Breakdown of Financial Aid Package, What Exactly Will I Have to Pay?

[thumper1]

<p>My bet is that if you contact the bursars office at Harvard, they will be able to tell you exactly what amount you will be expected to pay on your first bill as well as when it will be due. Call them and ask.</p>

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Total 26,250 26,250 52,500
Budget Category Amount
Tuition & Fees 40,866
Room & Board 13,630
Personal Expenses 3,454
Travel Allowance 100</p>

<p>Budget Totals 58,050

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<p>Your direct billable costs to your university are $54496. You got aid that will cover $52,500 minus $3000 which is your work study award. That means the amount you will pay directly to the university is $4996 per year. In addition, you will have to pay for your personal expenses, travel and any discretionary spending but some of that can come from money from your work study job.</p>

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1. What is the point of including the Job in my financial aid package? The school is not “giving” me that, I have to work for it, so why is it factored into how much I will have to pay for school?

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<p>The point is that you can get a work study job and EARN the money for your discretionary expenses…personal expenses…actually your student contribution. That way you will have these things covered. They ARE giving you the opportunity to earn money by getting a work study job on campus. These are usually more flexible in terms of scheduling. I’m not sure why you think this is a bad idea.</p>

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2. Are direct-billed costs ((Tuition&fees PLUS Room&board) MINUS (Grant Aid)) DIVIDED BY two?

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<p>You will need to ask YOUR college this question. There is no way for us to know how often they send their bills. If your school bills twice annually, once for each semester, then yes…your billable costs will be half each time.</p>

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3. If the above is correct, then my direct-billed costs are ((40,866+13,630) - (49,500)) = 4,996 DIVIDED BY 2 = 2,498 (per term)???

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<p>Yes…you will owe the school $4996 PER YEAR so if they bill twice a year, you will need to come up with $2498 per semester. </p>

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4. However, with the scholarship, since $1,000 of my contribution is covered, I will only have to pay $600, Meaning my direct-billed costs for the first year is $3,996, and what I pay per term is $1,998? [/*]

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<p>You will need to check YOUR university on the policy of how they deal with that outside scholarship. </p>

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5. So basically, $3,000 of my scholarship went to “nothing”? Because it didn’t affect my family’s out of pocket contribution?

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<p>I’m confused by this. You got a fabulous financial aid award. MOST schools include a student contribution, and apparently Harvard felt that your family could contribute as well. Call the school and ask them about this outside scholarship. See if it can be used to offset you family contribution. Some schools will allow this, expecially for very low income students…but it doesn’t seem this would apply to you.</p>

<p>Harvard is a very generous school in terms of financial aid. Congratulations on a terrific financial aid award. You really are not left with much to pay out of pocket for a school that costs almost $60K per year.</p>