<p>In many cases the EFC is the minimum you will be expected to pay, rather than the maximum as a lot of people think.</p>
<p>Moxy,
There are 2 main points to recognize about EFC as calculated by schools that use Profile. </p>
<p>First, the Profile asks for additional information which could either increase (usually) or lower your EFC. For instance: equity on your primary residence, financial information from both parents, tuition paid for private k-12.</p>
<p>Second, using the information in the Profile, each college uses it's own formula to calculate your EFC. So you have colleges like HYPS that may give substantial need based FA to families earning up to 200k per year, while other schools will give little or nothing. Some schools give only grants while others give loans as well, so even if your EFC is the same at both, your FA packages could be very different. And don't forget, while income is the most important factor, how a school evaluates assets will also affect what you pay.</p>
<p>So, yes there is hope, but it will depend both on your individual financial situation and on the colleges your child is accepted to.</p>
<p>x-posted with SCM</p>
<p>If we take out the Parent Loan do you have to start making payments right away or is it defered until the student graduates? If Defered is the interest also defered or does that start at day one?</p>
<p>-Thanks-</p>
<p>Parent Plus loans are not deferred interest or payment, I don't think.</p>
<p>Plus loans are not deferred, and the interest begins accruing with disbursement. Disbursements are usually at the start of the semester (or quarter), in equal amounts. Initial payments are due thirty (maybe 60 days) after the initial disbursement, and every subsequent thirty days. </p>
<p>The unsubsidized Stafford (in student's own name) follows similar disbursement, and interest is accrued, but payments need not be made until 6 months after graduation (or student leaves school). In a subsidized Stafford, the federal government pays the interest while the student is in school.</p>
<p>Discover</a> Student Loans - For Parents
from a lender</p>
<p>Student</a> Aid on the Web
from the government. I think they have changed some of the rules about deferring interest and payments</p>
<p><<When do my parents begin repaying the loan?</p>
<p>For PLUS loans made to parents that are first disbursed on or after July 1, 2008, the borrower has the option of beginning repayment on the PLUS loan either 60 days after the loan is fully disbursed or wait until six months after the dependent student on whose behalf the parent borrowed ceases to be enrolled on at least a half-time basis.>></p>
<p>Well we found out after talking to the financial aid lady at the Conservatory that the $50,000 tuition is not really the tuition, the tuition itself is only like $33,000. it's all the other stuff that bring it up to $50,000. She emailed us a breakdown of all the various fees, charges & dorm cost. They had figured in the cadillac meal plan & a large fee for like computer charges, don't need that because the kid just got a nice laptop like 2 months ago. We were able to lop off $4000 by downgrading a lot of the fat from the expense package.
My son really wants to go to this conservatory so he is pounding out the scholarship applications, I think he is at 16 right now. We will still have to sign up for a painfully large amount of parent loans but at least we are finding ways to be creative but I still think college costs have gotten out of hand, $50,000 per year to go college is insane!</p>
<p>P.S. - For all you folks who implied that we were fools for not knowing it was going to cost us this much, we knew it would be expensive but we also thought the scholarship would have been larger. By the way I looked up my son's EFC & it was $1,866. I think even the fianancial aid lady was a little shocked at that, evidentally mostly rich kids go to conservatories & Mommy & Daddy just write a check for 50K & think nothing of it I guess.</p>
<p>Medmann, I don't think anyone thinks you or your son are fools and most posters were amazed at the level of award that your son got, surely an indication of his talent. Believe me, all of us have been guilty of optimistic dreams of FA! Did you get your FA award yet? I'm so glad that the $50K was the full price, and know exactly what you mean about lopping the cadillac package down to ford size! I did the same for my D and it made a decent impact. Hopefully need based grants will pick up a major share for you as well.
Best of luck to you and your talented boy!</p>
<br>
<blockquote> <p>I looked up my son's EFC & it was $1,866>></p> </blockquote>
<br>
<p>Glad you have figured out some creative ways to fund this conservatory education for your son. </p>
<p>The EFC at a conservatory is meaningless. Most conservatories award performance aid only. Some award the federal aid (e.g. Pell grant) but that is a drop in the bucket compared to the cost of attendance. In addition, I can't think of one conservatory that guarantees to meet full need.</p>
<p>But regardless...sounds like the OP is creatively thinking about options. I'll keep my fingers crossed that some scholarships come through. </p>
<p>Your son might also consider some competitions now and also while in school. Many of these award a cash prize that he could use towards his college expenses.</p>
<p>Yes, My son has done many weddings which pay about $200-$250 & has done numerous plays that require a harp part (The Fantastics, Souith Pacific, Etc.) I suspect he will continue to do whatever gigs he can come up with so I guess we will figure it out in the end. We did go in half with him to buy a nice gently used 1996 Venus Classic harp which we were very lucky to purchase for $10,000 (Those go for like $25,000 new) so we are still paying on that but he has already paid off his half doing Gigs.</p>
<p>P.S. - The conservatory he applied to only had 2 Harp openings & he got one of them + his youth orchestra group will do a joint concert with the local professional symphony orchestra in a couple of weeks so yes we are proud of him.</p>