Stingy School?

Paying for College
1

<p>Alright,</p>

<pre><code> If you go to University and are an adult. And, if you decide to check no loans on the FAFSA. And, if your EFC is (approx) $600.00. Would your EFC increase if you check no loans on the FAFSA?

In other words, would the University have an obligation to do a financial aid package where you would maybe obtain more money in grants and other forms of non loan based aid? Or would they decide to up your EFC in leu of putting together a financial aid package which would work with your EFC?

I am just curious. Because, I never want to do any more Stafford type of loans again.
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<p>peace.</p>

2

<p>THe university isn't going to give you no loans just because you don't want any. Heck, who wants loans?</p>

3

<p>No,</p>

<pre><code> If you have basically gone over your limit for loans. And maybe do not qualify for the new rules that are going to be in effect in July of next year for loan increases. Could "they" up your EFC? Or could "they" indirectly up your EFC by telling you to apply for Private Loans? Would one have to articulate to the Head of the Financial Aid Department that you would like to try and obtain a package with no loans?

I am curious if anyone has experience with this. Most especially someone over the age of 24 with an (approx) efc of $600.00.
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4

<p>My experience with this is OLD...but here goes. Most schools do not give packages that do not include a loan for undergraduate school. My EFC was quite low, but I still had a loan (pre Stafford, but a government loan). Also, keep in mind that if the school offers you a loan as part of your finaid package, and you decide not to take that loan, you will have to figure out where to get that money elsewhere.</p>

<p>Now...graduate school is quite different. There are some departments where you can receive a full fellowship, salary, benefits and free tuition and fees. BUT that is grad school and your fellowship responsibilities are considered a job.</p>

<p>Even if you are applying to schools that meet full need, there is a student contribution that is expected. AND lastly, no school is required to meet your need without loans. Some do not use loans for low income students (for low income...places like Princeton, for example...but then you have the issue of getting accepted to Princeton).</p>

<p>I'm a little confused about your statement "gone over the limit for loans". Does this mean that as an undergraduate, you have exceeded the amount usually allocated for the Stafford loans? If so, do you HAVE an undergrad degree. If so, perhaps graduate school would be a better choice.</p>

<p>I agree with Northstarmom...no one wants to have loans. BUT the colleges determine your finaid packaging and it is not based on what you want...it is based on what they decide to give.</p>

5

<p>Let me elaborate further...</p>

<p>For this whole blessed year (fall, spring, and summer) I am fine. </p>

<p>My last semester of schooling is the fall of next year. I am trying to figure out things for the fall of next year, if you will. </p>

<p>Since I know I will not in any way be able to obtain loans for my last semester of study. I am on the verge of obtaining a second job to be on the safe side with regards to funding my last semester of University study. And, I am basically going to work a second job until I earn the price of two classes. I know this will increase my (projected) efc somewhat and I am going to go to a proper accountant when I have to in order to make sure my taxes are "on point". Please note, I do not earn a great deal of money and I am very fortunate that I live with one of my younger brothers in that regard.</p>

<p>What I am trying to figure out is if a University can increase your EFC if you no longer qualify for loans. For example, I know there is an option on the fafsa if one decides against student loans or work study. But, I go to a loan first, anything else second type of school and that is why I am wondering. </p>

<p>Basically, I desire to try really hard to have a fair amount of money at hand for my last semester of study to totally be on the safe side. But, with that being said, I am still worried that no matter what I do my school will still opt for a loan heavy type of package together because they are historically known for that for some reason.</p>

<p>Therefore, I am wondering about the ethical means of negotiation one could participate in with regards to financial aid. I am just trying really hard to have everything really organised and I really do not understand the loan heavy business.</p>

<p>Furthermore, I consolidated my loans quite a while ago. And, I make payments in good faith towards my student loans while still in school (every month I pay half of what I will be paying out of school, now and they are down to 15k). The main reason why I have reached the end of the loan limit is because I transferred schools. I totally am really responsible with all of that.</p>

6

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<p>Well....your EFC is based on the previous year's earnings and your assets at the time of your FAFSA filing. If you no longer qualify for (stafford) loans, then the school would not be able to award you one. However, I can't see how this would affect your EFC, but I am not a finaid expert...just a parent. Does your university guarantee to meet full need? If not, your question really is moot because the school would not be under any obligation to award you any amount of financial aid regardless of your income (others here can correct me...I do believe there are certain federal finaid programs that are for low income and you might continue to be eligible for those). One question...is this last semester (next school year 2007-08) an additional semester beyond four years of undergraduate study? I'm not sure how that impacts finaid awards, but it might. For merit awards, for example (don't know if you have those or not) most are for four years of study only. I will say...you are doing the right thing by planning this out early...and exploring options that might be available to you. This gives you ample time to resolve the finances of your final semester. Have you spoken to the finaid folks at your university about this? Sometimes they can be a help.</p>

7

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<p>"Well....your EFC is based on the previous year's earnings and your assets at the time of your FAFSA filing. If you no longer qualify for (stafford) loans, then the school would not be able to award you one. However, I can't see how this would affect your EFC, but I am not a finaid expert...just a parent. Does your university guarantee to meet full need?"</p>

<p>Yes, they are full need. Just a bit loan heavy (IMHO). I am just a smidgen worried. </p>

<p>" One question...is this last semester (next school year 2007-08) an additional semester beyond four years of undergraduate study? I'm not sure how that impacts finaid awards, but it might." </p>

<p>When I decided to get more academically involved in Theology as well as Literature. I had to transfer because there were no Undergrad Theology programs where I live. Basically, at one time, I was on the Honors fast track to graduate in two and a half years. Now, when everything is said and done, I will graduate in four. And, when I say four years, I mean my total amount of schooling will equate to four years with the exception of going to Community College years ago on a very part time basis (paid out of pocket for that:)</p>

<p>I am a LD student (dyscalculia), and technically, we can do five years (more or less) because of some Americans with Disabilities Act ruling from a while back. But, I do not rightly see how I personally would have to go five years unless I got really ill or something.</p>

<p>My GPA is 3.8 and if I decide to look into any merit awards, I will probably do it towards the end of the Spring semester w/r/t Fall.</p>

<p>I might be a little irrational:) I am just trying really hard to plan things out with this now to the best of my abilities. I have to start studying for the GRE (basically, the math part) in September and I desire to have everything organised so I can work on my Capstone Course and my Theological themed work on the American Transcendentals in the fall of next year without having to still be working a second job. </p>

<p>I figure I should just plainly state my case to the Fin aid head in the Summer of next year. I do not believe in a "free lunch." I just want someone to fairly look at the SAR and whatnot without first thinking loans, loans, loans.</p>

<p>I thank you all for your responses very much.</p>

8

<p>I was checking your back posts to learn more about you, and was very impressed with how after you were offered that merit scholarship designated for jewish students, you contacted the scholarship office to let them know that you aren't really jewish even though your dad is. That showed a lot of integrity. I also am delighted that they still gave you the scholarship because you fit the critera more than did anyone else.</p>

<p>Sorry that I can't offer you informed advice on the situation that you posted here, but, my sister Friend, I wish you well.</p>

9

<p>Thank you, Northstarmom. That was at the University I transferred from. </p>

<p>I figure everything will work out alright.</p>

10

<p>Hi merlin -- </p>

<p>I do have some experience with this -- usually a school will just ignore the "no loans" check box and give you a package with loans in it. You are not obligated to take the loans, but by offering them they meet your need. The same is true for work-study. </p>

<p>however, this does not apply to students who have borrowed the maximum allowed loans prior. Are you saying that you will have borrowed $138,500 at the end of this year? That is the maximum amount of stafford loans that can be given in undergrad. If that is the case, most schools would them offer you a perkins loan in its place.</p>

11

<p>"however, this does not apply to students who have borrowed the maximum allowed loans prior. Are you saying that you will have borrowed $138,500 at the end of this year? That is the maximum amount of stafford loans that can be given in undergrad. If that is the case, most schools would them offer you a perkins loan in its place."</p>

<p>Oh shucks, no. After this whole school year is said and done (Fall, Spring, Summer) I will have a grand total of right at 46k in Stafford (sub and unsub). </p>

<p>I would maybe drop dead already if I had 100k in (sub and unsub) Stafford.</p>

<p>I have consolidated the heck out of my loans and I also have been making fair payments while in school for a while now. Since I am over 24 and totally an independent student, I can do as I like with regards to starting in on paying back the loans now.</p>

<p>I thought that the maximum for independent undergrads was right at 46k? Am I wrong? </p>

<p>Also, I would not rule out a tiny Perkins loan, I guess. Like, if I was up between a rock and a hard place. But, I am pretty sure my school does not do Perkins, I would have to ask. I thought Perkins was being done away with?</p>

<p>goodness...</p>

12

<p>the maximum stafford total is $138,000 -- and the maximum unsub stafford is around 65,000.</p>

<p>I agree -- the totals are incredible! but you will not have reached your maximum amount of loans -- so stafford loans will still be included in your package. You don't have to take them -- but I can guarantee they will be offered.</p>

<p>I am not sure about the perkins loans -- my school still does them, I think. My financial aid package includes the stafford loans, a state grant and the pell -- so no perkins for me this year. I will hopefully graduate this spring, but I may be in your situation and need to take one more semester -- depends on how many classes I can take this spring and still work. This summer just about did me in (full time work and 12 hours).</p>