<p>I’m a junior and I calculated my EFC to be at approx $20000. That would force a pretty unconfortable life for me and my family. </p>
<p>About how much more money could I borrow?</p>
<p>I know living expenses are part of the EFC, but i believe the extra debt would be worth the extra spending money in college.</p>
<p>thanks</p>
<p>WOW. I’d say it depends on a couple of things. First, what is the interest rate. The bankruptcy courts are overflowing with people who feel that extra debt is worth the extra spending money in_________fill in the blank.</p>
<p>Second, who would be taking out the loans? (Most likely your parents). If your parents think that the above statement is true, then I guess you should go for loans in whatever amount you think you need.</p>
<p>Finally, and I’m sure many CC’ers will chime in here also, you need to look at what your potential earnings after college will be and the degree of debt that you can handle.</p>
<p>If you think that an EFC of $20 K would make you and your family uncomfortable for the timeframe of your college ed., you need to imagine what a decade of life after college will feel like with a big loan payment.</p>
<p>what pjp said is true…if your parents are going to be taking out the loan and you’re all okay with that, then I guess it’s all right. If however, YOU would be taking out the loan, and you aren’t going into a very high-paying field, your life for the next ten years will be pretty frustrating as you spend all your free cash to pay down your debt. I think the interest rate is in the 6-8% range now, so not exactly great…</p>
<p>Take a look at the search function, there was a recent article about students using Credit Card debt to finance things in college.</p>
<p>Pretty easy to rack up large sums of debt in a hurry at college. YEAH Joe’s having a Pizza Party!!!</p>
<p>Either way debt is troubling, whether its a 24% rate on a Credit Card, or an 8% bank loan. It will take a bite out of your future earning power. And even your ability to secure other financing. Cant have above a certain percentage of debt when you get qualified for a mortgage.</p>
<p>Stay frugal, take out loans if you must. But run thru the calcs figuring what your monthlky debt payment will be. Bounce that off of your future earnings potential. Good Luck.</p>
<p>i used my cc to pay for tuition big mistake. i am now 11k in cc debt and just applied for fin aid. i’m hoping to get loan money to pay off the cc debt</p>
<p>Yea interest rates . . . . . I wouldn’t be interested in a high interest rate (15-20%) but more reasonable ones, I know NYC is an expensive city so I know I’ll need some more cash. I don’t feel that I’ll spend the extra loans on unreasonable things, just enough to spend some time in the city.</p>
<p>From your postings, it looks like you are interested in attending NYU - one of the schools that gives the worst financial aid (I can tell you this first hand). If you have a 20k EFC and you are stating it will be a hardship for your parents are going to pay it, do you really think they will be happy if you are admitted and a large chunk of your FA package will be loans? Keep in mind the cost to attend NYU is almost 50k a year and the top scholarship is 25k which only goes out to a handful of students.</p>
<p>In addition, since you cannot file bacnkruptcy on student loans you are talking about your parents having well over $100k of debt to repay during which they income will reduce (depending on their age, they will be going into retirement and still making loan payments). </p>
<p>Do you have other siblings behind you who will be attending college?</p>
<p>I would suggest instead of asking how much will you be able to borrow because ***you *** will only be able to borrow because with out a co-signer, you will only be able to borrow about $3500, I think that you should sit down with your parents and ask how much they are willing to pay / borrow toward your education (believe them when they tell you because money will not magically appear because you are admitted to your “dream school”).</p>
<p>Make sure you craft a list of schools where you stand a good chance of getting merit aid and make sure that you have a financial safety (some where if you are admitted, you are happy to attend and this school is a financial feasible option for your family)</p>
<p>good luck</p>