<p>I agree that she can get a private loan w/o disclosing her aid details here, but it’s hard to help her with other options when details are not posted.</p>
<p>It’s not like very personal info is being asked. She’s already posted income info.</p>
<p>Since she’s thinking that if her COA were to be increased, she could get a larger student loan, then I’m wondering what her current aid and loan amounts have been.</p>
<p>Something is not right. She has Blue and Gold that covers her tuition. COA for an instate student who lives off campus is about $27k. </p>
<p>She mentions having an EFC, but not remembering how much it is. (From the income amount, it sounds like her EFC is around $5k…too high for Pell…but that’s unknown)</p>
<p>Don’t know if she got Cal Grant money as well.</p>
<p>I don’t know what year she is in school. If she’s a frosh, then she can borrow up to $9500…unless her aid won’t let her borrow that much. If she got aid that covered all her “need”, then all she can borrow for a fed direct loan is her EFC.</p>
<p>If all of her costs are covered (COA wise) then I don’t even know if she can get a private student loan.</p>
<p>I wonder if she can borrow from parents to cover this year’s shortfall. </p>
<p>Even if their EFC drops next year, she may still have this problem since it sounds like all her COA is getting covered, but they’re still short of money. </p>
<p>They may also need to consider less expensive housing.</p>
<p>sybbie, I think we were all under the impression that schools will not certify loans, private or otherwise, in excess of COA. Do you know something that we don’t?</p>
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<p>Exactly, but I’m wondering if that isn’t fairly typical for the area…I know my friends in that pay 3x my mortgage for their 2 BR apartment (luckily they can afford to do so). Perhaps they could find a roommate if there’s a second bedroom?</p>
<p>Interesting…thank you! I knew students could borrow their EFC, but didn’t know there were any private loans available in excess of COA (other than the normal personal/HELOC/non-education loans)! I always thought schools would not certify loans above that amount and that ed loans required school certification. So, it sounds like, if she were able to find a lender and could qualify somehow, any excess loan above COA could reduce her need-based grants…is that right? Not sure how CA state grants work, but it would be a shame if that happened!</p>
<p>Edited…now that I actually read the link, it goes on to say:</p>
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<p>I would not advise taking this chance and possibly being required to repay federal need-based aid!</p>
<p>It sounds like she’s already borrowing to cover EFC. But, not sure, which is why I asked for details.</p>
<p>It sounds like she wants to be able to borrow MORE…which is why she’s asked for the COA increase. That suggests that she’s already borrowed to cover EFC. Her current EFC is not 0. </p>
<p>Anyway…if she gave details of what her EFC is, what her COA is, and what her FA package consists of, we’d be able to give more accurate advice.</p>
<p>No, actually if she were to go back and talk to the financial aid department at her school, they would be in the best position to explain to OP all of her options along with whatever pros and cons attached to the options.</p>
<p>At Berkeley, they stick to that list pretty rigidly, we knew a study abroad student who had the mandated COA, but it did not take into consideration the current exchange rate which had changed from the time of calculation. If one is close to the edge financially, those little things can make it tough, but there is no sense fighting city hall, better to ask how, within the rubric, they can help you get additional living $.</p>
<p>Hopefully they are not living on campus as that is so expensive, but even an off campus room in a big house was pretty high, $1200 for 2 people sharing a room sounds in the ballpark.</p>