<p>"In other words, can a “no need” family take out the FULL $5,500 as UNsubsidized? </p>
<p>We’re willing to take the entire $5,500 out as UNsubsidized if it comes back as no need, and this is what remains unclear to me."</p>
<p>Yes, that’s true - as long as your COA minus other financial aid is at least $5,500. </p>
<p>On your question about PLUS loans, it looks like repayment can be deferred until you’re out of school for 6 months. The interest starts accruing when it’s disbursed though. And if, for some reason, your parents didn’t qualify for a PLUS loan you would have the opportunity to borrow an additional $4,000 in Stafford loans. I know it’s not likely, but good to know! Also, there is the $1,500 Hope tax credit available for the first two years, which would help return some of that money to your parents.</p>
<p>Ecoaz, about my earlier post, I truly didn’t mean to imply that your parents were not involved or wanting to help you save and apologize if it came across to you that way. I know it’s difficult to get the “story” out while still protecting personal privacy. Glad to know that you are working part time, and helping your mom. You sound like a very caring and responsible kid! What I was trying to say was, by looking at our “discretionary” spending on nonessentials, my D and I were able to identify a few thousand dollars that we could cut out and add to her college savings simply by paring down the “extras” on things like cable, cell phone, insurance packages, etc. That was fairly simple but then we made it our goal to spend 25% less on the “necessary” expenses like gas and food, which takes more creativity and organization! As a result I can save more for her on a monthly basis and it’s been relatively painless.</p>
<p>I think you may be getting a little ahead of things worrying about exact loan amounts though. It’s good to know what’s available but the “what ifs” of financial aid can drive you a little nuts! My advice is to concentrate on your college search using rough numbers/average percentages and on making your apps as strong as possible. Then start applying for scholarships while you’re waiting for the decisions and financial aid awards to be made. Suggest to your parents they save all their medical related receipts, even OTC, if you think you’re going to ask for a professional judgement to reduce the $11K EFC. I’ve seen the book “Paying for College Without Going Broke” recommended several times and I believe it explains this, and other things, it detail - might be worth checking out and could give your parents some additional ideas. Good luck!</p>