<p>Basically, the Staffords allow kids who have not saved and can’t find a job a way to contribute towards the cost. My kids have not taken any out since they always were able to earn what we attributed as their part of the contribution. </p>
<p>We can afford to pay $35K a year max, We may have to borrow some of it to meet that commitment either through PLUS or HELOC or borrowing from our 401K but we told our kids that we,as parents, will come up with that amount. So to go to a $55K college, my kids and the college have to come up with an additional $20K without involving us. Yes, the Stafford is an option, and they do have good summer jobs are amenable to working 10-15 hours at school and they have savings. So they can go to a top cost college if the school throws in about $10-15K merit money a year. Or they can go to most public schools and lower cost options without scholarship or loan. The Stafford gives them a bit of stretch without involving us and our credit and lending without hitting amounts that will be crazy untenable in the future. I think is a perfect amount of credit to give for college to a student.</p>
<p>On another topic, since kelsmom works in Financial Aid…we’ve heard that it’s sometimes possible to contact the university to get them to up the aid, at least a little. Is this worth a try? And if so, do you recommend the contact be by phone, email or written correspondence, and should it be initiated by the parent or student? </p>
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<p>It doesn’t hurt. I did it myself when D was deciding about schools. It really depends on the school, though … privates are more likely to be responsive than publics. When a student asks me for more aid, I have to say no (it’s all computer awarded based on application dates, EFC, etc - and after it’s gone, it’s gone). I don’t fault the student for trying, though.</p>
<p>It can be either the student or the parent who asks, and it depends on the school as to who it is best to contact. When I did it, I contacted the Admissions Director. D was a very attractive candidate, and I knew it would be the admissions office that would “find” money in her case. I think if the reason is tied to being a top candidate, admissions is the place to start. If it has to do with just plain not being able to afford it, financial aid is probably your best bet.</p>
<p>I have had students & parents ask me about their aid, and I always begin by reviewing the information on the FAFSA. Sometimes people report things incorrectly, and I have discovered errors that have helped to bring EFC down. Other times, all is correct but the EFC is just high … I explain the formula, and people seem to appreciate the fact that at least I looked at if for them.</p>