what is the typical fin aid package

[Cantillon]

Is it $18500 in federal loans and the rest in private loans?

[Boss]

School's budget - your EFC = how much you can borrow in Stafford loans; with a limit of $18.5K. 

Still need money?  Then you can go to a major bank and borrow a loan up to the cost of your school's budget - your EFC - your Stafford loans and any scholarships. 
These  loans have APRs that are set by the government (right now around 8%) and the difference comes down to the incentives offered by the bank; for example, APR drops .5 if you do auto-payment, etc.

Need more money above the school's budget?  You may be eligible for a TERI loan which is up to $30K for up to 3 years. 
These APRs are tied to your credit score, and will generally require a cosigner with a full-time job.

For example, if your school budgets 40K, but your EFC is 30K, you can only borrow 10K in Stafford loans.  If you can't pay your 3OK EFC, you'll have to borrow from a bank. 

If your school budgets 40K, but your EFC is 0.  You can get 18.5K in Stafford loans and will need to borrow 21.5K from a bank.

[Shark]

School's budget - your EFC = how much you can borrow in Stafford loans; with a limit of $18.5K. 

Still need money?  Then you can go to a major bank and borrow a loan up to the cost of your school's budget - your EFC - your Stafford loans and any scholarships. 
These  loans have APRs that are set by the government (right now around 8%) and the difference comes down to the incentives offered by the bank; for example, APR drops .5 if you do auto-payment, etc.

Need more money above the school's budget?  You may be eligible for a TERI loan which is up to $30K for up to 3 years. 
These APRs are tied to your credit score, and will generally require a cosigner with a full-time job.

For example, if your school budgets 40K, but your EFC is 30K, you can only borrow 10K in Stafford loans.  If you can't pay your 3OK EFC, you'll have to borrow from a bank. 

If your school budgets 40K, but your EFC is 0.  You can get 18.5K in Stafford loans and will need to borrow 21.5K from a bank.

Good to know.  Boss, have you worked at a Financial Aid office before?  I've seen a few of your posts and they all seem to have really good info.

[Boss]

Thanks! 

Never worked in a FINAID office.  I just love money.  Learning about it.  Saving it.  Spending it.  Constantly kick myself for not majoring in accounting or finance.  Hopefully tax law will be a good fit. 

I've learned most of my law school financial aid stuff from Wachovia's website.  It's very user friendly and informative.
http://www.wachovia.com/personal/page/0,,325_496,00.html

[Boss]

I just put "bank" loan because the similarities of GradPlus and an education loan is that they're both (budget - stafford loans - scholarships = loan amount). 

You can't use either one to borrow above the amount of your school's budget.  The difference is that GradPlus APRs are set by the govt; Education loans are set to the Prime rate and your credit history.

TERI loans are the ones for the 'extras' above and beyond the school's budget.

Generally the order of loans are (from best to worst):
Stafford subsidized
Stafford unsubsidized
GradPlus
Education Loan
TERI loan
unsecured consumer loan
Those checks that come with your credit card statements
Anyone named Tony or Vinny

[Shark]

Can anyone introduce me to Tony or Vinny?  I need $4,000 tomorrow.

 
yeah, but there may come a time....

[Princessa1]

so boss, since you are the expert, do you think it is common to take out 20K in private loans for the first year? (since that is what you used in your example)

[traffic777]

What if I have a lousy credit (bankruptcy) and still need money after exhausting the Stafford limit?

[Bananas, Melonas, Yeah]

So if my EFC can "potentially" cover a school's budget (even though the parentals aren't contributing), I'm not eligible for any Stafford money?

I was under the impression that virtually any citizen can borrow the $20,500/yr, and that the only difference that income or EFC makes is whether $8,500 of that is unsubsidized or not.

[upgrade]

So if my EFC can "potentially" cover a school's budget (even though the parentals aren't contributing), I'm not eligible for any Stafford money?

I was under the impression that virtually any citizen can borrow the $20,500/yr, and that the only difference that income or EFC makes is whether $8,500 of that is unsubsidized or not.

I believe your impression is correct.  That is what was stated at a recent law school open house, $20,500 regardless of need.   EFC for a law student is the same as your expected personal contribution, parents aren't considered, right?