<p>I know questions such as this one are asked often, but I would love some feedback as to whether this would be considered a good financial award package, average, below average, you can do better, etc. Our EFC was around 8,500 (we have 2 college bound students--one is currently a freshman at a Virginia state school and the second one will be a freshman this year, very interested in attending a Virginia private school). This EFC is a total for two students; the breakdown for each was around $4250. We have not yet received our state school award for D's sophomore year, but I'm assuming it will be pretty similar to last year's. Here is what the private school awarded our son:</p>
<p>Academic Scholarship: 12,000
VTAG (state grant): 2,600
Pell Grant: 1,300
Institutional Grant: 6,500
Fed. Work Study: 1,500
Sub Loan: 3,500
Unsub. Loan: 2,000
Total Award: 29,400</p>
<p>Estimated Balance Due, not including work study: 9,618 (this is based on COA)</p>
<p>I always suggest using estimated tuition, fees, room, and board … not COA, which is often padded with amounts you can control. Add the REAL costs & subtract the non work study amounts. I would bet you come close to your EFC, making it affordable IF you can cover your EFC.</p>
<p>And yes, I think this is as good a package as you will see.</p>
<p>Thank you for your replies. Yes, this is the COA, including travel, books, etc., which I’ve discovered seems to be an inflated cost. I’m not sure why they include some of the costs (for instance, traveling money), but I’d rather they over-estimate than under-estimate.</p>
<p>This school is NOT his first choice, but it is the first school that we’ve received a financial package from. It is a small private school just south of us, Bridgewater College. I was just anxiously wondering if this is what we might expect from all of his schools. Although our EFC is around 8500, it appears as though that is what we will be expected to pay at both schools! Our income is around 88,000; with four kids in Northern Virginia, we just make ends meet! 17,000 a year would be impossible! We have about $40,000 in his 529 account, which will cover our efc, but he will have to take out loans, which I hate and then, of course, there will be nothing left for grad school should either one of the older kids decide to do that (the older one is already saying she will).</p>
<p>Well, you were only gapped by a few thousand if you include the work study award, which is pretty good for a small private school. They know that their COA is padded with extra expenses for books, personal, and transportation…and you do too! Also, it’s possible that their room/board rates have some flexibility if the student needs to save some money there. So you wouldn’t have to take the $9600/year out of his 529 account, especially if he works and budgets his money carefully.</p>