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Originally Posted by AGDee
The private loans have also become more scarce with the credit crunch/banking crisis according to my friends with college age kids. The way one co-worker explained it to me, when I was complaining that my daughter has very expensive schools in mind... the FAFSA figures out what you can afford to pay and that amount is the same no matter how expensive the school is. So, if they say you come up with $10,000, that's true whether your kid is at a community college or at an expensive private school and she found that the expensive private schools made that extra money available somehow, much like Peppy was saying earlier.
As my kids are quickly approaching college aid, I'm becoming more acutely aware of these issues. I'll get them through somehow though.
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Good luck with it! College admissions is one of the things I'm really interested in, and I've been following it pretty closely. I don't have that much experience with the financial aid aspects of the whole thing, but I know private loans have been harder to find.
For private schools, you'll also have the CSS PROFILE, which looks at your assets a little bit more than the FAFSA. A lot of people say--I don't know if this is true--that the Profile expects you to tap into your home equity if you live in an expensive area. Also, the Profile looks more sympathetically to families putting more than one kid in college/taking care of an older grandparent.
It's funny how sometimes private schools end up being more affordable than state colleges.
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