Got this Financial aid package back from Barry University? Can someone please help explain it to me and tell me how much I would have to pay per year or total, I would really appreciate it
DIRECT BARRY COSTS(Estimated) FALL SPRING ANNUAL
Tuition 14850.00 14850.00 29700.00
Barry Room/Board 5550.00 5550.00 11100.00
Health Insurance (if required) Varies Varies Varies
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TOTAL DIRECT BARRY COST 20400.00 20400.00 40800.00
(Does not include lab fees or other additional fees)
ESTIMATED FINANCIAL AID
Barry University Scholarship 8500.00 8500.00 17000.00
Federal Pell Grant 2960.00 2960.00 5920.00
Federal SEOG Award 400.00 400.00 800.00
Barry Access Grant 4538.00 4537.00 9075.00
The cost is roughly $40k per year. They are offering you about $32.8k in scholarships and grants, including your Pell grant. You can borrow another $5500 in loans which you need to repay after college… They are also offering you work study of $3200 per year but you have to work for that before you get paid.
So if you take the loans and work the work study, you will have all your costs of attendance covered.
There may be some lab fees and you might need to buy insurance if you aren’t on your parents’ policy.
$40800 billed costs minus $32795 grants and scholarships gives a net billed costs of $8005 per year (lab fees, books, and personal expenses extra).
To help cover the $8005 plus other costs, you may take federal loans up to $5500 (must be paid back later) and/or work part time. The $3200 work study means that you have a preference in being hired for some on campus jobs for pay up to that amount.
It looks like your tuition, room and board are $40800. They do not include things such as travel, spending money, health insurance (if needed), or books in your cost of attendance. You have been given, either by the school or government, grants and scholarships of $32795. The good news is that these will not have to be paid back. You can get federal loans totaling $5500 ($3500 of those loans are unsubsidized which means that the interest will begin accruing immediately, the other $2000 the government subsidizes the interest while you attend college). Your net cost for tuition, room, and board after all scholarships, grants and loans will be $2505. You will need to pay that out of savings, earnings or outside scholarships. They have also given you Work Study totaling $3200 ($1600 per semester) which can help with misc. expenses (food not part of the food plan, club dues, events etc.) and perhaps second semester travel and books. Workstudy is a job and you will need to go look for them but normally the school will have a place you can go look for them. It’s best to start early as the selection will be better. To summarize:
Tuition, Room and Board $40800
Grants and Scholarships 32795
Loans 5500
Total 38295
Balanced owed 2505
Workstudy 3200
Cost not listed
Travel
Books
Spending money
misc.
Healthcare?
How much those will costs depends on the individual. My D spends about $80/mth on entertainment and is a dance major so books are not a major cost for her. She is covered under our insurance plan and lives close enough that we can drive her there and back in about 5 hours. She could easily spend more money than that entertaining herself but is frugal by nature.
Frankly, it looks like they gave you a good financial aid package. Good luck.