<p>Hi, my daughter got a financial aid package which included loans. The family also has an expected contribution from the financial aid awarded to the total cost of attendance. I’m paying monthly thru TMS for the family contribution. </p>
<p>But how does the budget for the books work? </p>
<p>From my knowledge it’s included in the total cost of attendance. So do we get the cost of books reimbursed? </p>
<p>Thanks</p>
<p>books (and travel and personal expenses) come out of the family’s EFC. You should have enrolled in TMS to cover only those NET fees and expenses payable directly to the college.</p>
<p>I did enroll in TMS in which I’m paying the difference between scholarship awards, grants and the cost of attendance. Is this what you mean? Or should I have included additional money for the books. </p>
<p>In the financial aid award it states that 53,000 is the total cost of attendance plus a budget of 2,000 for books which total 55,000 the total cost in which is what my financial aid package totaled. </p>
<p><a href=“http://www.bc.edu/offices/stserv/ltrcost/[/url]”>http://www.bc.edu/offices/stserv/ltrcost/</a></p>
<p>Let’s try an example:</p>
<p>Total cost = $55k, of which $53k is billed to your family. The other $2k is out-of-pocket, (or you can add an unsubsidized loan or PLUS loan).</p>
<p>Your child receives $20k in grants and $3k in loans. Thus, the net cost billed to your family is $30k ($53k less $30k). That is what is due to BC for attendance. You then sign up for TMS to pay the $30k over xx months. TMS takes your money and forwards it to BC. BC’s bill is paid in full. </p>
<p>The $2k for books and misc. above is the family’s out-of-pocket/student summer earnings, etc. The only way TMS would hold that money if you signed up with them to pay into their system $32k, not the $30k net payable to BC.</p>
<p>If you did sign up to pay $32k, just reduce your payments for next semester. (Or, some of that might get eaten up if your child takes a lab course.)</p>