Penn State and Loans

swimcatsmom
Thu, 24 Apr 2008 15:00:55 +0000

Yes you should redo FAFSA to reflect your corrected return which will now show a higher tax. It will probably reduce your EFC a little. As you are eligible for Pell grant it may increase the Pell a little (depending where you fall within the Pell cut offs).

I agree that the amount of debt you are considering taking on is too high. While I understand your reluctance to see her go to a community college - do you really want to see her weighed down by this debt for 10-20 years. Have a look at the loan calculator on finaid
[FinAid | Calculators | Loan Calculator](http://www.finaid.org/calculators/loanpayments.phtml)
if you enter the loan amount and interest rate it will tell you how much the monthly payments will be.