<p>As I read more and more posts, I do not see any one happy with their EFC, right?</p>
<p>So, baring the case where college is generous to offer high-aid package, either one has sufficient cash (or cash generation ability) to pay for college or (student or parent) has to borrow. </p>
<p>So, what are the available sources (Stafford, PLUS, Private etc). What is an optimized mix of loan sources Where should one look to compare sources?</p>
<p>Or, is it too early to think of loans when we are still waiting for package from offices of financial aid?</p>
<p>No one is happy with their EFC - lol.</p>
<p>Not to early to think of loans. My kids all have subsidized stafford loans. One even got Perkins loans which are a fabulous deal but a small amount.</p>
<p>The kids start with Stafford. If they are subsidized then that is good but there is a limit to how much they can borrow.
Mom and Dad get to pick up the rest. I never let my kids borrow private loans - I think they need a co-signer anyway.</p>
<p>Unless you are at one of the highly selective schools that is promising to "do away with loans" then expect loans to be a part of the financial aide package.
In other words - your child will not be paying the EFC with a Stafford Loan.</p>
<p>Some schools even have the gall to include PLUS loans as a part of the financial aide package - grrrrrrrrrrrrrrrrrrrrr.</p>
<p>I don't know what state you are in but many states run loan programs and have a better deal than the schools "preferred lender" for stafford loans. Check out your state's higher education website.</p>
<p>What, nobody's happy with their EFC? ;)
Than this forum should be filled with unhappy people. I'm pretty sure tough that a lot of people who didn't think they'll get any fin aid but got some, are happy. </p>
<p>Anyway, loan options these days are getting fewer with the current tendency of limiting credit. HELOC funds are getting frozen, HEL's are getting smaller with the downward trend in equity, so PLUS loans seem to be the only way most people can borrow.
Some schools I know about are moving from "preferred" PLUS loans [from banks friendly to the schools] to Gov. managed loans :
<a href="http://www.ed.gov/offices/OSFAP/DirectLoan/index.html%5B/url%5D">http://www.ed.gov/offices/OSFAP/DirectLoan/index.html</a></p>
<p>In terms of when you need to apply for a loan, it is recommended to wait until 90 days before the first installment due to credit check validity time.</p>
<p>
[quote]
a lot of people who didn't think they'll get any fin aid but got some, are happy.
[/quote]
</p>
<p>yeah I give you that one. My own personal rule of thumb is EFC is twice what you can afford and they really expect you to pay twice the EFC.....
figure that out.</p>
<p>For those from PA or who have kids in school in PA - check out PHEAA loans. The Keystone PLUS and stafford loans offer pretty good deals. </p>
<p>One more tip - for those parents taking out PLUS loans. You can consolidate them - and since you are repaying immediately you can do it immediately if you want.
Kids who have Stafford subsidized loans - once they consolidate then they have to begin paying back so it usually pays to wait until after graduation.</p>
<p>Yes, those who are happy are going to be happy, aid there or not!</p>
<p>I am certainly not expecting some one else (read govt) to provide me free money. I want to know how to achieve the education with this situation. Yes, one can go to low-cost colleges. So, there are options. But, the problem is when I have aspiring child, knowing fully her potential, knowing the she is offered admission at a deserving school, it's kind of painful to think about my constraints. And certainly, I do not want to let her open her career-world with debt.</p>
<p>How do I ......</p>
<p>so, now that I have the SAR, should I get in touch with FA office to seek out their package, should I connect with colleges where my D has been admitted or all of them? Or, should I wait for them to send out the first package, and then try to discuss with them?</p>
<p>thoughts?</p>
<p>As I remember the FAFSA form is based on some calculation from mid '90s? The CSS/Profile probably uses similar numbers in terms of cost of living. The resulting EFC's are far from reality. </p>
<p>I would wait for the schools to send the Fin Aid packages first. At least you'll have some numbers to compare and then contact your most desirable school with your questions.</p>