Daughter is currently trying to decide between her three top choices. Below is what they are offering in subsidized and unsubsidized loans:
School A: $3500 sub, $4000 unsub
School B: $949 sub, $4493 unsub
School C: $5000 sub, $2500 unsub (sub loan is a private loan offered by the school; does that mean we could take an additional $5500 in sub loan elsewhere?)
Does this mean that those figures are all that the schools are allowing us to take? I thought everyone was able to take $5500 freshman year. Are we able to get the $5500? And do we need to get it from somewhere else if the school won’t allow it? Ideally we do NOT want to take any unsubsidized loans. Please help clarify. Thank you in advance!
What is the bottom line net price of all three schools?
Tuition, fees, room, board.
Minus scholarships and grants.
That is the net price.
Then you should be able to borrow $5,500 in a combination of sub/unsub federal student loans at all of these schools.
If you only want to borrow subsidized loans, then what is the final cost now?
Don’t figure any work study into the calculation, it can be used to pay for personal expenses during the semester, but will be earned as a paycheck, and is not available up front.
@mommdc sorry, the figures I put for unsubsidized loans on Schools A & C are actually work study, wrong column on my spreadsheet
So to confirm, we can only take the amount each school offered in the FA letter and not $3500. It’s odd how the amounts vary. And what about school C? Since they are offering a private subsidized loan, they can offer more than $3500? And we cannot borrow $3500 on top of that?
But yes it seems the schools figured your need differently.
If you don’t want to take the work study the first year, you could decline it (but make sure they would increase the amount of subsidized loan by that amount).
Your D could still get a non work study campus job if she wanted to.
You can take $5500 total in federal loans. No more than $3500 can be subsidized, but it might be less depending on your financial aid need (FAFSA calculations). You can always take the $5500.
If the school is offering its own aid in loans, you’ll need to sort that out with the school.
