<p>If you can't meet the EFC as per FAFSA, what are you supposed to do? Take out a loan? Is it true that scholarships are only good for around $5000 because the rest will only reduce grants from universities that you wouldn't have to pay back anyways? Is there anything you can do to lower the EFC if your family can't afford it or it would be extremely difficult to find the money to pay?</p>
<p>bump</p>
<p>i'd like to know as well about the scholarships .. it seems so pointless to apply for any more now .. =/</p>
<p>Your EFC is your family contribution. Most colleges expect that the family will find some way to make that payment. Need based aid does not cover, or make up for, EFC. If you get an outside scholarship, most schools reduce loans, then work study, then grants/scholarships. However, the practices vary wildly and the best thing to do is call the schools. Outside scholarship money seldom reduces EFC, but it does happen at some places which allow finaid to be up to the cost of attendance.</p>
<p>My plan is to take a second job. Yes that will raise my efc, but since my D's package is only merit and need wasn't met - it should work out. It is only 4 years - I can survive that. I don't want to take out toomany PLUS loans. I still have my student loans to pay off unitl I am 60!!!! I am a single parent who finished college at 40. Fortunately,I am a nurse - there is always work out there.
Janie</p>
<p>I am one of the "lucky" parents whos child got into her reach school that will cost us around 42K/yr. My husband and I are both working; we only have one child. Consequently, we did not qualify for any need based scholarship and our child did not qualify for any merit based scholarship. </p>
<p>My question is for parents who already have been in the same situation as we found ourselves now: what is the best way of financing our daughter's education? Is it better to take a home equity loan and be able to write off the interest on the loan or should we borrow money from Sally May (or any other institution that specializes in students loans)? </p>
<p>In addition, even though we are planning to pay a substantial portion of the expenses, we would like our daughter to take a loan in her name. Are there any loans she can sign up for where the first payment would only be after graduation from college and the interest would start accumulating only then?</p>
<p>how about send her to a state school, and a degree will cost about the same as 1 term in the big name school.</p>
<p>Always apply for S & P loans.
1) You can always turn down the loan.
2) You can take partial amount of loan. ie take fall loan but cancel Spring's loan.
3) No loan fees or costs.
4) Loan interest is deductible from 1st dollar and does not need to be itemized.
5) Fixed rates after July 1, 2006.
6) You can borrow up to full cost of schooling.
7) You can manage cash flow by establishing immediate repayment.
8) Improve or establish credit (Stafford)
9) You can do a combination of Equity Loan or a FFELP (stafford/PLUS)
10. other.</p>
<p>My kids each have the stafford loans. They do not have to pay them back til they graduate. The interest does add up (if it is unsubsidized which is all you will likely qualify for) but they can choose to pay the interest during school and that saves it from compounding. They are billed quarterly for it and if they choose not to pay it, it is just added on to the loan total.</p>
<p>Our son actually qualified for subsidized Stafford loans.
He does not have to pay them back until 6 months after graduation.
If he takes the maximum for all 4 years, he will accumulate about $17,000 in school debt.<br>
We MAY choose to pay those off, if we can at that time. But actually, we like that he has a real financial stake in his education. That amount of debt does not seem unreasonable to us for a 4 year degree.
We are paying 'our' share from current income and home equity.</p>
<p>how about send her to a state school, and a degree will cost about the same as 1 term in the big name school.</p>
<p>not neccessarily, my state school is making me pay 3000 more than a top tier school, and gave me about $30,000 less grant</p>
<p>We too are in the position where DD's top choice schools are ones where she did not get any merit aid. You know...we'll figure it out. If we had not wanted her to be able to consider those schools, we would not have allowed her to apply. Costs of colleges are staggering. And that is that.</p>
<p>I'm really not sure what to do. My family only makes about $50,000 a year (which by today's standards isn't really all that much) and my EFC is $6300. I can't ask my parents for that! I have a 2 and a half year old little sister. I didn't qualify for any pell grants, and I have no idea how I'm going to pay for college.
luckily I live in florida and will be getting bright futures which covers 100% of tuition at a state school. I'm still just so worried.
I thought getting in was difficult... paying for it is going to be a task.</p>
<p>One of my schools just sent a financial aid form that requires sending it back with everything marked accept or decline by April 11. I wasn't planning on making my decision on which college to attend until a little later than that, because I am visiting one of my colleges on April 21. Here are my questions:</p>
<ol>
<li><p>Do Stafford loans have a deadline? Could the money be gone if you don't accept it by the school's deadline of April 11th? </p></li>
<li><p>Can I accept a package that includes a Stafford loan at one school and then if I decide not to go to that school accept a Stafford loan at another school and decline the first one? </p></li>
<li><p>Would accepting/declining/accepting at another school mess anything up as far as the Stafford approval and disbursement process at the school I eventually go to?</p></li>
</ol>
<p>You can & should double-check with the FAid office. The FAid office I spoke with said that accepting or declining their offer of aid does NOT obligate the student to attend that school. You should explain your situation & ask them because all students are supposed to have until May 1 to give their final decision about whether they're accepting or declining the colleges or universities.</p>
<p>
</p>
<p>Thanks, I THOUGHT I had until May 1st! I'm afraid of accepting the package at the early school to make sure if I go there I have it, then deciding I want to go to the other school, and not being able to get a Stafford there because the first school's Stafford still looks like it's hanging out there. It's an important part of my aid package.</p>
<p>
[quote]
If he takes the maximum for all 4 years, he will accumulate about $17,000 in school debt.
We MAY choose to pay those off, if we can at that time. But actually, we like that he has a real financial stake in his education. That amount of debt does not seem unreasonable to us for a 4 year degree.
[/quote]
Our current plan is for our kids to take out the loans, take their courses and summer jobs with their work study jobs and loan experience in hand and active (hopefully leading to them being a lot more focussed) and then when they graduate pay off their balance so they don't have any debt coming out of school (as long as they don't tell their younger sibling their debt was paid off so we can do the same thing to them).</p>
<p>CALL the FAid office--that's the only way to get accurate info & any extension you need. Don't rely on me or anyone else who posts because we don't have the power to give you any extension or give you info that will stand up at the schools your student is interested in. Call NOW!</p>
<p>i highly doubt the state school is that much, if not send her to a UC or a SUNY</p>
<p>My daughter was offered a nice scholarship by the state school but they also put an early deadline on it and she wanted to visit all the schools once more before deciding. We called (I think the person who signed the letter, not the fin aid office) and explained and they agreed to give her some extra time.</p>
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<p>Thanks for your reply. Our daughter received her financial aid package last night. With the exception of the Federal Sub. Stafford Loan, which I believe is available to all freshmen, she did not get a single penny. I do not understand it because our EFC is 9K less then the actual annual cost. I immediately made an appt with the Fin. Aid office - as it is, this is one of the most expensive universities in the nation and yet, they would not help us.
Any advise?</p>