<p>k my dad filled the fafsa form a few weeks back, according to fafsa my parents contribution is $18K meaning that they need to pay $18K no matter what. Purdue costs around $34K. Just a few days ago i got a letter from purdue and they said also my parents contribution is $18k but then they said that in order to pay off the rest of the $16K they need to take a loan with a lower interest rate/no interest rate at all (this is word from Purdue NOT FAFSA), im still waiting on fafsa and what theyre gonna say. but this makes absolutely NO SENSE, if my parents can only afford/contribute $18k how they hell are they suppose to take a loan for $16k??? money is money and that money whether it is gonna be paid now or later it is not gonna magically appear in rents bank account, my big question is will i get federal aid for $16K (will this be word from FAFSA?) or will i get screwed over and not get that aid? this makes no sense, even if my rents contribution is $18K my parents are STILL gonna be paying the ENTIRE $34K if i take the loan, great my dream of going to purdue is being shoved into the dirt, wonderful.</p>
<p>The $18k has to be paid yearly while you attend college. Loans are paid back over time. Some loans don't require repayment until after graduation. So, although your parents can only afford $18k per year, they can afford that much for many years to come, not just the four years you will be in college. When you stop going to college, they'll keep paying. An alternate is for you yourself to pay back the loans after you graduate.</p>
<p>First of all, FAFSA does NOT, in any way, decide how much aid you will receive. That job is up to the University. FAFSA only provides the SAR with your EFC to your designated colleges. Your colleges will use this EFC to determine your aid.</p>
<p>Second of all, your EFC is in no way how much money you will PAY for college nor how much money you will GET for college. It is a simple calculated value by the government with various formulas to determine your "expected contribution." This value represents how much money the government expects you to pay, but colleges may expect you to pay even more considering the amount of aid available.</p>
<p>so what is the chance that purdue will give the aid?</p>
<p>if they already sent ur package and all u got is loans........not good? unless u like loans</p>