<p>Hi,</p>
<p>I've read a lot of these threads but I could not find a good answer to my question:
Say, my son gets admitted to a no-loan college (he has a very good chance). He gets a fin. aid package offer with no loans in it. The EFC is more than we can pay. Can we request to use Stafford loan to cover part of the EFC?</p>
<p>Thanks,
hanni5</p>
<p>Yes…</p>
<p>For freshmen, the amount is 5500</p>
<p>If you need more than that, you can get a Parent Plus</p>
<p>A plug for federal loan colleges:</p>
<p>Schools with limited endowments (most) that include ~10% COA as federal loans (most) can offer about 10% more admission seats to needy students. Loans are not all or always negative!</p>
<p>^^^</p>
<p>I’m not sure what you mean by that… many of those schools are need blind.</p>
<p>Thanks!!!</p>
<p>hanni5</p>
<p>^^ (meaning two posts up) Sorry, I wasn’t clear; I mean a different subject from need blind/aware:</p>
<p>By not considering schools that include small (federal) loans as part of financial aid, an applicant may be eliminating a chance at being admitted to a set of more desirable schools, and may then be admitted only to less desirable schools.</p>
<p>^^^</p>
<p>I think all the “no loan” schools are “highly desirable” so I can’t imagine any that would be “less desirable.”</p>
<p>That said…when you consider the OP’s situation, it makes sense to apply to no loan schools (and probably schools that give HUGE merit). </p>
<p>Many people with high EFCs mistakenly think that their child can take out a student loan to help with the EFC, but then realize that all their schools already included the max student loans in the FA package to go towards need. I remember a Cornell mom had that complaint last year. If these kids applied to no loan schools, then that wouldn’t be a problem. </p>
<p>Obviously, those no-loan schools are the most competitive, so if you have a very high and unaffordable EFC, then it’s good to also apply to schools that give huge merit as well…because that can also lower EFC.</p>
<p>Applying is is fine, but the problem is being admitted to the desirable no-loan or huge merit aid schools! But if one stubbornly refuses to apply to small-loan schools or schools that don’t give huge merit aid, one may be stuck with a less-desirable school, but could have afforded a more desirable small-loan school.</p>
<p>I’m just saying: give yourself options!</p>
<p>Just one more thing to consider - a typical no loan school meets your EFC but also typically also expects a contribution from your child in the way of summer and school year earnings. For example if your EFC is $25k you may have $4k added to the EFC as a “student contribution”. You can use a student loan for any of the costs - and hopefully your student can actually earn the “contribution” attributed to them. My D has found it a challenge to meet the summer work expectation due to the down economy.</p>
<p>* For example if your EFC is $25k you may have $4k added to the EFC as a “student contribution”. *</p>
<p>Very true…and some of the schools that do put loans in packages have this expectation as well.</p>
<p>Ok, I’m really confused. D qualified for the full cal grant of 12,924. She also qualified for the the UC Blue and Gold Opportunity Plan. The school list tuition as 15992. Would the Blue and Gold cover the different? Thus lowering her financial need? And they list federal loans in the amount of $5500, if the Blue and Gold lowers her financial need could the student loans be used to lower her student self help portion?
THX!!!</p>
<p>Blue and Gold is a promise, it’s not a grant. It’s a promise to cover the basic UC fees which is a little lower than a particular UC’s fees. I think it’s usually about $13k, which is about the amount of the Cal Grant. </p>
<p>Not sure what you’re asking with the other part.</p>
<p>Will your D be living on campus or commuting? if she’ll be dorming, won’t she need the loans to cover some of her R&B? </p>
<p>What other aid was she given?</p>
<p>This is capricorn’s daughter.</p>
<p>I’ll be living on campus.</p>
<p>This is what the financial aid page says:</p>
<p>Estimated Cost of Attendance<br>
Basic Living $14,740.00<br>
Books and Supplies $1,602.00<br>
Tuition $15,992.00<br>
Transportation $569.00<br>
Out of State $0.00<br>
Summer $0.00<br>
Other $0.00<br>
Total Cost of Attendance $32,903.00</p>
<p>Contributions<br>
Student Self Help Expectation $3,800.00<br>
Student Contribution $0.00<br>
Parent Contribution $4,636.00<br>
Additional Resources $0.00<br>
Total Contributions $8,436.00</p>
<p>Financial Need $24,467.00</p>
<p>Estimated Financial Aid<br>
Federal Perkins Loan-NH $2,000.00<br>
Cal Grant A Estimated-NH $12,924.00<br>
Entering UG Scholarship - NH $4,618.00<br>
Federal Direct Loan Sub-NH $3,500.00<br>
Federal Pell Grant Program-NH $900.00<br>
UCD Campus Fee Grant-NH $525.00<br>
Total Estimated Financial Aid $24,467.00</p>
<p>Contributions
Student Self Help Expectation $3,800.00<br>
Student Contribution $0.00<br>
Parent Contribution $4,636.00<br>
Additional Resources $0.00<br>
Total Contributions $8,436.00</p>
<p>Financial Need $24,467.00</p>
<hr>
<p>Estimated Financial Aid
Federal Perkins Loan-NH $2,000.00<br>
Cal Grant A Estimated-NH $12,924.00<br>
Entering UG Scholarship - NH $4,618.00<br>
Federal Direct Loan Sub-NH $3,500.00<br>
Federal Pell Grant Program-NH $900.00 </p>
<h2>UCD Campus Fee Grant-NH $525.00 </h2>
<p>Total Estimated Financial Aid $24,467.00</p>
<p>You weren’t given any work-study? </p>
<p>Since you were given $24,500 in grants/loans to go towards tuition, room, board, and misc, what is the question?</p>
<p>The self-help amount seems high. Do you have a saving acct in your name that was used to calculate that?</p>
<p>Anyway…you can always lower any student contribution by being more economical in certain decision like “personal expenses,” book purchases (renting or buying used), or spending less on transportation.</p>
<p>No, I wasn’t given any work-study, and no I don’t have a saving account. I plan on getting a summer job to get that money, and having a job in college.</p>
<p>From what she’s telling me, she was asking if B&G will be covering the difference in tuition, since it’s listed as ~3k more than what I’ll get from CalGrant; if so, can some of that money go towards our own contribution?</p>
<p>B&G promises that basic system-wide UC fees are covered…which is about $13k. Some/all UCs have some extra fees and that’s why your fees are higher. </p>
<p>You can call about more aid, but I think that’s all that you’re getting. </p>
<p>If you do call, ask for some work-study.</p>
<p>The UCs don’t promise to meet need. :(</p>
<p>What was your EFC? Was it about 4000 - 4500?</p>
<p>Yeah, that was about where the EFC was.</p>
<p>Do you think it would be better to call them about work-study, or to wait until April 6th when Decision UC Davis is?</p>
<p>Thank you for answering all these questions!</p>
<p>No, don’t wait…they run out of work-study.</p>
<p>Alright, I’ll try to call tomorrow. Thank you so much! :)</p>