Can someone explain this to me?

Paying for College
1

<p>I just got my Financial Aid package today and it states:</p>

<p>Award Academic Year</p>

<p>Federal Pell Grant 5350</p>

<p>Colorado Student Grant 2750</p>

<p>Colo Work Study / Need Based 4000</p>

<p>Then for the loan eligibility:</p>

<p>Subsidized Fed Stafford Loan 3500</p>

<p>Unsub Fed Stafford Loan 2000</p>

<p>Federal Parent Loan (PLUS) 4192</p>

<p>Then for the estimates for my direct expenses for the 2009-2010 academic year is:</p>

<p>Tuition and Fees: 6470</p>

<p>Books: 1728</p>

<p>On campus Housing 8498</p>

<p>Total Direct Expenses: 16696</p>

<p>Alright can someone explain how this works for me? Is this for the year (both semesters) or per semester?</p>

<p>thanks!</p>

2

<p>I believe that is for the whole year.</p>

3

<p>so that means i only have to make up about 5000 to be able to completely pay for everything right?</p>

4

<p>Our aid letter had two columns, one for each semester, and they were clearly labeled as such. They also gave totals for the year at the bottom.</p>

<p>I’d say if there’s only one set of numbers, it’s for the year. It wouldn’t hurt to email your Financial Aid Office, just to be double-sure.</p>

5

<p>They haved it into fall and spring. I wasn’t sure what they ment, so i thought i’d ask. Thankyou for your help. :)</p>

6

<p>The aid amounts are definitely for the year as the Pell and Stafford amounts are the maximum amounts allowed for a year.</p>

<p>I don’t really understand what you are asking.</p>

<p>Your total direct costs for the year are $16,696.</p>

<p>Your aid award is $21792. $8100 in grants, $9692 in loans, $4000 in WS.</p>

<p>What is the $5000 you have to make up?</p>

7

<p>If i don’t go with loans.</p>

8

<p>The 16,696 is only part of the Cost of Attendance-- many schools also include miscellaneous personal expenses and transportation to and from college-- these two typically add another 2K or more to the actual costs.</p>

<p>So if your total cost is $18,696 (including misc and trans), they’re discounting it by $8100 in federal and state grants. No school grants or merit scholarships. That leaves you to pay the remaining $10,596 somehow.</p>

<p>You’re eligible for $5500 in student loans. Stafford loans are good-- if you take them, that leaves $5,096 to pay somehow.</p>

<p>They’re offering $4k in work study-- that’s a lot of hours, but if you work the full $4,000 during the school year, you’ll only be left with about 1K to make up out of pocket or from parents.</p>

<p>The PLUS loan is just a loan your parents can take out, if they choose. I’d ignore it when comparing finaid offers.</p>

9

<p>Ah - I see. Well WS is earned during the school year (assuming you can get a WS job and earn the full amount) so really you will need a little more than $5000. If one semester’s direct expenses is $8,348 and your grants total $4050 (though books might come in at less if you can buy them 2nd hand) you have $4298 you need at the beginning of the first semester and the same at the beginning of the 2nd semester. </p>

<p>My daughter has WS and uses it for personal expenses. it is paid to her every 2 weeks and is not available at the beginning of the semester for paying tuiton/books etc.</p>

10

<p>Oh, okay that helps.:)</p>

<p>I really didn’t understand the letter, so thanks!</p>