Is this a reasonable plan for paying?

mom2collegekids
Mon, 01 Aug 2011 17:00:38 +0000

*Quote:
Also, is it a good idea to get a Stafford unsubsidized loan to cover the gap between what they can pay and what the EFC is at?

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you (the student) will be eligible for up to $5500 in Stafford loans in your name. Many students take these loans to help fund their college costs. *

Yes…but only as long as there aren’t already full Stafford loans in your FA package. I don’t think Vandy puts loans in FA packages …but I don’t know if there’s an income limit or a possible FA change in the future.

But for another school, you may have a family contribution of $30k, and a need of $20k. The school may meet that need with $5500 in student loans. That means that if your parents will only pay $25,000, then you can’t take out a $5000 student loan to meet your family contribution.