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Question about financial aid and the EFC

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Question about financial aid and the EFC

Postby Phatferd » Wed Aug 31, 2005 2:09 am

I filled out my FAFSA form in Feb and my EFC came back saying it was 4223...I then got my financial aid packet from my school and they suggest I take out a total of $13,000 in loans a semester. $5,500 would be subsidized to me and the rest a student loan to my mom.

According to my mom's tax return her income was just over 40k. I just don't get how they expect me to take out a total of $26,000 in loans a year when that is over half of my mom's income. If you take my moms rent 24k a year and add the 26k in loans that's 50k....almost 10k more than she makes.

I just don't get how this could be. I could be totally off (due to being new with all of this stuff) and it's just the way it is. Does this sound strange or is this how it is? I think I might have made a mistake when filling out the FAFSA or something else is going on.
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Postby matmat » Wed Aug 31, 2005 2:27 am

that sucks.

that really does suck. which school is this? (and yes, I know the aid you're getting here is federal, but bear with me...)
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Postby matmat » Wed Aug 31, 2005 2:31 am

oh.. yeah... one more thing... the loans really should go to you, and as such they'd get deferred until you cease being a student (i.e. typically no interest until about 6 months after you graduate, or longer if you decide to do post-graduate stuff).

but 100+ grand in loans doesn't seem like a good thing for someone coming out of college.
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Postby Phatferd » Wed Aug 31, 2005 2:38 am

I'm a transfer student so it would be for 2 years. I am going to ASU. The packet that they gave me said I could get $5,500 in subsidized direct loans and 8,000 in Direct Parent Loans. How could I get the loans in my own name for that 8,000...also, I don't think I'll take all 13,000. I plan on working.

Does this sound normal or is something probably wrong?
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Postby Art Vandelay » Wed Aug 31, 2005 2:04 pm

Generally the amounts they suggest to take out are more than you need. It depends on if you are living on or off campus as well, and whether or not you work, but you probably don't need the amount they suggested. I got all the way through school without any loans (but I worked a full time job and a part time job the whole time...which I wouldn't necessarily suggest), but then my final semester I took out an $8,000 loan to buy a truck. Anyway, if they say you need $13,000/semester they are probably exaggerating that amount by at least a little.
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Postby Phatferd » Wed Aug 31, 2005 5:24 pm

I called the federal number for the department of financial aid and they told me I have a pretty low EFC, but my family made about $800 above the grant line.

It kind of sucks that by being over $800 can result in thousands of dollars in payments (doesn't make much sense).

My next step is going to ASUs financial aid office and asking them if there is any possibility of the University giving me a grant. I doubt this will do anything.

Any other suggestions? Also, does the EFC number they give me used as a number I can pay per semester or per year?
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Postby acsguitar » Wed Aug 31, 2005 5:25 pm

I used citibank loans..I guess they are pretty good.. Google it could be helpful
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