Hey,
If a student is admitted under early decision and he has accepted the financial package before 1.1.2016, yet FAFSA is still required by that university, how would it affect FAFSA and the tutition? Thanks a lot!
FAFSA with final 2015 numbers could impact final financial aid package but not usually by very much. How were income/assets communicated with the EA application?
Likely, when BU created your FA pkg from your CSS Profile, they were able to estimate what your FAFSA EFC would be and estimated what aid would be.
What does your pkg look like?
Does it indicate any student loans?
Any work study?
What else?
Fall Spring Total Amount
CFA Scholarship 25000 25000 50000
Total Aid to Be Credited to Student Account: 25000 25000 50000
Other Awards:
Federal Unsubsidized Stafford Loan-Addtl 1000 1000 2000
Federal Subsidized Stafford Loan 1750 1750 3500
Federal Work-Study - Academic Year 2500 0 2500
Your total financial aid award for this year: 58000
As far as I concerned, CFA scholarship is merit based.
I do not want to accept loans, yet I’m still counting on FAFSA. That is why I wonder how FAFSA would affect my final tuition.
What is your projected FAFSA EFC?
Fafsa should not impact your award as long as the income and basic asset info is near the same amount as you reported on the CSS. Fafsa filing just qualifies you to get Pell grant and student loan, and work study. The school can already figure that out from CSS info, so they already put your federal awards in the package and you can see that as you were awarded federal loans and work study even though you didn’t file fafsa yet.
If you were eligible for Pell grant they should have included that as wel. What was your EFC? If you can afford to skip the loan by all means do so but keep in mind the subsidized portion in no interest and that is a good deal. Usually if you don’t take the loan in a package you have to avoid it by reducing you COA expenses or just paying from your own money.
Fafsa is required because you can’t get Pell/loan/work study from the govt without it. Plus the school uses it to verify the info you reported on CSS is correct.
I don’t know that exact EFC, but I can tell you that my family’s AGI is below 30000
The cost of attendance at BU is $65,000 a year. You have received a $58,000 award which includes the Direct Loans of $5500.
If you are eligible for the full Pell Grant, you would get an addition $5730 in Pell grant money. That would be if your FAFSA EFC was $0.
To be honest, I’m not sure you will get any additional money from Boston University. They are already giving you a huge $50,000 a year grant. Your total award from them includes need based subsidized Direct loans of $3500 and work study…which is also need based,
Call the school and ask them. That really is the best way to get an answer,
I would agree with Mom2collegekids that this award takes your need into consideration. Otherwise you would not see work study or the subsidized loans in your package. But the Pell Grant (if you are eligible) would get you an additional $5730 or so, once your FAFSA is completed.
Yours is a very generous award from BU. The school doesn’t give gigantic merit awards…not usually $50,000 a year in scholarships. And they don’t meet full need for all.
In one of your other threads you say you transferred from China.
Are you eligible to file the FAFSA?
You also mention the possibility of applying for a different major in January. Was this at BU? If you switch majors out,of CFA, you will lose,your CFA scholarship.
And you say you have lived in Georgia for three years? When did you come here from China…and are you a U.S. citizen or permanent resident?
re #8 #9. My family moved to US 3 years ago and we are residents, so i’m eligible to file FAFSA. Since the CFA scholarship really helps me out, i dont think i’ll switch my majors; probably dual degree instead.
Because the school is including fed loans in their aid estimate, they’ve already figured in what FAFSA would result.
Is the CFA award merit based? Is that a talent award or is it need-based?
edit…looks like the CFA award could be merit or need based or both…
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Scholarships are awarded based on merit, financial need, and program need.
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Once Pell is applied, the school may reduce the $50k award by the Pell amount.