<p>Hi all,
I plan to matriculate to Yale next fall. I have a few questions over the provisional offer of financial aid I’ve been given.</p>
<p>Basically, do they give you your FA money and allow you to dispose of it as you see fit, or do they take money directly from your account?
I assume they take it directly from your account for things like tuition, but other expenses seem more clouded. For example, it says I’ll likely be awarded $1500 for travel. Does this mean that they simply write me a check for $1500 and let me go to Hawaii over spring break, or is it only for traveling to and from school? Do travel expenses need to be booked through one of Yale’s business office, or can they be done separately and reimbursed later?
The same question applies to things like books, room, and board. I’d assume that the costs of books varies widely depending on what classes you take, and whether you manage to find used books at a reasonable price. Does Yale just give students a certain amount of money and tell them to buy books, or is the amount one is actually given directly dependent upon how much one must spend on books?
I know Yale offers a variety of meal plans, but I’m sure one could save money either by cooking for oneself, or by shopping for the cheapest meal plan. What does Yale do in such situations?</p>
<p>Finally, what if one’s expenses end up exceeding those projected by the FA office? I imagine this could happen if one chose to take five or six classe in a given semester, or if all of one’s books end up being really expensive. Is one then expect to cover additional costs on one’s own?</p>
<p>I’d appreciate any insight from current or former students, or anyone else that more familiar with Yale’s policies than I am.
Thanks!</p>
<p>First off, congratulations! As you probably know your provisional offer is based upon receipt of 2011 tax information from the student and parents via IDOC on the CSS Profile, and a few other forms that can be found online somewhere around May.</p>
<p>Freshman are not allowed to choose meal plans; all freshman living on campus must get the 21-meals per week plan. (Upperclassmen can choose their meal plans.)</p>
<p>The student is billed for the full amount of tuition, room, board and fees. Your account is then credited with your Yale Scholarship and the balance is left to be paid.</p>
<p>First off, the expenses are just estimated (i.e travel, personal expenses, books) to determine COA (Cost of Attendance). The fixed items that make up the rest are tuition and room and board (all freshman have to have the 21/week meal plan). Yale sub atracts the student and parent contribution from the COA total and that is how they determine aid needed. They bill twice a year (August and December) for each term for the tuition and room and board. They will calculate the grants and scholarship amounts to be subtracted from the totals and you are responsible to pay any difference.</p>
<p>You are responsible for your personal expenses, books, and any travel you choose. Only if the scholarships and grants exceeded the fixed cost would you be refunded any monies. This is highly unlikely as the student contribution is around $4,500 and any outside scholarships you might receive would be used toward this obligation first. I would be very surprised if the grants and scholarships would exceed the fixed costs.</p>
<p>The simplest way to figure out what you will need to pay is to add tuition and room and board subtract the grants and scholarships. The remaining balance is what will need to be paid (by you or your parents). You can divide that in half to figure the amount needed at the beginning of each term. On top of that you should figure amounts for the books and personal expenses but it is usually less than estimated (assuming you buy books used).</p>
<p>Many students and parents find the “self-help” section of a Financial Aid award confusing. A student may accept or decline an offer of self-help. When figuring out how much money you owe the university – DO NOT include their offer of self-help as grant or scholarship money, as the student needs to earn that amount over the course of the school year. (The more realistic way to view self-help: Whatever offered – completely ignore it, as the amount needs to be included in the figure you owe the school. Your student will then work over the course of the year and collect the money via paychecks from their term time job.)</p>