Question from an independent student

Paying for College
1

<p>Hello all:</p>

<p>I am an independent student (turning 24 later this year and will be turning 26 the summer after I graduate) and will be transferring to a 4-year university this fall from my community college. Just did my FAFSA, my EFC is 0.</p>

<p>I'm in California and expect to attend a UC campus (I don't know which one yet). I hear they are fairly good with FinAid, but will probably still ask me to take out some loans (my poor friends were all asked to take out about 5k in subsidized loans and got the rest in Fed, State and School FinAid). My question is: Should I try to apply for scholarships now to cover this additional amount? Is it true that any scholarship I get will be deducted from my FinAid?</p>

<p>If that is the case, I think it may not be worth it to apply for scholarships because the full cost of room and board, fees and tuition is something like 25K at the average UC. So, I would have to get scholarship of OVER 20K (tow years in a row) just to be able to make it worth it. </p>

<p>I may save myself a lot of trouble by just taking out the loans and paying it back later. Your input would be appreciated! Any other tips you have for a transfer student would be well heeded as well. I have a little bit of Stafford debt now and have set myself a "debt-ceiling" of 20k for my undergrad degree (although I think I will end up with less than that if I am lucky).</p>

<p>I appreciate your input!</p>

2

<p>Some places use outside money dollar for dollar to replace loans. Some use it dollar for dollar to replace the institutions own scholarship money. Some use a mathematical formula to reduce some of the aid (either loans or scholarships) but not on a dollar by dollar basis. Some have other policies.</p>

<p>You need to pick up the phone and call the financial aid offices of the UCs where you are applying to ask what their individual policies are.</p>

<p>Good luck!</p>

3

<p>If you are going to get loans, don't you think getting loans reduced due to scholarships is a good thing? I sure do!</p>