applying to all the scholarships I could find but I'm at a loss at what to do! The $4,900.00 my parents can handle but the $19,000.00 is gonna be a huge blow, especially since I have younger siblings who aren't even in high school. Should I get the stafford loan and another private/alternative loan under my name (allie mae etc...)?</p>
<p>What do you guys think might be the best course of action?</p>
<p>Thanks!!</p>
<p>Daimo, there is not much out there in terms of grants. What you have is a typical package from a state school. Basically the goverment just gave you a subsidized stafford, and that is it. No aid at all.</p>
<p>EFC is just a number to qualify you for government funds. It does not mean that is all your parents have to pay. The best thing you can do is badger financial aid for some possible grants, but to come up with $19K is awfully steep. Any possibility of working this year, and reapplying to schools that are more promising in the way of funds? You can now see the problems with financial aid and your parents EFC. With a $4900, EFC, it is possible that a private school would have come up with some more money than a state school.</p>
<p>Thanks, I've definitely been badgering the Financial Aid office for more aid but unfortunately it seems there dry right now. So I'm going to see how my financial situation is next year before I start checking out other schools.</p>
<p>That is a huge amount of loans. Can you take a gap year and reapply next year? Or start out at a community college, then transfer?</p>
<p>Unfortunately a gap year isn't an option for me right now, UConn was literally the best choice for me. There were a couple of other schools but they were literally $30,000 +, so I opted for a good/quality state school.</p>
<p>My plan is to get into the Honors program at UConn next year, and just keep on applying for scholarships, and then hopefully receive better aid once my FAFSA's evaluated next year.</p>
<p>Daimos0, the way it works with FAFSA is that it comes up with an EFC that makes you eligible for for government aid. Pell grants and subsidized Stafford loans are all that you can be guaranteed for through FAFSA. Even with a zero EFC, all you can get is less than $4800 through Pell, and you need a family income of about $20K or less most of the time to get even that. The max on the subsidized Stafford is just $3500, and bear in mind that is a LOAN. Schools like UConn, state schools just do not tend to meet EFC. I don't think you are going to get more aid next year from them, as most schools give the frosh their best shot. It's usually downhill from there. Perhaps you are aiming for something specific in terms of money in the Honors program, but unless there is a good chance of some substantial grants there, I don't see you getting much more next year. It's not that your family does not have the need. UConn is just choosing not to meet it.</p>
<p>Momoftexas started a thread here about getting full rides. You may want to read it. That is what someone who need money has to do. Or go locally at low sticker price school as they live at home. The other alternative is to apply to schools that guarantee to meet need, and make sure they do not pile on loans (by looking at their average need packages). Those schools tend to use PROFILE to come up with need numbers and are usually private schools. To expect your family to borrow $19K for your education when they have an EFC of less than $5K is not a good idea. I don't think they can afford it. And you seem to indicate that the number is even inflated!</p>
<p>Wow lots of helpful advice!</p>
<p>Well UConn's price for in-state student, which luckily I am, is about $18,000.00.</p>
<p>(Correct me if I'm wrong please) Out of 18,000 I'll be taking out a 3,5000 loan under my name (When ever possible I want to take out loans under my name.) So it drop it down to 14-15 thousand, my parents guarantee that they can pay the EFC of 4000. So I'm "thinking" whats left will be about 10,000 or less. And then the issue comes down to whether I can take up that amount under my name or will my parents have to take it?</p>
<p>Look at the thread on New Limit for Stafford Loans. You can borrow more in your own name with unsubsidized Staffords. If your parents are turned down for the PLUS loan, you will have another avenue as well. What that means, however, is that you are borrowing over $14K. If you can work and come up with about $4-5K, that may be more manageable. Be aware that as a rule, the tuition goes up, and the aid becomes less.</p>
<p>Well I plan on working and hopefully getting some kind of work study, plus I'm saving money by being on my parents insurance plan (about 2,500) rather than the universities. But I'll definitely check out the other avenues you guys mentioned!</p>