<p>Well my school sent me an estimated package based on the school's early version of fafsa. This is what it says:</p>
<p>College Budget- $16k
Minus Familly Contribution- $11,170
Equals fin aid eligibility- $4830</p>
<p>Then it says</p>
<p>Estimated Fin Aid Package</p>
<p>Tuition Asisstance Program- $500
Unsubsidized Stafford Loan- $2625
Perkins Loan- $2500
College Work Study- $1800
Parewnt Loan for Undergraduate Studies- $7575</p>
<p>Now if you add that all up it equals $15k</p>
<p>11k as an EFC is crazy, my parents can barely pay $8k and that is the absolute maximum. So as I see it that would knock out the parent loan. But what I dont get is this "fin aid eligibility-4830" business. Sorry Im really confused.</p>
<p>College cost $16K, they expect you to pay $11,170 which leaves you with need/ the way college sees it/ of $4830. Pakcage that you receiving is not very generous one, since it is only $500 discount and rest of it loans and work study.</p>
<p>well there is tuition & books and fees plus rm and board
all that looks like $16K
The PLUS loan seems high- additionally since student qualifies for Perkins loans which is through institution- seems odd since Stafford loans isn't subsidized as well.
However- if need is judged to be $$$- an aid package can be any combination of loans workstudy and grants and still meet need.</p>
<p>also if they assume school costs 16K
and they assume EFC is 11K +
that is how they come up with $4830 for rest-
if a school "gaps" then they don't obligate themselves to come up with 100% of need or 100% of what is over EFC
if they do pledge to meet 100% of EFC then still need can be met with any combo of loans/grants/workstudy
nother reason to avoid ED if you need aid.
shop around ( my momma said)</p>
<p>Your award indicates the school is awarding $7425 directly to the student on a need of $4830. This is pretty unusual, even considering most of it is in loans and work study. This would indicate to me that you must be a fairly desirable student. Go apply to one or two more generous schools. I bet you will be surprised by offers you may receive.</p>
<p>Cost of attendance- $16k
Minus Familly Contribution- $11,170
demonstrated need- $4830</p>
<p>Tuition Asisstance Program- $500
Unsubsidized Stafford Loan- $2625
Perkins Loan- $2500
College Work Study- $1800
Parewnt Loan for Undergraduate Studies- $7575</p>
<p>Now if you add that all up it equals $15k</p>
<p>If your family decides to use this financing option, it would mean that they would only have to come out of their pocket with $1000 to meet your cost of attendance.</p>
<p>I think they are just making the $7425 available to your family if they want to borrow the money. They do not have to borrow it if they do not want to. I guess you should sit down and talk it over with them as far as what it is that they want to do. </p>
<p>You state that they can pay $8000 out of pocket, so if this is the case, the 500 Tap award combined with your self help aid (the perkins, stafford and workstudy) this means that $575 is left unaccounted for.. You could raise this money your self by working after school, taking a summer job (which would also be a good way for you to knock off one of the loans).</p>
<p>Sorry, should have explained it better. The Parent Loan (PLUS) is not actually aid to you. It is a loan to your parents. To accurately judge a financial aid award, I omit any PLUS loans. This tells you what the school is offering to the student.</p>
<p>If you subtract the $7575 from your package, you have $7425. This is what the school is actually offering you.</p>