If I’ve been granted $16.4k for Room and Board, and the room I’m getting is $15,793
Will I be able to keep the leftover money and use it to pay for the other parts of college?
In another thread you say that you weren’t given enough aid.
What EXACTLY is in your aid pkg for UCR?
@mom2collegekids yes I’m not given enough money - since if I take on loans it’ll be for the $8.1k I don’t have.
I’ve been awarded $27,121 in gift aid.
COA is $36,721
There might be a restriction on the award in that it can only be used for a specific purpose, but this seems to be more common with tuition awards. Also, you may not know what the price for housing for 2016-17 is yet. Maybe you were awarded more because the cost is increasing and the new cost hasn’t made it to the website yet.
My daughter’s tuition and r&B aren’t posted until July because they increase. The school then has to adjust her awards to fit the categories. Her merit aid can only be used for tuition so that gets applied, then two other grants that the school wants applied to tuition. Then if there is still tuition left to be paid (there is) they apply as much of her athletic scholarship. Whatever is left from that is applied to R&B. They the state aid it applied, then federal, etc. The reason is that some aid is allowed to be paid to the student as an overage (Pell grant, Florida Bright Futures) so they leave that until last. The school wants its grants applied first because they don’t actually want any of its money to be rebated, they want federal and other money rebated.
Call the school and ask how they apply awards and if the r&b award is strictly for r&b.
You’ve been awarded a huge amount of gift aid for a UC. They expect that YOU should have to pay for some of your costs…your toothpaste, shampoo, travel, pizza with friends, etc. You can either pay by summer earnings, loans, or a combo.
@mom2collegekids I know ive been awarded a lot - which I am so thankful for
But the fact that if I take on loans I’ll have to end up paying $30k+ just seems impossible for my family, especially since I have three younger siblings and grandparents living with us. What would you do?
OP why are you saying impossible for your family, when many students do need to put themselves through school (meaning they pay their student loans) - there are many families that cannot contribute much of anything but the student qualifies for state and federal grants, and can take out a level of student loans. Work/study or part time job during school year, and summer work to help yourself with various costs.
Also your family may be willing to pass on the opportunity tax credit savings ($$) to you when they do their 2016 taxes. Make sure to use the deduction in filing taxes for 2016. Current tax info says this credit is going to continue through 2017 (and may go longer).
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take on loans I’ll have to end up paying $30k+ just seems impossible for my family,
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Those loans are what YOU will be paying back…NOT your family. You will be graduated, working, likely living on your own and paying back your own loans. Your family’s size and situation are irrelevant since they will not be making the payments, nor should they be. They will be YOUR loans, since you will be getting the financial benefit of the education, not them.
Get a job to pay for part of it. Don’t borrow the whole uncovered amount.
I worry about this, that some folks think they should not have to borrow at all…you leave school with a degree and you will be just as able to pay it back as anyone else. There simply isn’t enough aid to pay 100% of COA. And even if there were, I think kids should need to pay at least $5500 a year, whether the borrow it or pay from working.
Take the 5500 loan and work for and save the rest!
You don’t owe the school the whole COA, it probably contains items like books which you can buy cheaper used or can rent. It may include travel costs and personal expenses.
Just add up tuition, fees, room and board costs, those are billed by UCR. Then subtract your grants/scholarships.
Then you get your net price.
This can be paid with summer job earnings, savings, loans and work study job.
^And those estimates can be high, and you may be able to save $ there!
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I worry about this, that some folks think they should not have to borrow at all…you leave school with a degree and you will be just as able to pay it back as anyone else. There simply isn’t enough aid to pay 100% of COA
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Exactly! …and some (not this student) think they shouldn’t even have to do work-study because they want to “enjoy college!”
Why should a school or tax-payers be paying for a student’s shampoo, toothpaste, clothes, cell phone, and pizza nights with friends???
Even low income students should have to contribute something towards the education that they will be benefitting from for the rest of their lives. economizing can reduce some of those non-direct expenses. The fed and state gov’t are already going to spend more than $100k on this student’s education. He/She can contribute SOMETHING!
@mom2collegekids thank you so much for your help - I understand it much better now!
I’m just not really educated on the whole loan and COA thing - school unfortunately does not teach us high schoolers that.
I just thought that when i graduate I wouldn’t want to put a burden on my parents, even during my time there
@HRSMom @mommdc thank you!! I see now
so I don’t really have to even accept the loans of $8k right?
When the school lists $900 and $1400 for personal costs and transportation, does this mean they are estimating how much I would need to spend or how much they are giving to me for free?
does this mean they are estimating how much I would need to spend ?
YES
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I just thought that when i graduate I wouldn’t want to put a burden on my parents, even during my time there
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I’m still not sure you understand.
While you’re in college, no one is making payments on the loans.
Then, after you graduate, you will start paying back the loans.
It’s never a burden for your parents.
Okay thank you so much!
@mom2collegekids no I understand that loans start having interest after I graduate, and I would pay when that starts.
But I didn’t want to attend knowing that that would’ve happened and since I have three younger siblings, I’d want them to attend college as well without financial issues. Also my father and I don’t necessarily have a good relationship, so he’d say things about the loans whenever he would have the chance lol.
If you @Lololo5 take out only the student loans for you (and parents do not sign any parent-plus loans) you are not jeopardizing anything for your younger siblings. Sounds like you qualify for grants, Pell, Calif, etc.
What I am talking about with tax credit is “The American Opportunity Tax Credit” - “You may claim up to $2500 on eligible college expenses paid from a non-529 Account, subject to income limitations”. A notice we received said this is in effect through 2017 (and I imagine it will stay popular and will stay available for later years).
I would suggest talking to dad about tax filing. He can continue to claim you if they are helping you with support (like keeping you on their medical insurance, etc) - the IRS indicates at least 50% of support - so this goes into food, shelter, etc.
Parents can often do better with the personal and other tax credits they can get counting you as a dependent. However then it would be most helpful if dad would also pass those savings/tax refunds back to you the student who has generated some of that for your parents. You would need to see what your earnings are for the year as well, and also file a separate state and federal tax return, and your personal exemption can only be used once (either by your parents or by you).
For lower income families, there are credits that may mean money back to them on the federal taxes.