EFC Explaination!!!!

Paying for College
41

Hey can use a outside scholarship for the one time purchase of a computer (which he will need).

The student contribution is what you are expected to earn from a summer job.

Get a job now, start saving, work extra hours over the summer if you have to.

You will need at least half of your EFC to pay for your college expenses in addition to having money for books when you arrive to campus.
You will have to purchase things for college; sheets, pillow cases, blankets, hangers for your closet and things needed to set up a basic room.

Op may still have to take out a subsidized loan as you will most likely have to purchase health insurance (especially if your parents plan is not adequate)

42

So what is exactly the amount that if am going to have to OWE to the school when I start? Because some of you are saying I need to have money upfront and that I’m going to have to take out a loan…but isn’t that the reason why I’m going to work this summer?

So for sure, the EFC is not going to have to be paid through a monthly plan right?..since I am going to cover most of my EFC through my job and savings.

What is the loan for?

43

Estimated Cost of Attendance for 2015-16
Your estimated award is based on the actual cost of attendance for the 2014-15 school year as shown below. We will adjust your award for the updated cost of attendance when we produce your finalized award in late April. This estimated budget includes not only billable* charges, but estimates for the cost of books & supplies, travel, and other personal expenses.

Budget Category Amount Tuition and Fees* $48,272
Resident Comp Fee* $13,226

…so, about $62k will be paid directly to the univ

Expenses NOT paid directly to the univ

Books & Supplies $2,665
Travel $1,000
Miscellaneous $0
Non Resident Study $0
Health Insurance $0 (WHAT ABOUT THIS…will you need to buy insurance???)
Budget Totals $65,163

Total Cost: $65,163

Total Need: $61,702
-Wesleyan Scholarship: $52,372
-Jose Gomez-Ibanez Scholarship: $1,500
-Wesleyan Matriculation Grant: $300
-Federal Pell Grant: $4,780

…so almost $59k in free money

-Work Study: $2,750

Expected Family Contribution:$3,475
-Parent Contribution: $986
-Student Contribution: $2,475

so, you can see that you’re about $3k short in the amount that you need to pay directly to the univ. Work study won’t pay for that since that will get paid out in periodic paychecks AND that money will be needed for day to day expenses…that will happen…there will be misc expenses or just some fun expenses with roommates or new friends.

PLUS you have about $4k in expenses that aren’t paid to the univ…plus maybe health insurance costs (another $2500)

I would suggest asking for a $3k loan to cover that shortfall.

I think the travel estimate is lowish unless you won’t require any plane travel and/or any airport shuttles.

The books/supplies estimate is highish.

There isn’t a Personal Expenses estimate so I guess you could consider that $1500 of the Books estimate is for Personal Expenses, but that would be a low amount. I think a better number for PE would be about $3k.

Do your parents have health insurance for you that is GOOD in the univ’s location? Some insurance policies do not work well in other states. You may need to buy student health insurance, which is costly. If so, then maybe a $5.5k loan instead.

Since you’re low income, I think that much of your summer income will likely end up going towards purchasing your text books AND purchasing the items needed for your dorm and any clothing needs (particularly if there will be a weather issue).

What are your parents saying about how much they can pay? Will they be able to pay $500 a semester? Some low income people don’t have extra money at the end of each month so even that may be impossible.

I think you need to ask for the $5.5k in student loans. If you end up with scholarships to cover the WS, then fine, but I think you’ll still need the student loans…at least for this year.

44

The Wesleyan university-sponsored health plan looks to be about $1740 a year and there are low interest loans available for it:
http://www.wesleyan.edu/healthservices/insurance/

45

The fact of the matter is the work study is not guaranteed. Perhaps Wesleyan is a school that guarantees all WS awardees positions that fit their schedules, but most schools do not do that. You have to find the job, get the job that fits logistically with your schedule. Then, if something comes up—you get sick, family emergencies, you need extra time on your courses, anything, and you may not get those work hours in. You don’t get the dollars if you don’t put in the hours and you don’t get that money until AFTER you work those hours. Something to consider about work study.

46

If the OP is really concerned about the availability of WS at Wesleyan, it might pay to go directly to their CC discussion board and start a thread there.