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I'm attending Boston University as a freshman in the fall.
I live with my father (single income), and my younger sister.. my dad's income is ~50k/year. last january, my younger brother passed away, so i'm not sure if that factors into aid (going from having 4 members in the household, down to 3).
I just filed my FAFSA (with 2011 numbers.. I WILL update when my dad does his 2012 taxes, unfortunately it isn't possible for him until after Feb. 1st).
The EFC is 03678.
The pell grant estimate given to me = $1,900
Direct Stafford Loan Estimate = $5,500
ALSO - under my financial award tab on my BU account, they gave me tentative financial aid package, and it goes..
$20k/year presidential scholarship.
$26.4k/year in grants.
So total aid from BU, that I'm receiving per year = 46.4k.
The total cost of attendance is ~60k/year.
There are also spots for..
Federal Perkins Loan - $1,500/year
Federal Subsidized Stafford Loan - $3,500/year
Federal Work-Study - $2,000 for the fall semester only.
Neither of my parents have any money saved up for college, for me or my sister.
I guess my whole post revolves around the fact that, I have NO IDEA what any of this means. I'm a first-generation college student; my mom is from Japan - basically, no one in my family really knows what any of this indicates.
How much am I going to have to take out in private loans?
What does EFC specifically mean?
Is this amount of financial aid & loans bad?
Am I going to be knee-deep in debt when I graduate in 4 years?