Hello everyone, I’m a first generation student and my parents do not understand what they will have to pay.
I just received my long due early decision estimated package for the 2016-2017 year. On my letter it lists: Federal Sub Stafford Loan, Federal Unsub Stafford Loan, Federal Pell Grant, Federal Supplement Grant, University and Alumni Award, and Federal Work-Study Program for fall 2016 and spring 2017. My total awards: $29K+$29K for fall and spring will total up to $58k. Does that mean they will cover up 58k of my tuition or I have to pay 58k?
Maybe but look at how much is in loans (which must be paid back) and how much is grant (which does not have to be paid back). It adds up to the total but may include mostly loans or it could be mostly awards or it could be mostly work study, etc.
It looks like your award covers $29k per semester. That would be credited to any bills before you would have to pay anything. Whatever the total is, that $$ reduces it.
Work study will not be money available at the start of the semester to meet any needs, but money you can earn during the semester. Subtract that out. You will have to pay back the loan money (should be $5500 total).
What is the cost of the semester for tuition, room&board? If it is more than $29k, you’ll have to pay the difference up front, plus other non-billed costs like books, dorm items, transportation.
Whatever the work study amount is, it will not be credited to the semester bills - that money will be paid directly to the student as it is earned.
OP, it looks like you have very good award. The maximum in loans is probably $5,500, and work study is probably no more than $1,000 per semester. If you can post the dollar amounts along with the description, we can provide better feedback.
They are awarding aid up to $58k…but it’s not all free money. You’ve got two loans and work study in there as well.
How much does the school cost?
So,you have a $5500 total loan. For a school costing $59,000 plus…that is not a lot of loan money.
What are the billable costs…tuition, room, board and all fees…and see if you have to buy health insurance.
What is your work study amount?
So double check that the $29k per semester does not include any Parent Plus loans.
It looks like this was an ED acceptance to George Washington University. The billable costs this year are $62500 or so…tuition, room, board, matriculation fee, fees. The student has $59,000 in aid, presumably including work study…which will not be available until earned.
So it looks like this student will be short by about $4000 or so…for the year.
To the OP…do you have any way to pay this cost?
This $62,500 cost does not include books, transportation, personal,expenses or health insurance.
Also if this was an ED acceptance FA package it was probably based on 2014 income or 2015 estimates?
Do you have your 2015 tax returns done? Do they differ very much from the 2014 numbers?
If the income is higher your aid may be lower. You might want to ask them about that.
Looks like OP was accepted to GWU ED in December The direct cost to attend (tuition fees, room and board) is
$62,835 not factoring in transportation, health insurance
On face with 58k in financial aid, your family must pay $4,835, just for you to live on campus. The expectation will be for you and your mom to pay this (you may need to get a summer job or 2 )
You will need to get to campus purchase books and have money for miscellaneous expenses (the goal of your work study is to defray some of these costs)
I agree with Madison you need now to look at the breakdown of your financial aid package.
First deduct the amount of work study, because you must first find a job, work and earn that money over the course of the school year
After you deduct the work study, how much of your package consist of free money, which does not have to be repaid (pell, SEOG, university grant and alumni award)
You will have a loan of $5500 ($3500 subsidized and $2000) unsubsidized.
Are there parent loans in your package?
This was based on my parents 2014 income and it’s the same for 2015-- I will be sending in tax returns for 2015 this month for GWU. There are no parent loans either.
Here are the dollar amounts: Federal Sub Stafford Loan $1,750.00, Federal Unsub Stafford Loan $1,000.00, Federal Pell Grant $2,887.50, Federal Supplemental Grant $1,000.00, University and Alumni Award $21,400.00, Federal Work- Study Program $1,100.00.
Thank you so much everyone!
Per semester…right?
It still looks to me that you are short at least $4000 for the year.
It’s not unrealistic to expect some student, and perhaps parent contribution, depending of course on circumstances.
There are award comparison tools you can download. just plug in all the specifics and it’ll give you the numbers you need. Here’s one I have used.
That’s a link to the actual award comparison tool, an xls file you’ll need to download. If you want the site, go to http://services.vsac.org/wps/wcm/connect/vsac/vsac/pay+for+college
The aid adds up to $56,075 a year (without work study)
University and alumni award $42,800
Pell $5,775
Stafford loans $5,500
SEOG $2,000 (?)
If direct costs are $62,835 then you need $6,760 per year or $3,380 per semester to pay university bill.
Plus money for books, transportation, personal expenses, (insurance?).
Some of this you could work this summer to pay for and some you can earn with work study money during the year.
Will this be affordable?
Your mom is spending money on you currently to live at home. Ask her if she can redirect some of that to you for college (perhaps the cost of your food and clothes). You will need to watch every cent. Congrats on the acceptance and I hope you can make this work.
Is this student able to borrow the whole 5500 (even if not all unsubsidized), or does the other aid make that impossible? Meaning, can they borrow most of the rest of the cost not covered?
They should be able to since they still have a gap of $6k after all aid (including loan which is not really “aid”).
But how will the $6k be paid? With summer job earnings? Also this does not include books, travel, etc.