Can someone help me read my financial aid letter?

Colleges and Universities A-Z Yale University
1

<p>So I just got it but I'm not too clear on it...</p>

<p>Here it is: </p>

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<p>ESTIMATED EXPENSES<br>
Tuition $34,530<br>
Room and Board $10,470<br>
Books/Personal Expenses $2,950<br>
Travel Expenses $1,000
Total Estimated Expenses $48,950 </p>

<p>FAMILY CONTRIBUTION
Parent Contribution $0
Student Income $1,850
Student Assets $63
Total Family Contribution $1,913</p>

<p>FINANCIAL NEED for 2007-2008 aid year $47,037</p>

<pre><code> FINANCIAL AID AWARD
Yale Scholarship $34,327
Federal Pell Grant $4,310
Federal S.E.O.G. $4,000
Self-Help $4,400
Total Financial Aid Award $47,037
</code></pre>

<p>TOTAL AVAILABLE TO MEET NEED $47,037 </p>

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<p>So I will have to do $4,400 in work-study/loans. But what is that $1,913 in "Total Family Contribution" supposed to mean? Does that mean I will have to earn that much this summer? </p>

<p>What if Stanford's aid is better? All I need to do is $2,000 work study each year at Stanford. How do I negotiate?</p>

2

<p>May I first say that you have an excellent financial aid package, with no loans and a family contribution. You have already answered your question yes you will have to pay up-front 1,913 to attend Yale. This bill comes to you in July or August (sometime before the start of school). In addition it seems that you have 2,200 a semester or 4,400 a year in work-study. You may obviously take a job for this amount receiving pay-checks every week or two weeks, or you may take out a loan. You should contact the financial aid office concerning the loan in place of a work-study. If you are able to earn an outside scholarship, you may use that money towards the 1,913 family contribution, and any excess funds will reduce your self-help or work-study. The remaining amount again may or may not be changed to loans. If Stanford has offered you on 2000 a year in work-study then you may talk to Yale although I don't anticipate them changing the self-help amount significantly. At best they will match Stanford's offer. You would have to discuss this with a financial aid officer. Also I suggest you posting future financial aid questions on the admitted students' website to receive prompt but general answers from Yale financial aid officers and other admitted students. Overall congratulations on the great financial aid package.</p>