Location a factor for financial aid?

mom2collegekids
Tue, 10 Aug 2010 18:38:53 +0000

How much money would be too much for a student to take out in loans?

The federal student loan limits are set for a reason…because that is about the most a student can pay back after graduation. Most new grads don’t want to live at home so they can pay back big loans.

Frosh - $5500
Soph - $6500
Jr- $7500
Sr- $7500

Total - $27,000 The monthly payments will be about $310 per month for ten LONG years! About the cost of an extra car payment on top of all of your living expenses…rent, utilities,food, clothing, car expenses,etc. Paying back student loans gets old REAL FAST.

*I also have been working for the past couple summers so I should be coming into college with 20k that I earned. *

did you include that you would have $20k in savings when you did your EFC estimates? If not, that will increase your EFC.