Is it going to be much cheaper if I choose to commute instead?

Paying for College
1

<p>EFC: $70
CAS scholarship: 11,000
Provest:1000
University grant: 3600
ACG: 750
FSEOG:4000
Pell Grant: 5500
TAP: 4600
Work Study: 4000
Direct Stafford Loan: 3500
Unsubsidized Loan: 2000
Direct PLUS loan: 16116</p>

<p>Total: 56066 </p>

<p>^^ This is the FA award that I received if I choose to DORM. However, is my FA award going to be much more different if I choose NOT to dorm instead? If so, what's the difference going to be? Loan? Grant?</p>

<p>On/Off-Campus Student: $56039
Commuter Student: $44715</p>

2

<p>Yes your FA package will be different if you are commuting (living at home with parents). it will be based on the COA for commuting rather than the COA for on/off campus students. So it will be reduced by $11,324. You would have to ask the school what would change within the package. Hopefully it would be the loans as you have an appalling amount of loans for someone with an EFC of 70.</p>

<p>That is a dreadful FA package. Almost $22,000 a year in loans for someone with an EFC of 70. I hope you have some more affordable options.</p>

3

<p>Although I choose to dorm this year, I will probably commute after my Freshman year. Okay, so the PLUS loan will be reduced from 16116 to 2609 after my freshman year (assuming that the FA package is still the same)? (Cost of dorm: $13509)</p>

4

<p>I hope they take out the Plus loans!</p>

<p>What school is this? Is this NYU?</p>

<p>Can your parents afford the Plus loan? Do you know how much their payment will be?</p>

<p>You probably won’t need ANY Plus loans if you commute. Usually the COA for commuters is ridiculously padded!</p>

5

<p>yea it’s NYU! lol
If the PLUS loan will be reduced if I choose to commute after my freshman year, then yes (I guess) my parents can probably afford it.)</p>

6

<p>I think you need to find out now if your parents can qualify for a Plus loan and whether they can afford the payments. Do your parents have any other debt? </p>

<p>I can’t imagine a family with such a low EFC being able to afford a $16k loan just to have you live on campus. That just seems financially unsound to me for a family with a low income.</p>