Net Price Calculator quick help

<p>I thought I had seen a thread already dedicated to this kind of thing a while back, but couldn't find it when I decided to ask this, so sorry for any doubling threads.</p>

<ol>
<li><p>I went through a private LAC's net price calculator with all my entered info and part of the projected FA package it gave me included $9,500 in loans, but I thought the most I could borrow from Fed was $5,500 as a Freshman? Where did they get that? Is it expecting me to take out another $4,000 in loans somewhere else like a PLUS or private loan?</p></li>
<li><p>Assuming I found a way to borrow all $9,500/yr (I know it's not wise to borrow more than the $5,500-7,500 of Fed), would the debt at the end be worth it for a well established and well known LAC in it's location and with at least a decent job prospect upon graduation? That's $38,000 in the end - about the same as buying an SUV, and is still < 1 year COA for the school.</p></li>
</ol>

<p>Thanks to everyone for the help!</p>

<p>When is the due date for your schools. For many the due date is Feb 15, if not earlier. Have you already filed FAFSA? That will give an EFC, at least as accurate as NPC.</p>

<p>If NPC is quoting over $5,500 in loans, it is referring to private loans. Not a good sign.</p>

<p>Yeah, I filed my FAFSA already. Due date for this specific school was Feb 15, so I used extremely accurate numbers on the NPC as they were the same for FAFSA.</p>

<p>I don't have my FAFSA in front of me, but EFC was in the 5500-5800 range. I forget exactly because I filed the FAFSA before I filed taxes, and then filed taxes and corrected the FAFSA. From what I gather I don't qualify for any Pell Grant.</p>

<p>Ugh, so they do expect me to come up with $4,000 in private loans? Would $38,000 in loans be a huge debt even if I had (at least) an entry level job after graduation?</p>

<ol>
<li><p>I went through a private LAC's net price calculator with all my entered info and part of the projected FA package it gave me included $9,500 in loans, but I thought the most I could borrow from Fed was $5,500 as a Freshman? Where did they get that? Is it expecting me to take out another $4,000 in loans somewhere else like a PLUS or private loan?</p></li>
<li><p>Assuming I found a way to borrow all $9,500/yr (I know it's not wise to borrow more than the $5,500-7,500 of Fed), would the debt at the end be worth it for a well established and well known LAC in it's location and with at least a decent job prospect upon graduation? That's $38,000 in the end - about the same as buying an SUV, and is still < 1 year COA for the school.</p></li>
</ol>

<p>=========</p>

<p>Turtle....you're married, so your loan amounts are about $4k more per year than a dept student.</p>

<p>I wouldn't compare the total loan amount of proposed debt to the cost of a SUV....unless you'd never have any car loans during that same payback period. Many youngish grads have a hard enough time making ends meet, paying bills and paying for REAL car payments, much less also paying one for an invisible SUV.</p>

<p>Invisible SUV . . . that made me laugh. As far as not having any other actual auto to pay back on during the student loan pay back period . . . that's exactly the idea. I bought a new car last year on a 60 month (5 year) loan, so it should be paid off right around the time I finish school - and that's if I make just the minimum payments, which I'm not, so I'm sure it'll be paid off before then. I'd have my real car paid off, and I'd just be starting to pay for my invisible one.</p>

<p>Being over 18 and married - does that mean I can get a private loan for $4,000 and sign for it myself?</p>

<p>remember, if those loans (unsubsidized and plus) are included as part of the FA package, that wouldn't even touch efc</p>

<p>"Being over 18 and married - does that mean I can get a private loan for $4,000 and sign for it myself?"</p>

<p>Being married means that instead of getting a 5500 fed loan, you can get a 9500 federal loan...not private...a federal direct student loan....signed only by you...just like the 5500 ones that dependent students sign for. You're independent, you can get larger loans.</p>

<p>As for the fact that you'll have your real car paid off by the time you graduate and can then pay for the "invisible one" ( ;) )....</p>

<p>At that point in your life (4+ years from now), your wife may need another car, you may feel the need to buy a home, start a family, etc. As married life goes on, there's a whole bunch of new expenses always comin' down the pike! :/</p>

<p>Ohhhh, I didn't know that being an independant student actually netted me more in an available loan amount. I guess that's why the NPC asks if I am married. I guess it's good news that if the aid I was offered from this school included $9,500 in loans, then none of it would be private. From what I understand, even if worse comes to worst and a payment cannot be made to them, the payment amounts are capped at a certain % of incomes (I think it was just lowered from 15 to 10%) and there are more programs for repayment.</p>

<p>So if what I hear is true - that the most a student should wisely borrow for their education is the amounts offered from a fed loan source - then would it still be considered wise of me to take the full $9,500 each year to help fund for an undergraduate business degree at an LAC?</p>

<p>saintfan, I should have mentioned before, but I am aligible for the G.I. Bill so that will cover my EFC. Oddly enough (or not oddly since I'm not expereinced in this) this same NPC showed my contribution at $13,000-14,000 despite my EFC being in the mid 5000 range.</p>

<p>Bump10char</p>

<p>Looking for some advice from those who have exp, like have/had loans in the past and such.</p>

<p>Thanks a ton.</p>