College finance question. Need help thanks.?
Can anyone give me an idea of how much money in the form of financial loans is available to students relative to the amount that must be paid up front-the "expected family contribution"? I know it depends on the amount of money the family has but I just need to get a ballpark idea. Is it 20 family 80 percent loan? Is it 50/50? I'm filling out the FAFSA now but I need an idea before then.... My wife and make around 150,000. Not much in savings. thanks.
Public Comments
- The EFC (Expected Family Contribution) is a number schools use in conjunction with the COA (Cost of Attendance) to determine a student's financial aid package. It is not something that you have to pay up front. Depending on your grade level, there are max amounts for Stafford Student Loans: $3500 Freshmen $4500 Sophomore $5500 Junior/Senior $8500 Grad students As an Independent Student you would be eligible for an additional $4000 Unsubsidized loan as a Freshmen/Sophomore, $5000 as a Junior/Senior, and up to the COA as a grad student. More information regarding loans may be found at www.finaid.org/loans. You should talk to a financial aid officer at your school/school you wish to attend for more information. Good luck!
