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Message |
John
Guest
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| Posted: Fri Jan 23, 2004 10:45 pm
Post subject: Expected Family Contribution |
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I just got accept to my first choice college. Now begins the financial
aid. I have a question about the expected family contribution.
Together my parents make over 50,000. They are in serious family
trouble now and had to claim bankruptcy. They have very little cash in
savings / checking accounts. With the current situation my parents
can't pay much towards my college education. The money that my parents
can't pay, can I take out loans for that amount? Grants? The college
costs around 18,000 including room and board and all expenses. Many
people have told me that I should defiantly tell the financial aid
people at the college about my parents situation. Thanks,
John
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Steve Blank
Guest
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| Posted: Fri Jan 23, 2004 11:35 pm
Post subject: Re: Expected Family Contribution |
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John wrote:
| Quote: | I just got accept to my first choice college. Now begins the financial
aid. I have a question about the expected family contribution.
Together my parents make over 50,000. They are in serious family
trouble now and had to claim bankruptcy. They have very little cash in
savings / checking accounts. With the current situation my parents
can't pay much towards my college education. The money that my parents
can't pay, can I take out loans for that amount? Grants? The college
costs around 18,000 including room and board and all expenses. Many
people have told me that I should defiantly tell the financial aid
people at the college about my parents situation. Thanks,
John
|
John,
File the FAFSA immediately to meet the earliest deadline of all your
colleges. That will establish your eligibility for financial aid and
then each college will tell you what they will give you in financial aid
made up of loans, grants, and work-study. After all is known, some of
the colleges may be a lot cheaper to attend than others.
Whatever is left to pay is your family's responsibility. If the parents
have a good credit record they can borrow what's needed under the PLUS
loan program. But if they do not qualify for the PLUS, you automatically
are eligible for another $4,000 Stafford loan. If that still isn't
enough and the family can't come up with the difference, you will need a
co-signer for any outside loans in your own name.
Yes, advise your colleges of the current situation by letter now. They
may be willing to make some adjustments to the Expected Family
Contribution and perhaps give you more aid.
--
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761 |
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John
Guest
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| Posted: Sat Jan 24, 2004 7:53 am
Post subject: Re: Expected Family Contribution |
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Steve Blank <steve@randallblank.com> wrote in message news:<j3cQb.61649$773.24652@newssvr31.news.prodigy.com>...
| Quote: | John wrote:
I just got accept to my first choice college. Now begins the financial
aid. I have a question about the expected family contribution.
Together my parents make over 50,000. They are in serious family
trouble now and had to claim bankruptcy. They have very little cash in
savings / checking accounts. With the current situation my parents
can't pay much towards my college education. The money that my parents
can't pay, can I take out loans for that amount? Grants? The college
costs around 18,000 including room and board and all expenses. Many
people have told me that I should defiantly tell the financial aid
people at the college about my parents situation. Thanks,
John
John,
File the FAFSA immediately to meet the earliest deadline of all your
colleges. That will establish your eligibility for financial aid and
then each college will tell you what they will give you in financial aid
made up of loans, grants, and work-study. After all is known, some of
the colleges may be a lot cheaper to attend than others.
Whatever is left to pay is your family's responsibility. If the parents
have a good credit record they can borrow what's needed under the PLUS
loan program. But if they do not qualify for the PLUS, you automatically
are eligible for another $4,000 Stafford loan. If that still isn't
enough and the family can't come up with the difference, you will need a
co-signer for any outside loans in your own name.
Yes, advise your colleges of the current situation by letter now. They
may be willing to make some adjustments to the Expected Family
Contribution and perhaps give you more aid.
|
Thank you very much for your help!!!
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