We got our financial aid offer today--

[Chris in VA]

Only loans were offered--unsubsidized, and only about a third of the total cost (tuition w/R&B). Is 6.8% a good interest amt? Interest accrues, but the loans don't have to be paid back until he's out of school. Any suggestions for more aid? No scholarships coming this way--low SAT's, no sports, etc.

[Brenda in MA]

From what I've read, 6.8% is the rate for the unsubsidized Stafford loans. I don't think you can negotiate that. You might look around for local scholarships that are based on things like community involvement rather than SAT scores.

If your local high school guidance office has a website, there might be information available there. If no website, you could call and inquire. Your local librarian might be a good source on local scholarships, too. You might also check databases like www.fastweb.com, but these scholarships are generally widely known and therefore hard to win.

Best wishes,
Brenda
(P. S. My son is also applying for some local scholarships. There seems to be so much competition for very little in funds, though. Sigh.)