[dunkem]

The key to most institution's gift aid is applying early. On October 1st, complete your FAFSA so you're at the front of the line. If you have a crazy high EFC, you may not be eligible for any need based aid (subsidized loans), Pell grant, or the gift aid. Usually your eligibility for the need based aid is something like cost of attendance minus EFC minus outside resources (scholarships, waivers, etc).

There's an annual limit for subsidized/unsubsidized loans under the dependent student's responsibility.. usually $5500 as a freshman. The only option is usually the Parent PLUS loan for higher cost schools unless they have a lot of institutional funding in the way of state loans or grants.

You can request to defer your Parent PLUS loan with the servicer while your child is in school, however, the interest will still accrue. There is also an origination fee of about 4.272% which comes off the gross amount you're re requesting so the NET amount will be after those fees.