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What would you suggest for an incoming undergrad freshman whose EFC falls $20,000+ below what is realistically affordable? It's okay if you don't know...
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Jan 10, 2007 05:58
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| # ¿ Apr 28, 2024 16:48 |
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Wiggy Marie posted:At the risk of sounding like a retard, I can honestly say I have no idea how to interpret your question. Your EFC falls 20000+ below what is affordable? Meaning your parents can't contribute approximated 20000+? Or the EFC which was reflected on the Financial Aid Awards package is 20000+ higher than what they will contribute? Help a tired confused female here. Sorry, I was reeling from sticker shock  I was accepted to my first choice college ED, sent in the FAFSA, and received back an EFC of approximately $40k. My parents can only put up $20k at the absolute maximum, largely because my brother is attending a private high school that takes up the remaining $20k of the EFC. Obviously there wasn't any section on the FAFSA that takes that into account, so we told the college about it but they're unable to produce any more need-based aid. Therefore, I'm short $20k on tuition for the school I really want to go to. My question is, what are the loan options for a student who lacks that kind of money? Is it even worth pursuing loans for that large an amount? Plan B right now is to withdraw and go to community college for a year, but it's a very distant option right now.
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Jan 11, 2007 09:17
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Wiggy Marie posted:A_passerby, would your parents consider a PLUS loan under any circumstances? I know nobody likes to take loans out in their name, but if you end up using an alt loan, they'd probably still be attached to it, and a federal loan is better than an alt loan by about a million strides. It's Carnegie Mellon University; their cost estimate is around $50k, and they've kicked in $10k worth of grants to cover my EFC-based need. I'm talking to both the university and my brother's private school to see what options are available, but it looks like neither of them are being very flexible right now.
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Jan 11, 2007 21:10
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