« on: February 02, 2005, 12:24:57 PM »
Jumboshrimps - Oops, I should have clarified. Under #3 when I described private loan eligibility, I should have mentioned that if your calculated EFC is an amount that you just can't cover through savings, etc. you can borrow that amount through private loans as well (so you can add that amount to your total private loan eligibility). You can't, however, borrow through private loans an amount that would make your total aid (Staffords + privates) equal more than your school's annual budget -- because the loans are supposed to be used only for education-related expenses (tuition and living.) This is to make sure people don't borrow more than they need for their education and use it for other things (a car or something).
Also, in response to the parents' info. question on this thread -- I did not want to include my parents' info on the FAFSA because I knew it would increase my EFC and decrease my eligibility for aid. So I called each school's financial aid office and asked if they required parental information on the FAFSA. For me, all said no. However, some said that while I don't have to include it on the FAFSA, they ask for it on their application and use it only to determine eligibility for need-based aid from the school (not from the government or private).