<p>I was wondering exactly how colleges decide what loans and types you can get? I know they say "fafsa" is the main component, but why then are students like my daughter offered work studies at some, not at others, subsidized loan at 2, not at another. (We even got a Perkins loan from one school but I was told that was because the general population there were so much richer than we were.) They never give amounts or cut-offs in income, but I find it confusing at times when general criteria between families seems the same and we have so little in savings. When one college took away my daughters subsidized loan to unsubsidized, because we went a little over 100,000, a friend who has 1 child,(we have 4) the same income, had one for her daughter that was subsidized. (And her money was claimed, not hidden which wouldn't count.) I guess in some ways I'll always be scratching my head, but the more you talk to parents of college kids, the more confusing it gets sometimes.
Is there a guideline you can check for government loans using income, number of dependant children, etc.?
Thanks!</p>
<p>You can use the EFC calculator. </p>
<p>Please remember that those calculators are estimates based on your family's $100,000.00 income and all of that. And, be grateful that you do not have the four kids and a poverty line income:)</p>