<p>Say total family income is around 65000-70000? Could I expect at least 50% off in loans?</p>
<p>The best way to estimate it would be to go to collegeboard.com and use the efc estimator. Take $50k and subtract your efc, $3500 in loans (you'd be under Emory's loan cap program), and maybe $2k in work study. The resulting amount would likely be roughly how much need-based grant you'd get a year, though it'll still probably be off by a few grand. Any outside scholarships would play some role in this also.</p>
<p>If one's EFC exceeds the $ 50k, I guess there is no point in applying for financial aid ?</p>
<p>Emory</a> Advantage</p>
<p>"The Loan Replacement Grant (LRG) replaces loans for dependent undergraduate students whose families' annual assessed incomes are $50,000 or less. Grants replace need-based loans to cover expenses including tuition, room, and board. The eligible grant amount represents the student's self-help portion normally given in the form of a loan. The LRG is available to eligible incoming and continuing undergraduate students starting in the 2007-2008 academic year.</p>
<p>The Loan Cap Program (LCP) caps cumulative need-based debt at $15,000 for dependent undergraduate students whose families' annual assessed incomes are between $50,000 and $100,000. With the Loan Cap Program, students receive a standard financial aid award for freshman and sophomore years. This estimated award could include federal or state aid, institutional loans or grants, or Work-Study. After a student has accrued a total of $15,000 in need-based loans, Emory will provide grants to cover any remaining need-based funding incurred through degree completion. The LCP is available to eligible incoming students starting in the 2007-2008 academic year. Students enrolled at Emory prior to the 2007-2008 academic year are not eligible for the Loan Cap Program."</p>
<p>If I were in that position, I'd apply for financial aid regardless. You might be able to work through the finaid office to get an unsubsidized Stafford if you need one to help with your EFC. Or you might get a small award, which is better than nothing.</p>
<p>The process doesn't seem that hard; just fill out a few forms and send in a copy of the tax returns. It'd be worth the time to try (unless your EFC is like $100,000 or way, way above 50k)</p>