<p>I’m a newbie to the whole college experience. Im wondering what else I should expect as far as the financial “package” that is suppose to come April 1st. I have my S scholarship offer and we don’t qualify for additional aid based on our EFC…so what else will they present?
Thanks!</p>
<p>You may end up with loan offers: both subsidized (if you demonstrate some “need”), and unsubsidized (no demonstrated need) – you don’t have to accept any loan offer you don’t want.</p>
<p>To elaborate on my previous post, see the link below – it will help answer any questions you have regarding the loans mentioned above:</p>
<p>[Subsidized</a> and Unsubsidized Loans | Federal Student Aid](<a href=“http://studentaid.ed.gov/types/loans/subsidized-unsubsidized#what’s-the-difference]Subsidized”>http://studentaid.ed.gov/types/loans/subsidized-unsubsidized#what’s-the-difference)</p>
<p>COA - EFC = “need”.</p>
<p>If your “need” was met with the scholarship, then you have no more need.</p>
<p>However, you can still take $5500 in an unsub loan to put towards EFC. IF the unsub loan isn’t in your paperwork then you just contact FA office and ask for it.</p>
<p>If your “need” was not met with the scholarship, then you’d get a sub loan and an unsub loan.</p>
<p>If you qualify for Pell, then you’d get that. (doesn’t sound like you do.)</p>
<p>If you have need you might get work study, but that tends to go to low income students. </p>
<p>You might even be offered a Parent Plus loan to cover EFC or whatever. </p>
<p>I hate the term FA “package”. It sounds like a gift, when it often is loans, and such.</p>
<p>Mom’s right about this “package” moniker – definitely not a gift!
Katorres: are you OOS or in-state? You have a better shot at a Parent Plus loan if you are OOS. That particular kind of loan however, not technically a “student” loan – parents are responsible for repaying the loan. They are not transferable. Repayment begins as soon as funds are dispersed to the college, unless the parent defers the loan (and doesn’t mind paying the built-up interest :eek:)</p>
<p>Any parent, instate or OOS, can get a Plus loan for any part of the COA that isn’t already covered. But you do have to pass the credit check.</p>
<p>If the students parents do not qualify or are declined for the parent plus loan, the student is entitled to take an additional approximately $4,000 in Stafford loans. This amount increases a bit each year. You can find the chart with info at:
<a href=“http://www2.ed.gov/offices/OSFAP/DirectLoan/applying.html[/url]”>http://www2.ed.gov/offices/OSFAP/DirectLoan/applying.html</a></p>
<p>“I hate the term FA “package”. It sounds like a gift, when it often is loans, and such.”</p>
<p>True, but for the vast amount of the American populace, good luck getting an unsecured loan elsewhere at 3.4% / 6.8%.</p>