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Alright, I'm a bit confused about the EFC. My EFC is at $3700; my parents make around $53k a year and costs for GWU are at $55k a year. Noting that my family earns less than the school costs/year, what should I expect for costs, not factoring in scholarships etc.?
Unfortunately GWU is not a school that meets full financial need. According to their Common Data Set http://www.gwu.edu/~ire/faid.htm (see section H) the average award meets 94% of need, but that includes loans. You can expect an offering of about 48K with some of that being loans. The average need based scholarship and grant award is around 25K.
Also keep in mind that at GWU, as well as at many schools at a similar level (especially BU), your financial aid package is directly correlated with your attractiveness as a student AND your financial need. Being a top student at GWU and having a high need are the best qualities to have there. There are several low or zero EFC students on the GW board here and Facebook that have had very generous financial aid packages - sometimes even better than their EFC suggests. You'll never know until you get the package back.
Does the fact that I will be a transfer student (hoping on Fall 2010) have anything to do with it? I'm transferring from a small private school (around ~$35k/year); And out of that hypothetical $25k what can I expect to take out in loans? Im just looking for a very rough number
Are you asking if they give you an FA package of $25k in scholarships/grant, how much will you have to take out in loans?
Well, it looks like about $30k per year ($60k for 2 years).
Keep this in mind...If you borrow $60k in student loans, your repayment will be about $700 a month for 10 very long years...from about age 23 to about age 33. Those are the years that most people want to be "moving on" with their lives - buying a home, getting married, etc. A monthly payment of $700 a month will be like paying 2 extra car payments on top of your own car payment for 10 long years.
currently im paying $12k/year out of $35k/year; i have some scholarship/merit at my current University; $30k a year seems awfully high, im not sure about that i'll just have to wait and get a more clear result before I make my decision
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