<p>COA: 51,960
Gift: 27,550
Loan/Work: 10,700
Family: 13,710</p>
<p>It looks like Syracuse is leaving a 10k gap even with 10k per year in self-help (student loans and work). Not a good package, since your parents are expected to cover 13.7k instead of 3.3k.</p>
<p>GCMom, I’d avoid the unsub Stafford if possible, if there’s a way for the family to come up with $5K rather than $3K. (the problem with the unsubsidized loan is that it’s not subsidized, so either the student has to start making payments right away, or else interest starts accruing and the $2K loan is a significantly more by the time of graduation). </p>
<p>But that does look like a pretty good award – I see no reason to turn it down. Keep in mind that the Stafford loan will go up to $4500 then $5500 in subsequent years.</p>
<p>cal mom…thanks for you input…
I would assume the unsub stafford…
Geneseo is a Top state school here in NY…
At that price it is very appealing…
I am waiting to hear from Vassar and Gettysburg that are known to meet you financial need…
and Binghamton another state school so the award will be about the same…</p>
<p>Congratulations, then – it looks like your daughter is set, with an admission to an excellent school that you can afford, and the possibility of better things to come. :)</p>
<p>Man…they just upped my EFC $400…We already couldn’t come up with it before.</p>
<p>O.k. this is the first time I have seen this. One of the colleges gave us an estimate of aid and ask us if we could do that. We wrote a letter back saying DS will attend if we get $5k/y more aid. </p>
<p>Got a formal letter back - raise the cash grant, add a work study, took out the unsub loan. We were very happy at first because the total aid package went up about $4500, But soon realize that they raise the COA too. So, there is a minimal net benefit to us. Now if we want to back out, they would say they meet everything we ask for. </p>
<p>Wonder if anyone has seen this before using one set of number for eatimate and then another set for official one? </p>
<p>For those concept challenged, I will use some numbers. These numbers are purely examples, not the real ones.</p>
<p>First estimate COA $55,000 FA package 30,000 so family EFC $25000. We asked for $5000 more a year.</p>
<p>Formal letter: COA 59,000; FA package 34,500 ($4,500 more than the estimate), so family EFC 24,500 (a merely $500 reduction). </p>
<p>I think they used the 2009 - 2010 number for the first estimate and then gave us the real one with 2010 - 2011 number.</p>
<p>“Back out”? Does that mean you accepted a school admission already? Or does that mean an ED offer occurred?</p>
<p>
</p>
<p>Dad II…this only matters for ED acceptances. Did your son get accepted ED? Oddly, you have posted elsewhere that you were WAITING to hear about acceptances. Which is it?</p>
<p>If this is a finaid package for a RD or EA acceptance…you can back out without any problems…it’s just ED acceptances where you can back out only IF your aid package does not meet your need. </p>
<p>What’s your real story?</p>
<p>P.S…Dad II…look at what they RAISED on that COA. If it’s adding a computer or adding travel costs…or increasing book allowances or personal expense allowances…but NOT billable things from the bursars office…you might have yourself a home run.</p>
<p>I’ve not heard of s school asking if their offer was enough. Thats a new one to me…</p>
<p>T1, the difference between the two COA is about 4.5%. So I think they simplly use last academic year for estimate.</p>
<p>What would require “backing out”?</p>
<p>Got the package from SUNY Potsdam today…</p>
<p>TAP: $500 (… seriously?)
SUNY Potsdam Scholarship: $1000
Federal UGrad TEACH Grant/Loan: $4000
Federal Direct Sub. Loan: $2266
Federal Direct Unsub. Loan: $3234
Federal Direct Parent Loan: $8200</p>
<p>… can someone explain all this to me? I know all about the TAP/Scholarship, and the TEACH Grant/Loan + requirements… but I have NO idea what the parent and sub. and unsub. loans are…</p>
<p>DadII…</p>
<p>I agree…the former COA is likely for the past 2009-2010 school year, and the new one is for the next fall and spring (2010-2011) school year.</p>
<p>Many parents carefully budget to a school’s website’s COA without realizing that when DD or DS goes in the fall, it will be about 5% higher (and also grow every year thereafter.)</p>
<p>*Got the package from SUNY Potsdam today…</p>
<p>TAP: $500 (… seriously?)
SUNY Potsdam Scholarship: $1000
Federal UGrad TEACH Grant/Loan: $4000
Federal Direct Sub. Loan: $2266
Federal Direct Unsub. Loan: $3234
Federal Direct Parent Loan: $8200</p>
<p>… can someone explain all this to me? I know all about the TAP/Scholarship, and the TEACH Grant/Loan + requirements… but I have NO idea what the parent and sub. and unsub. loans are…*</p>
<p>The sub and unsub loans are Stafford student loans. The sub ones will not accumulate interest while you’re in school, but the unsub ones will…which means those balances will grow while you’re in college :(</p>
<p>The Parent Plus loans are being offered to your parents. Are they planning on taking these loans?</p>
<p>What is the Cost of attendance for this school? What is your EFC?</p>
<p>How much can your parents pay towards your education each year?</p>
<p>^^^
Adding to above…</p>
<p>According to the SUNY website, its COA is about $19,200 for 2010-11 school year…is that right?</p>
<p>If so, you’ve been offered…</p>
<p>$1500 in free money
$4000 in a Ugrad teach loan/grant (is that forgiven for teaching in some underpriv areas?)
$2266 sub loan
$3234 Unsub loan</p>
<h2>$8200 Parent Plus loan (you can’t borrow a Plus loan, only your parents can)</h2>
<p>$19,200 in package.</p>
<p>Was your parents’ EFC $8200? If it was, they are giving them the option to either pay the $8200 out of pocket, or borrow some/all of it.</p>
<p>Ah I see. No, our EFC was around 15k, but our actual EFC is really only around 2k.</p>
<p>And no, they’re not planning on taking out any loans, so that puts out the Parents Plus loan…</p>
<p>
</p>
<p>Does this mean that the calculated EFC was $15K but your family is only able or willing to pay $2K? If so…the $15K EFC is what the schools use to calculate your financial need…not what your family is able or willing to pay. That may sound harsh, but it’s the way it is.</p>
<p>If your EFC is $15K…the school met your need. You are being told that you can take out a PLUS loan to meet your EFC…and even that is only for about 1/2 of the EFC if the $15K is what the SAR indicated.</p>
<p>To D2…it sounds like the school GAVE you what you asked. They increased your son’s aid. The COA would have gone up ANYWAY…if they used last year’s for the initial award. So…now you have a big decision to make. Is this something you can pay the difference for? Sounds like it is a top choice for your son…or you wouldn’t have even responded to their query. If that is the case, look at costs that ARE in your control and figure out ways to economize (buy books online, use the CHEAPEST form of travel and less often, economize on personal expenses, if you have health insurance for DS and the school allows it…waive their insurance costs, reduce discretionary spending for everyone in the family). Lots of ways to economize when kids are in college.</p>
<p>Just FYI…we haven’t been on a vacation since 2003 unless you count college visits. We were paying college tuition bills. We will be taking our first vacation in 7 years this spring…bills are all done! (WOOHOO!!!). We do NOT go out to eat very often. We have cut back substantially on discretionary spending here and have limited amounts of discretionary monies given to our kids. We are careful about grocery shopping, take our own trash to the dume…(lots cheaper than paying for roadside pickup), have basic cable instead of the deluxe plan, no new anything…nada. If we can do it…so can you.</p>
<p>I hear you, Thumper, you get to the point where $10.00 is considered a lot of money!
Since 2003, rarely eating out, (maybe take out pizza once in a while) clip coupons, the $15.00 haircuts are a necessity. I drive a 10-year old mini-van! My work does not require dressing up (old jeans are fine). (Recently dropped the collision on the mini-van) No magazine subscriptions. (Don’t miss them) We will be finished with this frugal lifestyle when the 4th child graduates in May 2014. Electricity & Oil heat consumption are constantly under scrutiny! With only two of us here in the fall, the groceries, electric, oil heat consumption should all go down! (unless a college grad moves back in) 
</p>