So I checked My Aid and I saw my package
Gift Aid:
Cal Grant A $12,804.00 Unconfirmed
Federal Pell Grant $4,025.00 Confirmed
UC Irvine Grant $3,282.00 Accepted
Total Gift Aid $20,111.00
Student Work-Study
President’s Work-Study $1,500.00
Total Work Study $1,500.00
Loans
Federal Direct PLUS $1,100.00 Offered
Federal Direct PLUS - Optional $1,758.00 Offered
Federal Direct Subsidized Loan to meet need $3,500.00 Offered
Federal Direct Unsubsidized Loan to meet need $2,000.00 Offered
University Loan $1,200.00 Offered
Total Loans $9,558.00
Other
Estimated Undergraduate Health Insurance Waiver $1,548.00 Unconfirmed
Total Other Aid $1,548.00
Total Aid in My Aid Award $32,717.00
My EFC is $1758
Can anyone explain the loans to me? I don’t wanna take so much loan and regret it later… like which one I should accept and decline and/or request lesser amount and why?
In general, you always want to take the University/Perkins Loans or the Subsidized Loans first because you don’t have to pay back anything while you’re still in college. I wouldn’t take out any kind of PLUS loans because the interest rates are higher.
Try to apply for as many scholarships as possible because obviously you don’t have to repay them. If you are a senior in high school, you could ask your high school college/career counselor for what is typically available in your area. Also, check for scholarships available for your particular major through your department or financial aid office.
Also, you could try to save money by choosing the less expensive housing options (a triple room instead of a double), a less expensive meal plan, etc. Wish you all the luck!
You are looking at close to $40,000 of debt when you graduate. That is terrible.
Probably not what you want to hear, but you might consider attending your local community college while living at home, and then transfer to the UC for your last two years of college. That should cut your future debt in half.
If you can live at home while going to school, you don’t have to take the loans, your grants might be enough. With a part time job you can make up the difference. But if its $40K in 4 years, yeah maybe going to CC will be a better choice.