<p>Hello everyone. I am first time and generation college student. I am in the process of enrolling at my local community college for the fall semester. I will be pursuing a transfer degree. I plan on being a full-time student (12 credits...at least).</p>
<p>I originally submitted my FAFSA on May 31st, but have since made some minor corrections to it. I don't know if this delayed the process or not, but I haven't received my award yet. The fin aid office at the school told me I submitted all of the necessary paperwork/information and now I have to wait.</p>
<p>My EFC, according to my SAR, is 06752. I know I am not eligible for any grants, but can anyone give me an idea of what to expect as far as loans and other aid? My parents make too much money for me to be eligible for grants, but they aren't willing or able to support my education financially, so I am on my own (I am 20 by the way).</p>
<p>Do you guys think I will get enough from federal loans to cover my COA, or do I need to look into private loans?</p>
<p>My starting tuition is $135 /credit hour.</p>
<p>Any advice would be appreciated. I have been worrying myself about all of this. It's all so new and confusing to me.</p>
<p>Thank you.</p>
<p>Ryan.</p>
<p>The maximum Stafford loan for a freshman is $5500.</p>
<p>Stupid question…is that per semester or per calendar year?</p>
<p>Will my EFC affect how much I can borrow, or does that only apply to grants?</p>
<p>Unsubsidized vs Subsidized isn’t a HUGE deal to me, I am just worried about covering all of my tuition and fees (not super worried about books, I can get a good deal on those).</p>
<p>The Stafford loan is $5500 for the year for a first year college student.</p>
<p>At 12 credits a semester, you’ll be talking around $1600 plus maybe some fees and books. Do you have a job at all? Part time work would help you with a good deal of the expense If you borrow $5500 a year for a Stafford, even after some of it gets kept as an origination fee or something, you should have enough to cover most of the cost for a 12 credit semester, it would seem.</p>
<p>Sounds like 5500 should cover the 30 credits or so you’d need for the first year to stay on schedule to graduate in four years. </p>
<p>I suggest that you work as much in the summer as you can and work a bit during the school year so that you can set aside some money for junior and senior years…which will likely be more expensive.</p>
<p>Avoid private loans…they usually will need a co-signer. Many parents won’t do that…and it results in too much debt for the undergrad anyway.</p>
<p>I have a weird financial situation. I work with my brother helping him with his business. I make about 4 to 8 grand a year, but I don’t have hardly any bills because I live with my parents. So I can cover books and some of the smaller fees.</p>
<p>I plan on staying in the area when I transfer to a 4 year university. I will attend one of my local public universities.</p>
<p>My parents and grandmother all have good credit and are willing to co sign if I need to take a private loan. I just have to pay it all back later, which I’m not super worried about.</p>
<p>My long term goal is a MBA.</p>
<p>I really appreciate the advice everyone.</p>
<p>Sent from my Nexus S 4G using Tapatalk</p>