<p>I got my Financial Aid Package from my college a couple of weeks ago. It said I was eligible for $5500 in direct, federal unsubsidized loans. Not a big surprise; I was expecting that. But when I got around to looking at my financial aid offer online, under Stafford (Direct) Loans, it says that I am offered $2000- 1/2 for this fall, 1/2 for spring 2015.</p>
<p>I tried googling and couldn't find an explanation. Does anybody know why there is this discrepancy or should I cave and contact the financial aid office?</p>
<p>ignore, didn’t read the op correctly</p>
<p>Yes, you should ask. However, what is your FAFSA EFC? How much is the school asking you and your family to pay outside of what they gave you in their package? Is it more, less or equal to EFC? What is the COA of the school and how much of it are you and your family being asked to pay?</p>
<p>Your FAFSA EFC is the LEAST you will be paying before you get penny one of any federal money. In some unusual situations a school’s own formula for need might come up with what they feel your family should pay that is less than the EFC. In such cases, an subsidized loan is not permitted. </p>
<p>The other explanation is that your total cost of attendance is being covered, and the school decided to throw in the $2K unsub loan to make it complete. without additional info, can 't tell, and, yes, it could all be a mistake as well. I’m just guessing here with incomplete info. </p>
<p>^You should contact your financial aid office as soon as possible</p>
<p>My EFC is around 19,000. The remaining money I have to pay, after various scholarships but before loans, is around 12,000 (still waiting to hear back on a couple of scholarships). My parents will not be paying for any school costs. I suppose my question is if, if there are no extenuating strange circumstances, any student can get the $5500 in UNsubsidized loans, if they don’t have a full ride.</p>
<p>Thank for for all the responses so far!</p>
<p>As long as it does not exceed the official Cost of Attendance for your school (COA), most any student can get the $5500 in unsubloans. If COA is met by other aid in full, you cannot take out any of that Direct Loan even on an unsub basis that year. IIf your EFC is not met, you cannot get subsidies on the loans. You and your family have to pay $19K out of pocket before you get dollar one of subsidies on that Direct loan. That’s why you did not get any subsidized loan amounts. However, there is still $3500 in Direct loan that you can get on an unsubsidized basis.</p>
<p>The way the DIrect loan is explained is that $5500 is available freshman year with up to $3500 of it that can be subsidized if there is need as defined by FAFSA EFC. The remaining $2K is cannot be subsidized even if there is need as the limit is that $3500. Anyone, even with zero need, Rockefeller, Trump can borrow the full $5500 in Direct Loans as long as there are no other scholarships or something paying that cost. IF you had a full scholarship, for instance, you cannot take out the $5500 in Direct loans. </p>
<p>So, yes, it seem to me that you have a good grasp as to how the Direct loans work. </p>
<p><<<
My EFC is around 19,000. The remaining money I have to pay, after various scholarships but before loans, is around 12,000 (still waiting to hear back on a couple of scholarships). My parents will not be paying for any school costs. </p>
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<p>how will you be paying for the leftover amount??</p>
<p>and of those scholarships, how many are just for one year only?</p>
<p>you need to consider all four years…this school may not be affordable.</p>
<p>also, once your school learns about those outside scholarships, are they going to reduce your aid?</p>