Financial Aid Question

[beckhunter116]

Hey Everyone,

I have a question about your financial aid package. Was everything covered (tuition, cost of living, ect.) without taking private loans out. Meaning were you able to get enough aid with stafford loans and GradPlus loans? Also, did you have have to contribute the estimated family contribution amount that is calculated by FAFSA? Thanks!

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[ShyRem]

1. yes, meaning yes, if you're frugal.
2. no, you don't have to contribute the EFC. You will be awarded eligibility for loans up to your COA.

 

[rddoms]

If you don't bring a big car loan or something like that, then the financial aid package will cover it. You definitely need to be frugal, though.

You will get the money you need up to COA. I was told that EFC was used for some kind of ranking that they do, but I can't remember exactly how it is used.

 

[Cynic]

You should be fine as far as cost of living goes using the Grad Plus loans, but a lot depends on tuition as well. Maximum stafford loans available (both subsidized and unsubsidized combined) are around 42K, I believe. Thus, if your tuition is lower, I believe you should be able to take out more cost of living loans as stafford loans (correct me if I'm wrong here). At 8.5% fixed (and dependent on your credit score), the Grad Plus loan can be costly over the long run. Private loans aren't necessary, and I would avoid them at all costs. Don't be one of those people who buys a car as soon as disbursements come through, that's just crazy. As far as EFC goes, I'm pretty sure that: A. It's different in grad/med school. B. It wouldn't matter if you filed your taxes as an independent the year preceding school.

 

[meister]

Everything up to cost-of-living as calculated by your school's financial aid office is covered by federal loans. That is by no means a guarantee that it is enough to live on, especially if you're like me with a wife and a daughter, on an individual insurance policy with undergraduate private loan payments that cannot be deferred. But most people are fine.