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loans
Started by poofy83
poofy83 said:
Stafford loans come from the federal government. You apply via the financial aid office at your school and they disperse the funds for you.
Sprgrover said:
It's true that the loans originate from the fed government, but you still have to choose an agency to administer the the loan. I've heard good things about T.H.E/Northstar. I think I'll either go with them or AccessGroup. One thing to really watch for is to make sure there are no origination and guarantee fees, that way you get the full Stafford loan amount. Definitely talk to your school financial aid dept if you have questions. They, however, are not allowed to choose the lender for you, only give you the information and let you decide.
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well since we are having a Q & A on financial aid, I have a question. What exactly is the EFC? My EFC is 38...what does that number mean? IS that the amount that my family can contribute or is it a number on a scale that each school uses to determine the amount of money you are eligible for?
so does that mean that I have to come up with $38.00 on my own...my EFC is 38... 😱 👍 👍
4
45540
I used Total Higher Education / THE
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I got lucky. My EFC is zero.
I just got off the phone with my financial aid advisor who helped me make sense of my award. My Family/self contribution was about 12000 or something. She said that I can replace that number with the rest of the stafford amount, then with private loans (which ended up being the same lender--THE) So I had 8500 Staff/Sub.; 32200 Staff/UnSub.; some little other loans like Perkins, scholarship, etc.; and I had like 8000 left to be covered by THE as a non stafford loan. All that totaled the 62xxx dollars that is our budget.
I thought I would include this post so that everyone can see an example of what my (a typical student with no parental contribution) loans look like for this first year.
I thought I would include this post so that everyone can see an example of what my (a typical student with no parental contribution) loans look like for this first year.
I'm really confused now. Have all of you already gotten your FA award packages already? I filed my FAFSA and filled out my financial aid app pretty quickly. Should I expect to get this thing pretty soon? Or is it possible that I will be waiting til about a week before school starts in Aug.? 😱
billiken10 said:
you should call and ask. you are not in trouble until like July, but those students who wait too long might not have the options and availability as those who get it in early--especially university scholarships.
