<p>Hellos! My name is Simon and I've been accepted to Long Island University. Today, I've received my Financial Aid Packet for the college. But I don't quite understand it. It says:
[Tuition & Fees]-[Scholarships & Grants]-[Eligible Federal Student Loans]=
$31,806.00 - $18,050.00 - $5,500.00 =
[Balance to be financed]*- [Plus Loans and other aid Offered] = [Renaming Balance or Credit] $8,256.00 - $14,776.00 = $6,520.00 CR</p>
<p>So Do I have to pay $6,520.00 from my own pocket? Thanks!!</p>
<p>It looks to me like you owe $8,256. </p>
<p>They are suggesting you take out an extra Plus loan for $14,776, which means you would have $6,520 cash (probably to go towards housing costs?). Do you live in an apartment?</p>
<p>I’m planning to live at home since its kind of near my house. Whats extra Plus loan? So I have to get another loan to pay my 8,000?</p>
<p>If you live at home you certainly don’t need to borrow $14,776. Can your parents pay the $8,256?</p>
<p>hmmm I dont think so :T I think have borrow then right? So when i graduate from that college, I need to pay up the 30,000x4 right?</p>
<p>Scholarships and grants do NOT need to be paid back :)</p>
<p>If you only borrow the Federal Student Loans, you will owe a total of about $30,000.</p>
<p>[studentaid.ed.gov</a> - Bookmarks | Diigo](<a href=“https://www.diigo.com”>https://www.diigo.com)</p>
<p>If you borrow ANOTHER $8,000 per year to cover your balance due, that will be an additional $30,000 borrowed. That is a total of $60,000.</p>
<p>Talk to your parents and see if they can help with that $8,000 balance due. I think $60,000 is a lot of money to be in debt.</p>
<p>Since you will be living at home, you will have to pay the school tuition and fees: $31,806.00</p>
<p>They are giving you (that you don’t have to pay back) this: $18,050.00</p>
<p>$31,806.00 - $18,050.00= $13,756.00 This is the amount your family will need to come up with or take out in loans. </p>
<p>You (the student) can take out federal loans for $5,500 at a low interest that do not have to be paid back until you graduate. That would leave your family with $8.256.00 to come up with BESIDES your loans ($13756. - $5,500 = $8256.00) You will also need transportation money and books. The school would allow your parents to take out a Parent PLUS loan (they would have to do it, not you) for the $8256.</p>
<p>looks like they are offering you
$18050 scholarships/grants (money you don’t have to pay back)
$ 5550 student loans (money you do have to pay back)
=$23600
leaving a balance of $8,256 due to cover tuition and fees.
Then they are suggesting a parent loan large enough to cover that balance plus some other expenses (maybe room and board?).</p>
<p>hm So I have to pay back 8,000 per year? and Since I don’t have to dorm in, that saves a little bit more money right?</p>
<p>No. The Stafford loan of $5550 is a loan in your name that you will have to pay back.</p>
<p>The PLUS loan is a loan in your parents name that they will have to pay back. The direct tuition costs not covered by your grants and your loan are $8206. So at minimum your parents would have to borrow that (if they have no other way of paying the $8206). So that is $13756 in loans ($5550 + 8206) a year. </p>
<p>This does not cover any costs other than tuition and fees such as books, transportation etc etc. </p>
<p>
No. The numbers you quoted appear to be only tuition and fees. Room and board costs were not included.</p>
<p>"So I have to pay back 8,000 per year? "</p>
<p>No, you have to come up with $13,756.00 in cash and/or loans for the first year.</p>
<p>To do that,
You (the student) can take out federal loans for $5,500.
and
Your parents will also have to come up $8.256.00 in cash and/or a PLUS loan.
and
You will have to figure out how to pay for books and transportation. </p>
<p>“Since I don’t have to dorm in, that saves a little bit more money right?”</p>
<p>No, you wrote that the figures you posted were for tuition and fees. These amounts do not include room and board.</p>
<p>It may help to run your numbers through a calculator like this one so that you can see what the loans would add up to in the end: [FinAid</a> | Calculators | Award Letter Comparison Tool](<a href=“Your Guide for College Financial Aid - Finaid”>Award Letter Requirements - Finaid)</p>
<p>You have already been approved for $5500 in loans (for just this year). The balance due is $8,256, which you or your need to pay cash or your parents need to borrow.</p>
<p>And this is for this first year only.</p>
<p>What is the cost breakdown for the school. </p>
<p>How much will your parents pay. </p>
<p>If your parents won’t co-sign for more loans then you won’t be able to borrow more.</p>
<p>What is cost breakdown?
I guess they will have to pay for the 8,000. Whats co-sign? xD sorryyyy</p>
<p>Cost breakdown means…</p>
<p>Tuition =</p>
<p>Fees = </p>
<p>Room/dorm =</p>
<p>meal plan =</p>
<p>books =</p>
<p>transportation =</p>
<h2>Misc expenses =</h2>
<p>Total costs = </p>
<p>FA breakdown is…</p>
<p>Grants =</p>
<p>Scholarships =</p>
<p>loans =</p>
<p>The amount your family can pay each year =</p>
<p>Once you plug in those numbers, we can really determine your situation.</p>
thanks guys for helping me out! I think I get this now. So for this year I have to pay back $5500 and my parents have to pay for 8,000, so its 13,000. If my parents can’t pay that 8,000 , they will have to borrow it.