@thumper1 the Harvard grant essentially covers everything tuition is completely covered, room and board is as well, travel costs are 0. There is a slight gap my parents or me will pay. Im not sure since my letter isn’t here.
personal expense are indirect costs, right? I don’t think aid covers them.
I’m pretty sure from reading that publication, I will not be taxes at all.
Room and board scholarships are taxable. But I think you are getting way too much information thrown at you. You are going to be fine.
@planner03 I think so too, all this is too overwhelming. I’m sure I have won enough scholarships that it’s a worry yet
And you’re right, I just wanted to knock those things out of the way and have some cash reserves.
Thanks everybody, from this thread I think I’ll be fine. I’m still waiting on over ten scholarships and will apply to five more. But hopefully it will work out!
But just to be clear, you are incorrect about Publication 970. The ‘free money’ you receive or which is credited to you that exceeds Qualified Education Expenses (tuition, fees, books), IS taxable income.
Room and board are NOT Qualified Education Expenses In this context.
Thank goodness I didn’t overwhelm you with the concept of shifting grants/scholarships from having paid tuition to having paid non-QEE (thus increasing your taxable income) so that your mom can get up to $2500 in free money (American Opportunty Tax Credit), which she could give to you.
What was your FAFSA EFC? (just curious, I know that H is a CSS school)
How much is the “parent contribution” to Harvard?
We are paying for an expensive LAC college in the Northeast that is not as well endowed as Harvard by any shot. I will look into those loans, thanks!
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did your sister get a better aid pkg for this next year because you’ll be in college?
Then get a J O B. You’re talking about paying for books and discretionary costs. That can come from your work study.
OP sounds like you are moving toward a better and clearer understanding of your financial situation. We have a kid going to a school-which-must-not-be-named (rival :)) and it is an identical aid package. They may handle outside scholarships differently but I am not familiar with Harvard enough to say. I think you were misreading your package details. Work study can be used for whatever you need to use it for. If my understanding is correct, loans are not built into your package…but if you need them they will make subsidized ones available. Also, you only need to “panic” over start up costs, HALF your direct costs expectation, and books for first semester. Work during the semester, if it is a similar situation to my kiddo’s, work study pays $12 an hour (!) Remember that you are billed twice in the year. Probably in August and then in December. So you are not actually paying your full summer contribution this summer but only half – which you have already reduced through that nice outside scholarship.
@momcinco Yale? Still love that school with some of my heart. Really wanted to like it there, but it didn’t click with me. They also gave me 800 supplemental budget which would have helped, sigh.
@dancelance What is your FAFSA EFC?
@mom2collegekids it’s 0!
Also the reason I’m not winning these scholarships just clicked! I realized I didn’t do a lot community service comparatively/may not me emphasizing it enough. For college admissions, community service isn’t that important or very highly prioritized, but for scholarships it is sometimes the most important thing!
I would hazard I don’t even have 100 hours. The scholarships I won had an essay which I talked about one commitment very well, the ones I’m not getting either don’t have essays or I didn’t use this essay that was my Yale supplement and won me these two scholarships
@dancelance I think the reason some posters are coming off as a bit harsh is of the way you worded your title and the way you are expressing yourself. When we click on a tread with “Desperate!!!” in the title we think it is another student that has been gapped, or whose parents won’t/can’t pay their EFC and they have a 20k+ shortfall. They are desperate. They probably will not be able to attend the college they have chosen. You don’t want to do work study. I understand that, and naturally getting scholarships to replace that obligation would be wonderful. But you are not desperate and the situation does not warrant the angst that you are expressing. You are no way in jeopardy of not being able to attend Harvard.
Your FA package covers everything for you, plus you have already won $2000, and you have a summer job earning $4500. Your parents aren’t going to buy you anything for your dorm? You won’t receive any graduation gifts? Seriously, go enjoy the rest of your senior year and your summer.
Good luck with the scholarships.
I would suggest you also do work study. It’s a great way to get work experience on your resume. WS jobs tend to also be flexible in terms of work when you have exams, etc.
My apologies. I’m just concerned because so many people I know seem to have excess scholarship money, and I’m overwhelmed about all these costs. My intention was more about how to win more scholarships/be more effective. I understood I could afford college at this point, hence I committed.
Well you haven’t heard back from all your scholarships, right? You might win more, if not you can rest assured that with your summer job and parents’ help you can afford college. Like someone else mentioned, all excess grants/scholarships over the amount of tuition, mandatory fees and books, are taxable income.
hmmm…you have a FAFSA EFC of 0, you’re low income, yet H expects a “parent contribution”?? Is that right?
do you have a non-custodial parent?
What assets or situation do you have where a 0 EFC student has a parent contribution at H?
The goal of need based financial aid is to pay your college costs…not to have excess scholarship money.
If I’m not mistaken, your college costs are paid for through a very generous need based aid award to a great school.
My direct costs are covered, my INdirect costs are not. A common problem for low income kids is that while direct costs are covered, the little things become a huge deal. Thus I’m not looking for excess moment so the IRS can have a pay day, I’m looking for the day to day and major expenses not taken into account.
@mom2collegekids thanks for following up the on paper amount thankfully is 0 parent contribution which I’m blessed! But if you add tuition and books and fees excluding work study minus total grants there exists a gap. What I’m assuming is you parent can pay it, or your student contribution goes to cover it (it’s less than that 1,625).
No assets, non NCP
You will be able to easily earn that $1625 through a work study job.
And as I pointed out upstream, you won’t be paying a full year bill before the fall term…just half. So you will have the fall term to earn money towards any things you may need to buy in the spring term.
Your summer job should put you in good stead to start the school year.
And you already have some extra scholarship money.
I agree…you are not “desperate”. Yes, you will need to be careful how you spend your money…but you know…that is likely something you already do…and is an excellent life skill.
ETA…does Harvard package Direct Loans in their financial aid packages for $0 EFC students? I didn’t think so. If you don’t have a Direct Loan, you can take one for $5500 in your name only at any point in this coming academic year if you find yourself short of funds. If you take the maximum Direct Loan each year, your loan debt for all four years will total $28,000 which is a very modest amount to pay for a Harvard education.
I thought you mentioned that travel costs are also covered. They are indirect costs. Direct costs are just what the school bills for.