Financial Budget Wksheet?

<p>I recently got a paper from UCLA that has the entire budget for my housing tuittion books etc fees on it, and how they divide up the financial aid i recieved to pay for it...but it doesnt match up with the URSA fee (budget for fall qtr says something like 1163 but URSA says 2280) ...help plz? the numbers dont make sense and many of the amounts are negative numbers. </p>

<p>the actual sheet is here...

<a href="http://i4.photobucket.com/albums/y142/acidicfire/UCLAfinbudget.jpg%5B/IMG%5D"&gt;http://i4.photobucket.com/albums/y142/acidicfire/UCLAfinbudget.jpg

</a></p>

<p>URSA is only registration/tuition. That anticipated total amount includes books, housing, etc., which are more or less ESTIMATIONS.</p>

<p>Negative means credit, or in other words, that's about how much you can expect to get back.</p>

<p>usually their estimations are too....generous. you'll likely spend less than what they estimate for books and stuff, especially if you buy your books online...which i very highly recommend that you do.</p>

<p>with that said, it would be wise to not accept one of the loans (i would take out the perkins loan. my cost of books my first year was about $500, so the estimated $1500 is overkill). yeah, it would great to get $2600+ in your pocket, but realize that you will need to pay that back, with interest. i know you already accepted it and stuff, but find out if theres away to get out of it or change the loan amounts before the money is actually paid out to you. the less loan money you have the better.</p>

<p>i also recommend you accept your workstudy if you have any. accepting it does NOT mean you have to work, so it does you no harm in accepting it. you know, just in case you decide to get a workstudy job.</p>

<p>Wow- acidfire. 14K+ in grant money. Financial aid package exceeds all expected costs, without even accepting Work Study. And a negative EFC-- which I guess means money back to your family (I didn't know that was possible).</p>

<p>Not sure how you did that. At any rate, it's an OUTSTANDING aid package. Enjoy your studies at UCLA!</p>

<p>if u accept loans, doesnt interest hit in after u graduate? if i have extra loan money, i can just leave it in bruindirect and use that money to pay for next year's fees and not accept more loans right?</p>

<p>bruindirect=your bank account</p>

<p>im not sure when interest starts. i never took any loans so ive never looked into the details. it could be possible that they dont CHARGE you for the interest till you graduate, but they still calculate it and add it on later. :confused: someone more familiar with loans please chime in...</p>

<p>Generally on the subsidized student loans, interest doesn't start to accrue until the repayment period, which is after graduation. So in theory, you could keep the loan proceeds, open a CD or savings account, and earn the interest before repaying the principal after graduation. BUT remember that the FAFSA formula assesses the student's assets pretty severely-- currently 35% (20% starting in '07) of every dime in the Student's checking/savings accounts is counted toward the EFC. So keeping, say, $6K in a savings account or CD in the student's name will reduce your potential aid next year by $2,100.</p>

<p>You could use it to pay for expenses before filing out the FAFSA, or put it in a 527 account, which is newly exempt from consideration as a Student asset. Or just decline the loan.</p>

<p>But generally, 0% loans are a very good thing.</p>

<p>Can't we open a separate account so that FAFSA won't assess our assets (try saying that one! haha)? Or possibly open a joint with your parents..I'm sure there's ways around it.</p>

<p>or can i just take all that money out so fafsa doesnt know?</p>

<p>^ you could take the money out yes.</p>

<p>If you take the money out, it's still a cash asset, which you have to report. If you spend it (buy a car, or a computer, for example), it's no longer a reportable asset.</p>

<p>The only student accounts that are exempt are retirement accounts and 527 college savings accounts (this is new this year).</p>

<p>oh snap...maybe i should transfer all my money to my parents' accounts when i do next year's fafsa...</p>

<p>are joint accounts considered the parents or the student's assets? it would be easier if i can just add my mom/dad's name to all my accounts have it count as their assets.</p>

<p>VTE what does it matter if your parents income gets reported on your fafsa either way? you dont win anything by having your parents have more assests.</p>

<p>If you take the money out, how in the world are they going to know what you have in your pocket??????? ther is NO way they can know what / where that money is, its a good -faith type of reporting. You could have 5 million under your pillow and not report it and there is nothing they can do about it.</p>

<p>i believe that fafsa takes a much larger percentage of your personal income to calculate the EFC because they expect most of your savings/earnings to be applied towards school...so i guess VTE suggested that by putting his assets under his parents...his EFC overall would be lower</p>

<p>"You could have 5 million under your pillow and not report it and there is nothing they can do about it."</p>

<p>Well, yeah.</p>

<p>You could also write bad checks or stick up your local grocery store to fund your college education.</p>

<p>It's fraud. Not recommended. And if you DO get caught, the penalties are severe.</p>

<p>"VTE what does it matter if your parents income gets reported on your fafsa either way? you dont win anything by having your parents have more assests."</p>

<ol>
<li>You're confusing income with assets. They're different things.</li>
<li>Your conclusion is wrong, regardless.</li>
</ol>

<p>Student's assets are treated more severely than parents'. Parents get an asset protection allowance of about 45K (depends on the age of the older parent). Students get NO asset protection allowance. And their assets are assessed at a higher rate.</p>

<p>And the student's income is treated more severely than parents', and the student income protection allowance is much lower than the parents'.</p>

<p>Question: I'm working this summer so I should have some extra dough, but my parents are still covering the EFC... that means that I'll have some extra money laying around come the next FAFSA application. Can I pay off my loans while still in school? </p>

<p>That is... can I dump whatever money I may have left over (I don't want to take any risks by not taking the loan and ending up a thousand or two short) into paying off the loan a week or so before submitting my Fafsa for the next year?</p>

<p>"oh snap...maybe i should transfer all my money to my parents' accounts when i do next year's fafsa..."</p>

<p>^Would that be safe to do then?....I'm so confused....</p>

<p>how about my joint account question? any answers would be much appreciated. :)</p>

<p>Tony-</p>

<p>Yeah-- the FASA is a snapshot of your finances on the day you fill it out. So if you have, say, a couple grand in a checking account, and you also have some outstanding debt (whether credit card, or student loan, or car loan), you can pay down the debt (usually a good thing, anyway), and also lower your included assets, thereby decreasing your EFC, and increasing your potential. Legal and ethical.</p>

<p>VTE:</p>

<p>If it's a custodial account (Uniform Gift to Minors), it's the child's asset.
If it's a non-custodial account in name of parent and child, then the asset is split evenly for purposes of FAFSA:</p>

<p><a href="http://www.finaid.org/savings/ugma.phtml%5B/url%5D"&gt;http://www.finaid.org/savings/ugma.phtml&lt;/a&gt;&lt;/p>