COA and EFC and loan eligibility

[123165]

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My COA at KCOM is approximately 70k. 45k tuition, and 25 for the others. My EFC is 0 of course, but a relative is willing to pay my tuition. We all know that the package only covers the months of school, so 11 months. Will this help reduce the loans I am eligible for by the amount paid.

I am asking, because I would like to take out a little more than the remaining COA in order to pay for the extra month of living expenses, or would my maximum government loan amount be the remaining 25k?

I am not looking to buy a new car or anything with the loan, just looking to be slightly more comfortable.

 

[illegallysmooth]

My COA at KCOM is approximately 70k. 45k tuition, and 25 for the others. My EFC is 0 of course, but a relative is willing to pay my tuition. We all know that the package only covers the months of school, so 11 months. Will this help reduce the loans I am eligible for by the amount paid.

I am asking, because I would like to take out a little more than the remaining COA in order to pay for the extra month of living expenses, or would my maximum government loan amount be the remaining 25k?

I am not looking to buy a new car or anything with the loan, just looking to be slightly more comfortable.

At my school, it's 10 months, so just be aware this is possible.

I'm a little confused about what you're asking. If the COA is 70k, you can borrow up to 70k. If your relative wants to pay a certain amount, obviously you could reduce the amount of your loan by approximately that amount, or by less if you'd like to have more than 70k for the year.

Most people who do not have rich relatives have to save beforehand and/or stretch out the 10 or 11 months of loans to last 12 months. It's really not that difficult. I think LECOM-B budgets over $100/week for food.

EDIT: I read your post over. I see what you're saying now.

I BELIEVE this is what will happen/what you could do:
You will be offered around 70k. If you'd rather have about 75k total, then accept 30k of the loans. Your relative will pay the school 45k, you will be reimbursed for the extra 5k plus your living expenses, so you'll get about 30k. I would speak to your financial aid counselor about this, however. Alternatively, you could ask your relative to pay 40k to the school and 5k to you.

Or you could just take the 25k for living expenses, and save up a little bit of money before you leave.

 

[123165]

At my school, it's 10 months, so just be aware this is possible.

I'm a little confused about what you're asking. If the COA is 70k, you can borrow up to 70k. If your relative wants to pay a certain amount, obviously you could reduce the amount of your loan by approximately that amount, or by less if you'd like to have more than 70k for the year.

Most people who do not have rich relatives have to save beforehand and/or stretch out the 10 or 11 months of loans to last 12 months. It's really not that difficult. I think LECOM-B budgets over $100/week for food.

EDIT: I read your post over. I see what you're saying now.

I BELIEVE this is what will happen/what you could do:
You will be offered around 70k. If you'd rather have about 75k total, then accept 30k of the loans. Your relative will pay the school 45k, you will be reimbursed for the extra 5k plus your living expenses, so you'll get about 30k. I would speak to your financial aid counselor about this, however. Alternatively, you could ask your relative to pay 40k to the school and 5k to you.

Or you could just take the 25k for living expenses, and save up a little bit of money before you leave.

Thanks smooth, that was precisely what I was asking.

With the timing, if my relatives payment credits before the FA is credited, I am worried that the situation might not work out that way. I really like your suggestion with the relative paying a portion to me. She could give me up to 13k and avoid a gift tax.

Some more of my reasoning. I have a credit card to pay off (mostly application expenses) along with a car payment (2002 Civic I bought used). I am also bringing my fiance along and Kirksville, MO is not the easiest place to immediately find employment. Also, my health insurance could be way more expensive than I thought. I am shopping (have not been insured by choice in a while), and my previous kidney donation could count as a preexisting condition (wtf?). A colleague of mine is paying 500 a month now, and the school budgets 200.

Thanks for your help IS