<p>Currently, my top choice out of all of the schools I applied to is UConn.</p>
<p>My EFC based off the FAFSA is 023998. </p>
<p>I was awarded 10680 in grants and 5500 in loans to UConn. Based off of the university's cost of attendance page for 2014-2015, it'll cost me about 50,000 to attend as an out of state student. </p>
<p>This leaves about a 9500 gap. This is my family's first time going through the process, so how do I go about closing the gap to make UConn a financially feasible option for me?</p>
<p>I won't know about any scholarships i've received until after May 1, so i'm really lost here. Any information would help a lot.</p>
<p>This is why I joined this site while my oldest is only a sophomore. College costs have become ridiculous. You can try and get a few small local scholarships for a couple of thousand each. Most of the time the gap is paid through parent loans. And your parents have to have enough income and credit to qualify for them. With your loans your family will owe about $60,000 when you graduate. This is the difficult time when you have to decide whether the benefit of UConn out weighs the huge debt. I do think that most scholarships notify you in April, enough time to decide on the school and pay the deposits that are due May 1. Good luck!</p>
<p>We don’t even qualify for any financial aid ( I do not count loans as aid). This is money that still has to be paid back at some point. I wouldn’t let my child attend. This will be very hard to pay back for several years after graduating. </p>
<p>If you get a scholarship it might make ths situation better to accept, as of right now. Nope.</p>
<p>It means that you were given an admission letter but not enough financial aid or scholarships to be able to afford to attend. While it may give you a false hope or tempt you into digging yourself into a deep debt hole, it is best to treat that as just another rejection.</p>
<p>@UCBalumnUs: this would not be the first time a college aid package differed from FAFSA. UConn apparently thinks the OP can afford $35,000 which, if I’m not mistaken, is about what it would cost to attend Berkeley OOS, no?</p>
<p>Most schools do not meet 100% of most students need when one is including boarding costs. I don’t know a single school that guarantees to meet FAFSA EFC, by the way.</p>
<p>UConn does not guarantee to meet full need, and does not do so for most of the students who go there and qualify for aid. You can start and appeal process but that’s a big gap there. It’s not really going to help you much if the school gives you some work study money or another loan, as all that means is that you have to work, which you may be planning to do anyways to meet EFC, and because loans are really future payments. </p>
<p>Be aware that outside scholarships are often just one time shots. That means next year (and the years after) you’ll be faced with likely higher costs since the tuition prices have generally only gone one direction, and upper class student housing usually costs more unless there is cheap housing available off campus. Also, a lot of schools do expect students take on more of the cost each year, so they tend to cut the fin aid , often replacing some of the grant money with more loans and workstudy. You have to go on the assumption that the cost will only go up, in order to staunch your down side risks.</p>
<p>The way to make it work is to pay the gap yourselves if you can. If not, you need to matriculate at a more affordable option.</p>
<p>In the majority of cases, OOS public universities leave you with a gap of some sort…typically the difference between instate and OOS costs. They accept OOS students because OOS students PAY more to attend. </p>
<p>I’m a CT resident, and love UConn. But if you have an affordable option, go there.</p>
<p>Most oos public would not meet your need. Many in state can’t either. With the 9.5k gap, you may need to find some workstudy (if qualified) or other source of money (part time job, plus loan, etc) to cover. It is not totally financial impossible, but the 60k total loan + 96k direct cost seems to be high for a 4-year college to me.</p>
<p>Yeah, my instate public school only gave me about $1000. The rest - all loans. </p>
<p>Thanks everyone for your input. Is it unusual for families to cover the gap out of pocket? or at least half the gap out of pocket and take out a plus loan for the other half?</p>
<p>"Is it unusual for families to cover the gap out of pocket? or at least half the gap out of pocket and take out a plus loan for the other half? "</p>
<p>If the parents or extended family members can cover the gap, if they take out loans, yes, sometimes the gap is covered that way. For the first year, it often can be done. The problem often arises in year 2 when the whole dang gap comes again and the money has to be raised again. Maybe the second time around, the parents don’t qualify for the loans. The costs might go up when one can barely afford something, any little thing can push one over so it’s undoable.</p>
<p>What many students do, is find an affordable option. Go to a local school. Work part time. Get an Associates degree at a community college and then if on track to get a 4year degree, go all out for the next two years and get that bachelors. </p>
<p>Berkeley OOS list price is about $52,000 (off campus housing) to $56,000 (campus dorms). The minimum net price (with FAFSA_EFC = $0) for OOS students without merit scholarships is about $32,000 (about $9,000 student work+loan plus $23,000 OOS additional tuition).</p>
<p>While UCs use FAFSA and federal methodology to determine EFC, and meet need (with a ~$9,000 student contribution*) for in-state students, they do not meet need for OOS students, and other schools that do meet need use their own EFC methodology requiring additional forms beyond FAFSA.</p>
<p>Note that some state universities do not even meet need for their in-state students.</p>
<p>*All schools, even the most generous with need-based financial aid (e.g. HYPS), do have a student contribution; it varies from $4,000 to $10,000 for schools that claim to “meet need”.</p>
<p>My local scholarships don’t inform me if i’ve received them until after May 1, so I can’t rely on getting those to cover the gap. </p>
<p>Just to clarify, either it’s basically take out way too much in PLUS loans or find somewhere else to go? It sounds like even paying out of pocket is a bad idea.</p>
<p>OP, it can be really hard to make OOS publics affordable. It’s too bad your parents/guidance counselor didn’t look into this before you applied.</p>
<p>If UConn is really your dream school, is it possible for you to do a year of community college closer to home and then transfer? I know this is not ideal, but it’s one way to (possibly) make it work.</p>
<p>I hope you have another, more affordable option. Good luck.</p>
<p>UConn is actually considered a public ivy… and with their 45% acceptance rate and my SAT scores, it was my next favorite school after being rejected ED elsewhere this past december.</p>
<p>Also, sally305, I have another option (University of Hartford) that would be affordable for me, i’m just not so sure I would really like it there.</p>
<p>List price = $49,678
Minus grants = -$10,680
Net price = $38,998</p>
<p>If we assume the maximum reasonable student loans (direct loans of $5,500) and work earnings (about $4,500) for a total of $10,000, then it only becomes affordable if your parents are able and willing to pay $28,998. But note that costs are likely to increase in later years, or you and your parents may want a buffer against the risk of needing an extra semester, or you and your parents may prefer to have a lower student loan and work earnings requirement, so it may not be a good idea if $28,998 is at the outer limit of what your parents are able and willing to pay.</p>