Stafford loan???please help

  1. OK,
    filled out the Fafsa,they say my EFC is 34,000......what they dont take into consideration is that i dont work anymore, going to school full time for pre reqs. anyway, i don't qaul for reg aid cuz it is a second degree, Accel BSN. but, my school says i can take 10,500 out in stafford........can I, even though my efc is so high
    Steven
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  2. 9 Comments

  3. by   phoenix72
    I had the same problem. I stopped working earlier this year so my income was drastically lower. If you go to your school, they can do a special calculation for you to lower your contribution amount. Most places call it a "Professional Judgement". I just completed mine today at CSU-Fresno. You'll want to call your Financial Aid Office on this as your school may do the same. Good luck!!!
  4. by   MesaRN
    Since you are a post grad you are not eligible for a lot of gov't aid money like Pell grants or even most types of loans. You are however eligible for subsidized and unsubsidized Staford Loans. These are gov't guaranteed loans set at a fixed rate (6.8 right now I believe). With subsidized loans the gov't pays the interest 6 months after you finish. With your EFC so high, you will probably only receive the unsubsidized, unless, like the above poster said, you get it recalculated.
  5. by   btsteven
    yeah, i figured as much, but can the unsub part be 10,500
  6. by   Ayeloflo
    What is EFC? I am in a similar situation. I intend to take the LVN route at American Career College in Los Angeles because I'm tired of the waiting lists. I'm done with my pre-reqs though, and I have a BA already so I guess likewise I won't qualify for other loans. But, I'm meeting the financial aid officer week. I need all the financial available when I get into the program. I'll keep following responses to your original post to see how much more suggestions people add. Thank you all very much. I wish you peace.
  7. by   RNinJune2007
    EFC is expected family contribution.

    I had a similar problem with my family. My EFC was 7k a year (maybe higher), but they didn't take into account that I have a sibling in college (sixth year senior, no less!), my parents are in HUGE debt, and I (not them!) am the one paying for my schooling (and I had a total of less than 2k income last year)

    If you school said you're qualified for that much, then I am sure you are. I took my stafford loan and they have been a saving grace (although they're not nearly as much as you've been granted... I only get 800-1700 a semester (last year 800, and this year 1700 (I only have two semesters this year compared with three last, AND after one year they continuously up the loan amount USUALLY)

    Good luck. Take what you need to get through school! It's worth it. (Thank GOODNESS I'm almost done!)
  8. by   locolorenzo22
    Yep, I had a good job, but my EFC shot up to like 12000 at the community college. I went, um yeah, rent and the other stuff takes all my cash. I ended up just saying "ok." and had to take out a private loan and a stafford to cover tuition....
  9. by   mysterious_one
    If your school says you are qualified for that amount than you are, but the gov usually has a maximum in staffordloans ,too. If this will not cover your expenses , I suggest you go to your private bank and ask for a private student loan, there are options available there also , that have decent rates and can be deferred till after you graduate. For your stafford loan ,you probably will get only an unsubsidized loan. What that means is , that the gov. will pile interest on there from the time they grant you the money, but it shouldn't be that bad, after all once you graduate , you should be able to pay this back comfortably.
  10. by   SemoRn
    I have the same problem. My EFC is high due to my husband working and this being my second degree. I also qualified for 10500 for this year and have received the full amount.
  11. by   BSNtobe2009
    Quote from btsteven
    OK,
    filled out the Fafsa,they say my EFC is 34,000......what they dont take into consideration is that i dont work anymore, going to school full time for pre reqs. anyway, i don't qaul for reg aid cuz it is a second degree, Accel BSN. but, my school says i can take 10,500 out in stafford........can I, even though my efc is so high
    Steven
    Go to the financial aid officer at the school you will be attending, they are authorized to make adjustments if you will not be working full time during the school year.

    That is what they did for me.

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