<p>m My son got accepted at a 4 year state school. Tuition is approximately 7-8000 with him him living at home. My fafsa is 6632. Will i be resoponsible for the total bill or will he be getting students loan and I pick up the rest.
Financial aid package should be coming in the next few weeks. I was just wondering what to expect.
Thanks</p>
<p>Your EFC is pretty close to the total cost of attendance so it may just be that a small unsubsidized student loan will cover the distance.</p>
<p>so he will not be able to get stafford loans?</p>
<p>Since COA is higher than EFC, I believe you should get offered a subsidized loan.</p>
<p>Subsidized loans are based on the income of the parent, not the difference between the COA and the EFC. But seeing as her EFC is only $6K her son should probably be eligible for subsidized anyway.</p>
<p>OP, if your son’s public university is one that meets 100% of financial need and tuition is, let’s say, $8K a year, they’d give you a package to cover the difference ($1368). The package will likely be made up of a subsidized Stafford loan given your income, but honestly it could be anything - work-study or a grant are also possibilities. Given that it’s a public university, though, they may NOT meet 100% of your financial need.</p>
<p>In any case your son is eligible for $5,500 in Stafford loans for his first year in college, and regardless of what the school offers you can can take out that much to cover his first year. So you could have him take out that amount and you cover the rest, or you could have him take out just the amount that’s subsidized ($3,500) and you cover the difference.</p>
<p>so we would be able to split the difference between the 2 of us?
I really can’t afford 7000 per year.</p>
<p>The cost of attendance will be higher than the tuition alone, even with him living at home. It will include books and living expenses (though the living expenses will be calculated to be lower because he is living at home instead of on-campus).</p>
<p>He filed a FAFSA, so he will be eligible for up to $5,500 in Stafford loans, of which $3,500 will likely be subsidized. If you (the parent) are turned down for a Parent PLUS loan, he becomes eligible for an additional $4000 in unsubsidized Stafford loans. [Student</a> Aid on the Web](<a href=“http://studentaid.ed.gov/PORTALSWebApp/students/english/studentloans.jsp]Student”>http://studentaid.ed.gov/PORTALSWebApp/students/english/studentloans.jsp)</p>