So how do I know how much my parents would have to pay directly to the school?
Add your loans to your grants and scholarships = 88489. Subtract from your direct costs 90462-88489= 1973. That is what you owe the school in 3 payments of $658 per year. But, you also need to figure out how much money you are going to need to have on hand for books and school supplies, fun money, travel home money.
They are also saying that you can work on campus and make $3180 per year. The onus is on your to get the job asap and work as many hours as you can to make that amount. That would offset the parental cost and leave you with $1000.
It is very tight money wise if you are doing it on your own. Your best bet is to get a fast food or grocery job and hoard as much money as you can before school starts.
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Since you will be work-study, Carleton guarantees you a job. Freshman are permitted to work 8 hours per week. So you don’t need to stress about finding a job or about the balance of work to classes and fun. Many, many kids at Carleton work - even those who are not part of work-study. Those 8 hours a week will not stand out, and will be easy to fit into your schedule.
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Carlton is definitely the best deal - it’s awesome, actually.
Something I feel the need to point out, though, is that you will be liable for taxes on the amount of grant aid you receive (does not include loans) in excess of tuition and qualified fees & expenses. I just want to caution you so you’ll know that you will probably owe some taxes next year if you get a full ride. It’s worth it … but just be aware of the need to pay up at tax time.
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That’s a new law, right?
And…it would apply to grants from any college, not just Carlton?
Based in the COA that was posted, can you determine how much grant aid exceeds the limit?
What about going to a UC with the blue and gold opportunity? I’m looking at UCR’s financial aid, and it says the cost is around 10k but I emailed financial aid and they say blue and gold is applied just not in the financial aid package? How do I know what my final amount is then?
No, it’s always been the law. There is the usual standard deduction, though, so it’s not as bad as it might seem. My D had to pay some taxes on her scholarship money back in the 2000s.
Hopefully one of our California CC posters can chime in about Blue and Gold awards.
Your financial aid officer should be able to tell you the exact billed cost per semester and if there is an option for a payment plan. Payment plans are often interest free, but there might be a fee, which in your case might not be worth it unless they’ll waive it for you. If you could get a summer job, you could come to close to paying for it for yourself. You would want to reserve some money for emergencies and not spend all of it on tuition. You might also ask Carleton about summer job opportunities. It won’t help before your first year, but would thereafter. I work at a LAC and ours has a summer research program that provides room and board at no cost and pays $4000 to students for 8 weeks of full-time work. We’ve even had students get paid (and housed) jobs on campus during the summer. Opportunities like that could make big impact on your ability to pay. Carleton must have something like that.
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Your best bet is to call the Financial Aid Office at 507-222-4138 or emai them at financialaid@carlton.edu and ask for an appointment to review your financial aid offer and to understand what is due when.
However, since you asked, here’s how I see it.
$90,462 (direct costs) minus $83,989 (grants) minus $5,500 (loans) = $973 per year
Note that I used $5,500 for loans instead of $4,500 because you are eligible for the higher amount and it seems like it would make a difference.
Carlton is on a trimester basis, so so 1/3 of $973 is $324 and thus your family (you or your parents) would owe $324 on 8/15, and again on 12/15 and 3/15.
You would also owe $300 deposit around the time that you commit, but you will get that back eventually. Every school needs a deposit, so this is not unique to Carlton.
So to start school, you need to pay $300 deposit plus $324, for a total of $624.
You will also need to purchase an airplane ticket to Minnesota – I saw one on kayak for less than $100 for the day before Freshman Orientation starts. And probably $60 or so for an Uber ride to campus from the airport the first time. (After you get there and make friends, at many campuses, students will share rides to save costs, so that shouldn’t be an ongoing expense). Your parents do not have to go with you to move you in, if saving those costs is important. Many students move themselves into various colleges.
Then you will need money for books (probably a few hundred dollars a year, travel, and miscellaneous expenses like toothpaste, etc. Carlton is estimating that the typical student spends $3,207 on these expenses (the indirect costs in the upper right of your Cost of Attendance). This amount is not billed to you (it’s just an estimate) and you pay these expenses as they come up. If you are careful, your actual costs will probably be a lot less. And the nice thing is, you can use your work-study earnings to pay for these. You can also use your work-study earnings to pay your future bills of $324 on 12/15 and 3/15 so your parents won’t have to.
So the initial payment from your family would be:
$300 in May which you will get back eventually
$324 in August for first trimester expenses
$150 approximately for travel for yourself to Carlton.
Note that there are no extra charges for dining hall food, so that is a huge savings for your family – they won’t be paying your groceries. That is included in the $324 per trimester that you paid.
Now, one thing to know – at almost every college, including Carlton, you have to reapply for financial aid each year. If things stay pretty much the same with your family’s finances, you can expect the same aid each year – although one benefit is that the loan limit is higher after the first year ($6500 for sophomore year and $7500 each for junior and senior years). If your family’s finances are much worse, you can expect additional help from Carlton; if it is much better, your family may be asked to pay more. Note that financial aid looks at income from two years prior (that is, for your sophomore year in 26-27, they will look at the income from 2024). Assets are evaluated as of the day you submit your forms. This is going to be true everywhere.
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And @Rostov’s suggestion of asking about a payment plan is a good one – definitely ask the financial aid office about that if it will help your family out.
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@Gumbymom Do you have any info on how the Blue and Gold grant would affect this aid package?
And, @acidghost — is the info you posted for UCR for a commuter student or on-campus student?
The Blue and Gold opportunity plan is not a specific grant on your financial aid package but it combines all sources of scholarship and grant awards you receive (federal, state, UC and private) to go toward covering your tuition and fees. That said, the Cal Grant, Middle Class scholarship, Pell Grant, University specific grants, Work study will all be part of the Blue and Gold opportunity plan but may not be listed as the Blue and Gold opportunity plan on the FA package.
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So can the OP expect an additional grant award to be forthcoming on their financial aid package from UCR or should they consider it complete?
Or…I guess that’s best answered by the financial aid office?
Rereading this after @Gumbymom’s explanation—I think they are saying that the 10k is the final amount of what you will pay because they applied the Blue and Gold but just didn’t write that down specifically on your package.
Best to call or email them back to confirm.
Has your twin made a decision yet? Is their decision going to affect the choices you make?
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My brother is still deciding between Carleton and UCI, and I really hope I get off of the UCI waitlist because it looks like I’m going to CPP… I think it’ll affect me a little - both of us want to do engineering, but he’s also interested in math and I’m not. He’s considering math @ Carleton because of how good their grad school rates are.
I see, so are you thinking to not go to Carlton because they don’t have the engineering program you want? I think they do have a 3-2 engineering program, if you find that appealing.
I hope a UC works out for you!
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What the email information is stating is that you are eligible for the Blue and Gold plan and that your tuition and student fees will be covered which is $14,934 and this is usually covered with the Cal Grant and possible University grant. That is all the Blue and Gold plan guarantees however, additional grants can be given to cover more need so it could cover housing and other expenses but that is dependent upon each UC campus.
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So if I were to live off campus it would be free?