turn down loans this year / will they be options next year?

[Super Rob]

question: if you pass on a particular loan or two in your first year, are they likely to be options in your second or third year?

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[mpp]

What type of loan? Typically, eligibility for need-based aid is based on your EFC and not on what aid you received in prior years. Each year you fill out FAFSA and a new EFC is determined.

 

[Outer Space]

What type of loan? Typically, eligibility for need-based aid is based on your EFC and not on what aid you received in prior years. Each year you fill out FAFSA and a new EFC is determined.

The fin aid lady told me that in terms of government loans, you should definitely take all subsidized loans and probably unsubsidized - esp if your medschool budjet is way over 38500. After you top this number you can only get private loans - which are not based on your EFC so if you want to drop loans, these are the ones to drop.

I am curious - if you dont use up all your fin aid money the first year, does it add up to your EFC the second year?

 

[mpp]

Yes. If you have extra money left over from your financial you would report that as savings on your FAFSA. That money will be used in calculating your EFC.

 

[Super Rob]

What if this year's EFC is off and you're able to cover your tuition and expenses without having to borrow as much.

If let's say you were "expected" to borrow 30k and you borrow only 20k or 10k. Will the financial aid office put like, a red checkmark next to your name and give you less aid the following year? Will they think you fudged numbers or something? It just seems my EFC was a little low and I don't want to get the shaft next year for not borrowing the full amount this year.

 

[mpp]

I don't think they'll care what you borrowed last year...just what your EFC is for the current year.

 

[Vincristine]

Yes. If you have extra money left over from your financial you would report that as savings on your FAFSA. That money will be used in calculating your EFC.

MPP, I double checked the form, and this is not true. I filled out my FAFSA a bit late, so this is still in my mind. The question specifically says "current total in student's cash, savings, and checking account (do NOT include student financial aid)." This especially makes sense since we fill out the FAFSA as early as Janurary, but may have loan money to pay rent through July.

To the OP: I passed on extra un-sub federal loan money both M1 and M2 because I didn't need most of the living expense money I turned away $15k M1 and another $10K M2. In my case, it no difference in my award statement for the following year and had no effect on my EFC. I would, however, strongly consider keeping extra loan money for use during M3 and M4 for aways, interviews, and relocation.