Can anyone help me understand the meaning of college?

Paying for College
1

<p>I'll be attending UW Tacoma this year in the Fall Quarter starting in September. I received my official financial award statement and I just need help understanding. Does this statement means that I'm covered? Also, is an UNMET need of 0 bad or good? I'm so confused. </p>

<p>Cost of Attendance: $27,701</p>

<p>Federal Pell Grant - Autumn: $1,882, Winter: $1,882, Spring: $1,881, Total: $5,645</p>

<p>State Need Grant - Autumn: $3,623, Winter: $3,623, Spring: $2,633, Total: $10,868</p>

<p>Federal Supplemental Grant - Autumn: $70, Winter: $70, Spring: $70, Total: $210</p>

<p>Undergrad Tuit Exempt Tacoma - Autumn: $232, Winter: $232, Spring: $232, Total: $696</p>

<p>Federal Work Study - Autumn: $1,000, Winter: $1,000, Spring: $1,000, Total: $3,000</p>

<p>Federal Perkins Student Loan - Autumn: $334, Winter: $333, Spring: $333, Total: $1,000</p>

<p>Federal Direct Sub Stafford Loan - Autumn - $916, Winter: $915, Spring: $915, Total: $2,746</p>

<p>College Bound - Autumn: $346, Winter: $345, Spring: $345</p>

<p>Assumptions: Your award is based on the following assumptions:
Your award are based on your status as a resident, undergrad student who is dependent, and not living with parents.
The total budget covers attendance for 3 quarters: Autumn, Winter, Spring</p>

<p>Resources: Based on the information you provided, we calculated your resources as expected parent's contribution: $0
UWT MERIT: $2,500
Total Resources: $2,500</p>

<p>Summary of Financial Aid Eligibility and Award:</p>

<p>Total Budget: $27,701
Less Total Resources: $2,500
Equal Need: $25,201
Total Aid Offered: $25,201
UNMET Need: $0</p>

<p>So does this mean I'm covered? I'm not quite sure. I would appreciate anyone's help. Thanks!</p>

2

<p>It sounds like you need to come up,with $2500…unless I’m reading something incorrectly. This could actually be for your personal,expenses, and not tuition, room, board or fees.</p>

<p>But then…I’m really not sure what they mean by “total resources $2500”.</p>

3

<p>To some extent. Most of this money will go straight to the college to pay your bill. The three things that won’t are work study, Perkins loan, and stafford loan.</p>

<p>Federal work study means you can get a job on campus and get paid up to the amount of your award.*** The way it works is that your employer doesn’t really have to pay you; the money comes from the government. So the employer is getting free (or at least subsidized) employees, you’re making money, and the government’s happy that you have a job.</p>

<p>The loans offers (totaling $3746 for the year) are just that; an opportunity for you to take loans that you will then have to pay back. Subsidized loans mean you pay back the loan, but the government will pay the interest owed on the loan. Unsubsidized means you have to pay back the loan AND the interest owed on it, but it’s usually a lower interest rate than you can get through a private loan.</p>

<p>In short, if you don’t get a job or take loans, you will receive ~$18,500 in aid, leaving you with a bill of ~$9,000 for the year. If you get a work study job and earn all $3,000 you’re able to, you’ll be getting $21,500 in aid, leaving a bill of $6,000. If you choose to get that job and take both full loans, you’ll get $25,201 in aid (“total aid offered”), leaving a bill of $2,500, BUT, you’ll also need to pay back those loans and a bit of interest on the unsibsidized.</p>

<p>*** Some schools will just give you the $3,000 and then you can earn up to an additional $3,000 by working, but it’s not the norm. Ask your school’s financial aid or work study office how they do it.</p>

4

<p>I don’t take this as he has to come up with 2,500 - the school has given this amount as a merit award so reducing the COA to 25,201. Op, all the estimated cost of attendance for you is covered. As long as your lodging and food etc is equal or less than the estimate for COA you are covered. </p>

<p>This is a very good package in my opinion. They are not requiring that your family pay any money. Your total loans wont’ be excessive.</p>

<p>$11,902 will go right to the school for tuition. The rest will go to your student account to be used for books, room and board, expenses and transportation. The work study job you can get will pay you directly.
[Cost</a> of attendance « Financial Aid « University of Washington Tacoma](<a href=“http://www.tacoma.uw.edu/admissions/financial-aid/cost-attendance]Cost”>http://www.tacoma.uw.edu/admissions/financial-aid/cost-attendance)</p>

5

<p>From the title, I thought this post was intended to start a philosophical discourse. Glad I was wrong! </p>

<p>I agree that the $2500 is a merit award (so not “financial aid” in the common definition) which lowered the cost of attendance, with the result that OP is in a very enviable position. The loans are very palatable and there’s not even a requirement that OP work summers to come up with a student contribution.</p>

6

<p>Sorry about that, OP. BrownParent and MommaJ are right. It looked similar to the way it’s done at my school, where that number has a very different meaning. Subtract that $2,500 from each of the total costs I came up with and they should be right.</p>

7

<p>It looks like a very good package. You will receive free money of about 19,919 towards your COA. Your tuition and room and board is approx 22,654. A difference of 2,735. You are also being offered a perkins loan and a subsidized stafford loan for 3,746 which will help fill the difference and gap for books and other expenses. The loans you will have to pay back. You do not have to accept these loans, but then you will have to come up with that expense from other sources such as parents, saving,etc. Work study is not paid directly to the school, it is also not guaranteed that you even get a job. But whatever money you earn from that job can pay for expenses.</p>

8

<p>Since school is starting soon, and you have $3k in work study, contact your school soon to find out how you can get a WS job. Those can be First Come, First Serve, so you don’t want to be “late to the game.”</p>

9

<p>It looks like your net cost is $6,746, of which $3,746 is loans and $3,000 is work-study eligibility. The work-study eligibility means that employers like the school or some other non-profit organizations will have part of your pay subsidized as an incentive to hire students with financial need. But you need to find a job (work-study or otherwise) in order to actually earn the money (of course, you may end up earning more or less than $3,000 from the job).</p>

<p>Of course, another way to “earn” money and cut down on the amount of loans needed is to live more frugally than the cost of attendance budget suggests (e.g. try to find better deals on books, be very careful with “personal / miscellaneous” expenses, etc.).</p>

10

<p>You can start looking for work/study jobs now. There are jobs currently posted, read and see what you qualify for:
[Work</a> study « Financial Aid « University of Washington Tacoma](<a href=“http://www.tacoma.uw.edu/admissions/financial-aid/work-study]Work”>http://www.tacoma.uw.edu/admissions/financial-aid/work-study)</p>