Do I still qualify for unsubsidized loans, if my efc is higher than the COA?

Paying for College
41

So, the discount would decrease the amount of unsubsidized loans one would qualify for? In other words, the original tuition rate was 11k, but then the new rate is 6k. So one would qualify for 6k in this scenario for unsubsidized loans, or would one qualify for 1k in loans? If the original COA is 11k and then, down to 6k could someone borrow 6k?

42

If I understand your posts correctly, you say that COA is $11,000 and tuition discount is $5,000. If you have no other aid, the amount remaining for aid is $6,000. If this is correct, you can borrow an unsub loan of $6,000 (unless you are not yet classified with sophomore status at this school, in which case it is $5,500 until you reach sophomore status & at that time you can request an additional $500).

However, it is possible that your school might not use the average rate of tuition in your case, which is generally 12 credits. For example, if you are taking 16 credits and the tuition remission amount is for 16 credits … but your COA is based on the tuition amount for 12 credits … the school could do a COA for you, using professional judgment, that includes the rate for 16 credits. The effect would be that your overall COA would increase & you might then be eligible for the full $6,500 loan.

43

Ah, ok unfortunately the school based they’re COA on a 12 credit per semester basis. Again this is speculation, but since my COA went from 11,000 down to 6,000, and my efc is higher than the COA (8350). I can still qualify for an unsubsidized loan up to that amount?

44

Also, I am considered a sophomore, and will be a junior come spring time.

45

EFC does not come into play for unsubsidized loans. If you have no other aid (just the tuition discount), and if the school states that your COA after the tuition discount is $6,000, and if the school has your status in their system (based on credits awarded) as sophomore, you are eligible for an unsubsidized loan of $6,000. (Assuming the school participates in the Direct Loan program.)

46

Ok, thank you, sorry for the confusion. I was having difficulty following.