Okay so these might be really stupid questions but my family is basically no help when it comes to college stuff so i’m sort of clueless. so for one school, their cost of attendance a year is 60,500. their estimated financial aid award package for me was $30,215 each semester. so does that mean i pay $35 a semester = $70 a year? similar question for another school. their total cost is roughly 60k and they offered me around 23k a semester. so i pay 7k a semester, 14k a year? or how does that work? i know the 60k is for one year bc they can’t possibly charge 60k a semester but if that price is for one whole year i’m really confused as to why they split the financial aid in half by semester ? so i’m not sure what that means, sorry if these questions sound really dumb but i’d really appreciate it if someone could tell me what i’m expected to pay at these schools. thanks!
Others will help but it would be useful if you post the breakdown of the FA estimate. Is the estimate from the NPC or have you been accepted and received an estimated FA? Chance are that you have loans in each package. It is rare to get an full ride.
^Many schools list the COA and financial aid in same term (either a year, a semester, or a quarter)
Schools often list their FA by semester, so that those who get smaller amounts don’t mistakenly think that they have enough for one semester.
Where are you seeing THAT estimate? On the website with the net price calculator? or did the school send you something??
have you submitted FAFSA and CSS Profile?
Do your parents own a business?
Do you have a non-custodial parent?
It is better that you copy and paste what you got. When I see a school list COA and award money they usually list it each annually or each by semester so you can see everything that is covered. But certainly the 60,500 would be for the year. If indeed the award is just per semester then yes you double it to compare it to the year. Are you a low income student?
@noname87 @4kidsdad @mom2collegekids @brownparent this is from the estimated award package from two schools i have already been admitted to early action, it is only an estimation from the css profile but will not be finalized until i submit my FAFSA. my mom does own a small business and i do have a non custodial parent but he is not in the picture and my non custodial parent waiver was accepted by both schools so it is only my mom’s income taken into consideration. for one school -
Fall 2015/UDAY Excellence Scholarship $5,000.00
Northeastern University Grant $8,700.00
Federal Pell Grant $2,865.00
Federal SEOG Grant $1,500.00
Federal Direct Subsidized Stafford Loan $1,750.00
Federal Perkins Loan $1,000.00
FederalDirect Unsubsidized Stafford Loan $1,000.00
Federal Work-Study Program $1,100.00 FEDERAL WORK STUDY: You have b…
Subtotal $22,915.00
Spring 2016/UDAY Northeastern University Grant $8,700.00
Excellence Scholarship $5,000.00
Federal Pell Grant $2,865.00
Federal SEOG Grant $1,500.00
Federal Perkins Loan $1,000.00
FederalDirect Unsubsidized Stafford Loan $1,000.00
Federal Direct Subsidized Stafford Loan $1,750.00
Federal Work-Study Program $1,100.00 FEDERAL WORK STUDY: You have b…
Subtotal $22,915.00
this is the school that costs around 55k
for the other with total cost 60,500:
Fund Amount Message
Fall Estimated Grant and/or Scholarship $24,500.00
Estimated Student Loan $1,800.00
Estimated Student Employment $1,050.00
Estimated Federal Pell Grant $2,865.00
Subtotal $30,215.00
Spring Estimated Grant and/or Scholarship $24,500.00
Estimated Student Loan $1,800.00
Estimated Student Employment $1,050.00
Estimated Federal Pell Grant $2,865.00
Subtotal $30,215.00
so i’m assuming you add both semesters and subtract from total cost of attendance? also, if i chose not to do the student employment program would that just mean that money comes out of our pockets? do i get penalized if I chose not to do it? also, typically, does your estimated award package change after submitting FAFSA or does it usually fairly represent what your official award package will be?
To get an annual amount, yes.
Yes.
No, you just don’t get that pay from a work-study job.
It depends on how accurate your original estimates of income and assets were.
For Northeastern you will need to come with roughly $9,000 for the first year along with a hefty loan package of $7500 in Federal loans. You also need to find a work study job that allows you to earn $2200. These jobs are not guaranteed. Only the eligibility to apply and earn up to $2200 is guaranteed. The $9000 will need to come from your resources or parent Plus loans or private loans. Overall, this school will leave you with a lot of debt.
The second school gave a great package. Is the “Estimated Student Employment” work study or is it what they expect you to earn over the summer/school year? Either way, if needed you could increase your direct loan (max 5500 for Freshman, slightly more if the parent is turned down for a Plus loan) to cover most of it. You will have to save on the other expenses (books, misc expenses) to make up the difference. If the $24,500 is a scholarship, are the GPA requirements realistic?
One thing you need to check is are you covered by your parent’s health insurance? If not that is an additional expense that needs to be covered. Is that included in you COA figures you quoted? It usually runs $1500-2000 per year but varies widely school to school.
If offered work study, I would not turn it down. You can always decide later if you need to cut your hours or not work at all. A lot of student actually enjoy their work study jobs. My daughter did.
Remember COA tends to go up every year.
Since these are EA, I assume you can wait for the final number before accepting.
OK, I don’t really know why you had any questions, it is pretty clear what you get for each semester. School costs are billed per semester, and aid is given per semester. Yes, the private colleges cost about 60k and that is per year, not per semester. You are getting a large amount of costs covered. This is nice so that you don’t have to come up with the money for any parent and student contribution all at once.
Your aid should stay the same if your FAFSA numbers are the same or close as your CSS numbers.
If you choose not to do work/study it is no big deal but you will have less cash during the semester as you won’t get a paycheck from that work. From NEU you will get $21,815 per semester, then in grants and loans.
Now some of the costs of attendance are charged up front and some aren’t. So you will have your Direct Costs charged against those grants. Look at 1/2 of Northeastern costs to see. I could only find 2014-15 so your costs will be slightly higher, more like 61k rather than the 55k you mention above. Just tuition/fees/room/board was 57k last year. You also will have books/personal/transportation to add on. You need to breakdown cost to you like this:
Per Semester (YEAR)
Tuition/Fees 21,720 (43,440)
Room & Board 7,025 (14,050)
subtotal 28,745 (57,490)
grants 18,065 (36,130)
Total Cost to you 10,680 (21,360)
less loans 3,750 (7,500)
you owe school 6,930 (13,830)
estimated add’l expense you will need during semester (if you get a work study job, you can use the paychecks)
books/supplies 800 (1,600)
Personal expense 500 (1,000)
transportation home (estimate yourself depending on where you live and how many times home) 500 (1,000)
And if you don’t have health coverage that transfers to the school that is another 2,000 per year you will have to come up with.
I can’t do this with the other school because I don’t know the name so I don’t know costs. Maybe you have it wrong like you thought NEU was 55 but it is more like 61. And you had NEU right at about 14k cost per year but your forgot loans are not free money it is a cost to you. This plan has you graduating with about 30k loans to pay back. So 14k isn’t right, in real money terms it is 21k. And books and other spending money for the semester and transportation home, which may be in the other school COA or not. So that brings your real cost to 25k.
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my mom does own a small business
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this could be an issue. The school is basing that initial award based on raw numbers, however, once they look at your mom’s business and her deductions than suddenly their award may change.
Here is the way I have found that it usually works: The school will deposit all of the semester financial aid you are awarded EXCEPT for the work study awards. They will also direct bill your account for charges such as the tuition, fees, university room/board charges, health insurance if required and you cannot waive. Part of the COA usually includes things that are not direct billed such as your transportation expenses, personal supplies, school supplies, books, miscellaneous out of pocket expenses. Those thing are not billed through your school account as they can vary widely from student to student, and you will likely need “seed money” up front to pay for those expenses. Some school will issue vouchers against your account for text books and other required classroom materials. Any excess in your account is usually not reimbursed for a few weeks, sometimes not until after the drop date of the classes. Each school has its own way of doing reimbursements. So you aren’t just going to be able to pay the school $35 and have all COA expense covered for that one school For the other school, you may have to pay more than the $7K to the school, if the direct billed charges exceed the grants and loan amounts.
Work study is not necessarily guaranteed and you get it as a pay check IF you find a work study job, work the hours. You get paid as you work the hours, so it’s likely to take you a whole term to earn that award. No, it does not ordinarily make any difference if you turn down the work study job. A lot of kids do for a lot of reasons, like not finding a job that fits schedule and logistics, finding a regular job that pays more and is preferable. The schools are offering you the opportunity to use their work study funds if you want to do so and find a job that fits your needs. So the work study award is money that has to come out of your pocket up front if needed right at the beginning of the term, and you can then earn it back week by week , if and when your find a job and get paid on whatever the pay schedule is for the school.
You do have fill out the paper work and apply for aid each year. The award is for this year only, and the numbers you used for PROFILE do have to verified by FAFSA or IDOC or however the school does its verifications. FAFSA is usually direct verified through the IRS tax filing, so until your taxes are filed and that verification is done, your award may not be finalized. It will be based on those actual numbers, not the estimates you provided through PROFILE.
So what are you planning on studying, what is your home state, and what are all your school options?
Your merit may make a private more affordable to you, but you do have to organize your data (costs and expenses, like another poster put together). I agree the one looks much more affordable than the other - including a lot less loans (is your mom willing and able to sign for the un-subsidized loans?)
Most schools do have tuition escalate each year, but I have seen where some privates will give a guarantee cost for each year for 4 years. If your planned school does have tuition escalate, you will also need to see if student loan additions can cover the escalation (as there are limits for student loan, but it rises fr, so, jr, sr).
Work-study. Getting an on-campus job. The school should be able to provide you with the info on how these jobs are secured (usually have a job list, maybe on-line; slots for work-study but have to get hired by supervisor).
Use the time to have the 2014 income data in the FASFA and see if your awards lock in to something acceptable at a college choice.
As you can see from costs, Room and Board do play a pretty high cost if you live away from home (or a relative) - with these two schools it is lumped in with tuition.
The merit for 4 years can have your overall costs be lower than if you commuted for first couple of years (community college or other local college). Once you organize each school data (costs and award deductions) - analyze all your school options based on the final awards. Also seeing if the other costs will vary much between choices - costs of books, personal costs, transportation (for trips home).
The main thing is you have to make sure the school is affordable for you to go and get your degree. So working the numbers is important. And depending on what you study, how easy it will be to pay off the student loans when you finish - your job has to be able to pay enough for you to budget and pay the student loans off. You can run those numbers too. I would encourage the least debt as possible - financial pressures make it harder to put full effort into studies.