<p>I have recently received my financial aid statement and part of my anxiety is over. However, I am naive and skeptical about how ready I'm going to pay for Emory.</p>
<p>Attending Emory costs 60K annually. I have 40K secured in scholarship, grant, and my work money (hopefully 5K more in scholarship). This leaves me to find 20K.</p>
<p>I'm not sure whether or not I should accept the subsidized and unsubsidized Stafford loans. I read the interest rate is going to double and I'm not sure how this will affect me. Should I accept both subsidized and unsubsidized loans? And, correct me if I'm wrong; will Emory pay for my Stafford loans through the 'Emory Advantage'? Emory</a> Advantage</p>
<p>And is it possible for Emory to decrease my parent's expected contribution pay? (under what circumstances if any)</p>
<p>If there is any interesting and relevant information anyone would like to add please do so!</p>
<p>The Stafford rate may double but it may not. That’s still up in the air. Would you be responsible for $20k a year or would your parents pay for part of your education? If it’s the latter, I wouldn’t attend Emory, as that will straddle you with far too much debt (are you an incoming freshman or transfer?)</p>
<p>You should call financial aid regarding your questions. Quite frankly you didn’t give enough information regarding your family financial circumstances or the nature of the payment options to help any of the posters assist you in any meaningful way. </p>
<p>Obviously if your parents get more money, your EFC will rise.</p>
<p>I was in your same position. Here is what I learned. The Emory Advantage Program, if your family makes between 50K and 100K, caps SUBSIDIZED LOANS at 15K. Also, with unsubsidized loans, it gains interest the moment you take out the loan. Additionally, the only way Emory will reduce your parent contribution is if there is something major that hinders your parents from paying for your education such as a parent losing their job. Otherwise, your financial aid statement is pretty much final.</p>
<p>Question: </p>
<p>I got accepted as a transfer student a few days ago. </p>
<p>My dad got laid off from his software engineering job about 2 weeks ago. I called the FA office the day after being accepted and informed them of my dad’s situation and they told me to send them a formal email. </p>
<p>To recap, the income for the family is currently 0. How greatly is this going to affect my FA? Any idea? Even an estimate will do.</p>
<p>@esai23</p>
<p>Just send in a detailed email to Emory asap to address your situation. Your FA package will be based on your 2012 income, but given your circumstances, ask Emory to do a special review. They may or may not be able to revise anything. They may also wait a few weeks before making any changes to see if your dad finds another job. If your dad got a severance package, keep in mind that your income may not be completely 0, and significant savings and assets are also taken into account. Sorry about you dad’s job, and I hope things work out for you!</p>
<p>@rainydays05 - Thank you so much for your reply! </p>
<p>I sent an email yesterday afternoon before you posted your message, to which I’m expecting a response sometime hopefully this week.</p>
<p>I’ve informed them of my dad’s situation and I even attached a “verification of employment” letter to give them proof.</p>
<p>My mother is currently a homemaker, which is why I said our total income as of now is 0. </p>
<p>Could you explain what a “severance package” is? My dad’s company has decided to give him his salary for the month of April, but they said that he will receive unemployment benefits from the government after that. </p>
<p>As far as significant savings and assets are concerned, it’s a long story, but we really don’t have much. We have a second hand car, and we live in a rented furnished apartment. We don’t own any land, and our total assets is somewhere between $17000 - $27000 (without the car). </p>
<p>I wouldn’t say we are poor, since my dad earned enough for us to live a peaceful life, but we don’t have enough to pay $20000+ per year for college.</p>
<p>I really hope things work out well and I do get a good package.</p>
<p>@esai23</p>
<p>A severance package is financial compensation and benefits typically given to newly unemployed people from the former company to help them stay afloat for awhile. Sounds like your dad didn’t get one. This is just a sticky situation. I’m pretty sure this unemployment will be documented for 2013 taxes purposes, not 2012 for which FA is based off. Figure out how much money you do have to contribute to college and how much you’re expecting Emory to help you out. It’s all about “demonstrated-need,” so make a good case (you’re on track by providing proper documentation). I have no idea how the FA office will handle this, but good luck!</p>
<p>Thank you rainydays for your advice. I’ll let you know what the FA office has to say about my case.</p>