Can somebody please explain my FA package?

Paying for College
1

<p>Hi, I'm still a little confused about how much I'm supposed to pay.
This is the estimated cost to attend Binghamton:</p>

<p>Budget Component </p>

<p>Amount
Tuition </p>

<p>$5,570.00
Mandatory fees </p>

<p>$2,043.00
Book allowance </p>

<p>$1,000.00
Room & board (housing & meals) </p>

<p>$12,336.00
Personal Allowance </p>

<p>$750.00
Travel Allowance </p>

<p>$250.00
Total: </p>

<p>$21,949.00</p>

<p>The aid I have received (half loan half grant):
Fall '12 ($5,525) + Spring '13 ($5,525) = $11,050</p>

<p>1) So what would I have to pay in total？
Is it $10,899 or is it $16,424?</p>

<p>2) Is this the price for one semester or one school year?</p>

<p>Thank you so much!</p>

2

<p>I looked at the Binghampton website. The costs look to be for a year (2 semesters)</p>

<p>Tuition $5,570.00
Mandatory fees $2,043.00
Room & board (housing & meals) $12,336.00
Total set college expenses $19,946.00</p>

<p>Book allowance $1,000.00
Personal Allowance $ 750.00
Travel Allowance $ 250.00
Misc Expenses (estimates) $2,000.00</p>

<p>Total Cost of attendance $21,949.00</p>

<p>From your post you write the are giving you (half loan/half grant)</p>

<p>Grants = $5,525 for the year
Loans = $5,525 for the year</p>

<p>Total = $11,050</p>

<p>$19,949 - $11,050 = $8,899 to cover the set College expenses</p>

<p>Then an additional $2,000 to cover misc expenses (this might be more or less depending on your specific needs.</p>

<p>So, you will need an approximate $10,899 to cover your expenses for the year.</p>

<p>If you are needing to take an additional $10,899 in loans out you might want to reconsider attending this college. Because if you add in the loans the college has listed already your loans will total $16,424. That is a lot of loans. </p>

<p>If your parents are making up the difference or most of the difference then go for it.</p>

<p>Hope that makes sense.</p>

3

<p>Is your grant from the school or is it a Pell grant?</p>

<p>Are you a NYS resident (in a previous post you stated that you are living abroad).</p>

<p>Has Bing sent you an actual financial aid award letter?</p>

<p>Is there a Pell grant in your package?
If you are a NYS resident, did you receive TAP?
Is there a work study component in your package (you will use this money to offset some of your misc expenses)?
Have you received any institutional aid from Binghamton?</p>

<p>How are your loans broken out?</p>

4

<p>@kcdunlap: Yeah, that is a lot in loans. I come from a low-income family and my mother has ALS. I currently have 2 acceptance letters: Stonybrook & Binghamton. I was waitlisted at Brandeis =( But I’m still looking to hear from a lot of other schools, still hoping for the best. Thank you!</p>

5

<p>@sybbie719: Yes, I currently live/study abroad. But my family files taxes each year and my mother lives there. My father also works in NY too. I received the e-mail notification today telling me to login to BU Brain to check my financial aid.</p>

<p>I did receive a Pell Grant (Total:$5,550),
a Federal Direct Subsidized Loan (Total: $3,500),
and a Federal Direct Unsub Loan (Total:$2,000).
But no TAP and no work study, no scholarships either =(</p>

<p>Thank you!</p>

6

<p>You need to apply for TAP (the NYS tuition aid program). Create a user and Pin (keep it simple and keep the FAFSA pin. It will only allow you to put in one NYS school so you might as well put in Bing.</p>

<p>go to </p>

<p>[Apply</a> for TAP Now](<a href=“http://www.hesc.com/content.nsf/SFC/Apply_for_TAP_Now]Apply”>http://www.hesc.com/content.nsf/SFC/Apply_for_TAP_Now)</p>

<p>If you received full Pell, you will most likely receive full TAP (NYS aid), which is $4,995.</p>

7

<p>@Sybbie: Thank you! I’ll go take a look right now.</p>