<p>Hi. The college I want to go to is private and altogether it is ~53k/year. I haven’t received my finaid package yet as I was just admitted off the waitinglist. I doubt I will get anything huge considering I only got the Stafford Loan 2500/semester at other schools. Next year I will probably get more offered to me through the FAFSA. But anyway, besides a scholarship and grants that I’m probably not eligible for is my only option to get loans (debt) because I’m not rich enough to afford it?</p>
<p>Scholarships and grants are the “free” money component of FA awards. Beyond that, there’s student loans, Parent loans, and savings/current income. As a freshman you’re limited to $5500 Stafford loans, so no way to stretch it to anything close to $50K. Not that you would want to! But any other loans would either require a cosignor with good credit or be in your parent’s names. Without very significant scholarships/grants or parent contributions, this college is clearly unaffordable for you.</p>
<p>It’s possible, even being admitted from the wait list, but it depends on how good the school’s financial aid is and how well you are prepared to meet your EFC. It is the exception, however.</p>
<p>Also, even if your EFC goes down next year, if it’s not a school that meets full need don’t count on aid next year. Choose a school you know your family can afford for 4 years without huge debt.</p>