<p>So, I recieved my package from my ED college and from what i understand, they only had my CSS profile to figure out how much they would give me. I just filled out the FAFSA and called the U to see if the FAFSA would make a difference in the aid. They said vaguely that the FinAid package was not seperate from FAFSA. Hopefully I miss understood because if so...I'm stuck with $20,000 a yr in loans. Does anyone know if the completion of my FAFSA would help defray some of those costs? I'm slightly concerned but not letting it worry me too much now. Any adivce? Should I talk to the U,etc...? let me know!</p>
<p>If your EFC qualifies you for a PELL grant, than the FAFSA could make a difference, but otherwise -- the information that you filled out with the CSS is far more detailed than the information on the FAFSA and that is the info they use. So -- my guess is that you are stuck. That is why it is strongly recommended that if you need Financial Aid to attend school that you don't apply ED. Since you indicate that you are committed to attending the school, they have no issue loading you up with loans.</p>
<p>To qualify for a PELL grant, you need a fairly low EFC (less than $3850, I believe) and the closer it is to that number, the less you get. The PELL is a maximum of $3500 -- 4500 I believe per year.</p>
<p>^^thank you</p>
<p>sorry if that is bad news -- it is always worth calling the school and talking with them regarding the high amount of loans. but alot of schools do meet the Financial need with loans (unfortunately).</p>
<p>$20,000 for Freshmen year ??? It's sounds like the ultimate Stafford limit and the rest in PLUS loans ?? There is an article in the New York Times EDUCATION section about negotiation . If you applied to other schools , and received better packages from them , you could tell the desired school about their offers . I hope you have a financial safety back - up .</p>
<p>easydoesitmom -- the original poster says that he/she applied ED, so I don't think you can have other packages or financial safety back-ups. ED means you commit to go not matter what (I think you can back out for financial reasons -- but if they meet your EFC, I think you are stuck. and they can meet that EFC with loans).</p>
<p>I agree -- $20,000 in loans per year of ridiculous. You want to do everything you can to avoid graduating college with that kind of debt.</p>
<p>I forgot about the narrowness of choices with Early Decision . If it's a school like NYU , that's a typical scenario of loans .</p>
<p>yep -- NYU was my first guess. I remember last years kids -- quite a few applied to NYU ED and the FA packages were full of loans.</p>
<p>From OPs other postings, I think she was admitted to Syracuse ED</p>
<p>Syracuse only meets 84% of your demonstrated need and packages their aid 71% grants & 29% self help aid</p>
<p>the current cost of attendance is 43,565</p>
<p>lets say Op has a 5000 efc - not making them pell grant eligible
(their real life situation may vary)</p>
<p>43,565 - 5000 = 38,565 (demonstrated need)</p>
<p>if school only meets 84% there will be a gap of 6170 (38,565 *.84)</p>
<p>the 32,394 that they will meet is 23,000 (32.394 *.71)</p>
<p>leaving 9394 in self help aid . (32,394 *.29)</p>
<p>work study would be some where in the neighborhood of 1500 leaving</p>
<p>7894 in loans</p>
<p>now add this to the GAP 6170 (and the parents/student may have to borrow this money if they don't have it available) you are at 14,064 .</p>
<p>If they don't have the EFC as disposable income and have to borrow this also, then yes, you have 19,064 (close to 20Ks of loans your first year).</p>
<p>this amount will just go up year over year as student is able to borrow
4500 sophomore year
5500 junior year and each year until graduation.</p>
<p>^^^thanks very much for the itemization...it was very helpful..im gettin glots of outside scholarships this year soo i should be fine...but now i can understand the EFC with your breakdown.</p>
<p>bsb,</p>
<p>Syracuse states: </p>
<p>
[quote]
Generally external scholarships, those scholarships received from sources other than Syracuse University, will be used to meet the student's remaining need. If a student does not have remaining need, it may be necessary to adjust the self-help (i.e. student loans and Federal Work-Study) portion of the financial aid award. It is best to contact<br>
your Financial Aid Counselor or the Office of of Scholarship Programs with specific questions.<br>
[/quote]
</p>
<p>From the way I am reading this (check with Syracuse to confirm) If you get any outside scholarship, it can first be used to fill the gap (if this is true, in my example the $6170 would be filled first). Then outside monies would go to fill the self help portion of your financial aid package (your work study and student loans)</p>
<p>^^thanks im working on outside monies now</p>
<p>Usually, the easiest time to get outside scholarships is when you are a h.s. freshman and a rising college senior. Otherwise, the pickings are slim. </p>
<p>Also, one's freshman year financial aid package is usually the one with the lowest loans and the lowest self help.</p>
<p>Even if you get lots of outside loans for freshman year, unless you're willing to take out a lot of loans each year (something I do not recommend), you may need to consider transferring. Because many colleges don't give a lot of financial aid to transfers, you may end up having to consider transferring to a school like a local public institution.</p>
<p>Your situation, unfortunately, is a good example of why not to apply ED if financial need is a consideration. You aren't able to negotiate with Syracuse by having better offers from equivalent schools. Since Syracuse met yourj financial need, too, you have to stick to your ED commitment.</p>
<p>northstarmom -- what do you mean that h.s. freshman is one of the easiest times to get scholarships? Did you mean college freshman? Most of the scholarships I see for for h.s. seniors.</p>
<p>I think it is high school seniors -incoming college freshmen</p>
<p>You can turn down your ED school if they do not provide enough financial aid - and you can decide what "enough" means. In this case, I would say NO WAY to this school. It would be a foolish mistake to saddle yourself with that amount of loans, and the net result after 4 years would be insurmountable debt. Hopefully you also have some aps in at some public schools which are affordable.</p>
<p>i thought that as long as the school met your need with financial aid, even if it included tons of loans, that you were committed to attend. Otherwise, it seems like anyone could say no to the ED school unless they get 100% grants.</p>
<p>I admit -- I am not expert (son doesn't apply til after this year and since FA is a major factor, he won't do ED) but I do wonder how it works.</p>
<p>Write to financial aid, and let them know that it is unconciounable to saddle a freshman with that much in loans. Tell them that you had trusted that they would act in integrity from what you had heard and read about the school, and this is not such an example.<br>
The last I time I looked, Syracuse did not guarantee 100% of need. It may well have been under 80% of need. (Am thinking off the top of my head right now). If that is the case, you should have known that you could be in for a 20% gap between need and aid. At a school like Syracuse, that gap means $9000 right there.. So if that is included in your $20k of loans, it is something you could have anticipated. In my opinion, and in the opinions of many in this area, the max loan and student should take is what they allow under unsubsidized staffords. taking that each year, gives a student around a $20k liability at the end of 4 years, which is ornerous , considering it may be difficult even getting an annual salary of that amount. Heck, unless a kid has someone subsidizing, it would not be wise to buy a car costing that much. And someone with that much in loans may need to buy a car on top of having those loans. To take out that much in one year is unreasonable in my book.<br>
In reading your post, you are not clear about what Syracuse sent you. Colleges break down their aid letters with the source of the money. Are you getting a Pell grant? Subsidized Stafford? Seogh? How much is the college giving you in grant money from their own funds? Are the loans they are offering deferring interest and with rates comparable to the Stafford? How much are they gapping you? The 80% of need met that I mentioned is an average, so it does not necessarily mean they guarantee 80% of your need being met. The only guarantees come from schools that guarantee 100%.</p>
<p>I think many packages include loans for both student and parents. Many (if not most) schools gap so that money has to come from somewhere - often additional loans are needed and these are on top of the sub/unsub fed loans, perkins loan, Plus loan, etc. The Syracuse breakdown is very realistic. That example shows the student/family will have to pay almost $20,000 - much of which is loans, if not all.</p>
<p>In some families, the parents assume all the loans (not wanting to burden their kid) and in some families, the kids assume all the loans (coz parents can't or won't take the loans).</p>
<p>I don't think this situation gets you out of ED.</p>
<p>Help! I have a question about FAFSA/CSS disclosure of family assets. My S is competing in several hefty merit scholarship competitions (at state flag ships). Our family's income is modest, but we have substantial assets because we are savers. Do any of you think disclosing our assets on FAFSA/CSS will adversely affect s's chances of getting the merit scholarships? We are pretty sure we will not qualify for need based aid, and maybe it would be better to just skip the whole reporting process?</p>