<p>DS2 was awarded an incredible fin aid package from a meets full need school. They specify in the award that the need component does not include loans. There are also very reasonable student & parent contributions. However since we will now have to pay for two in college and the terms of Direct loans are favorable, I still want DS to take the $5500 available to freshman. Can we take this out through the college even though they don’t list it on the award?</p>
<p>I think so.
</p>
<p>Yes. Let the FA office know you intend to do that so they can pull the application in.</p>
<p>You have to have completed a FAFSA even if the school didn’t require it for your other awards.</p>
<p>You do need to have completed FAFSA, yes. Also if the awards exceed the COA of the school, it is not permitted. The COA is the Cost Of Attendance that colleges report to the government for maximum aid purposes. You cannot get more than COA. So you should call the financial aid office, find out what the COA is and what part of the package is applied towards it. If the school’s COA is $50K, for instance, and that package is for $50K, no can do unless there are components that are not counted towards that. If the package is $47K, only $3K in Direct Loans to student or parent can be taken out. </p>