Undergraduate > Graduate Loans

cptofthehouse
Mon, 19 Jul 2010 15:52:38 +0000

My cousin just did a quick calc of their EFC. At $25K, they are not going to get anything for the state schools. But her son is not a strong candidate for most of the schools that meet most of one’s need, so that it does not mean that he could go to a private school for the same cost. Can’t assume he would get the full need from ANY school. Most of his match and slight reach schools do not guarantee to meet full need, and many give out mostly loans.

My cousin initially thought that the EFC was all that the family had to come up with for college. As though college has a sliding scale. She was incredulous when I told her that the Staffords and other loans could be used to make up the need depleting them so that she could not necessarily use them to pay the EFC. Realistically, $25K is probably the least she will end up paying unless her son picks a school that costs less than that. It looks like state schools for him.