Explanation on my Fin-Aid

Paying for College
1

<p>It isn't official yet because I haven't mailed out the deposit but I will be attending Fordham University (Rose Hill Campus). A couple of things about me: I'm from New York City. Born in Queens, and raised in the Fordham area since 8. I've traveled by Fordham University so many times and even though I don't live in that area I still reside in the Bronx and continue to pass the campus as I visit family in the Fordham area. I'm also looking to major in business. Going to college for me is a big decision just like for anyone else and one of the things I wanted out of college was to ability to live on campus to be able to experience "college life." I also wanted a school on the east coast in a city. Fordham University seems to fit that pretty well, except I can't dorm because for whatever reason when I applied to Fordham I simply did not even think I would get in and didn't even consider it an option (so I said if I do get in I'd probably be better off saving myself some money by commuting; wish I could go back in time and change that in the application now).</p>

<p>So here's where my financial aid comes into affect. Here's what I was awarded:</p>

<p>Metro Grant: $5,000
Fordham Grant In Aid: $15,900
NY State Tap Grant Estimate: $2,482
Federal Pell Grant Estimate: $700 (not sure why it says estimate when this is what all schools have told me I'm getting through the Pell Grant.)
Federal Supplemental Grant S.E.O.G.: $1,500 (not sure what this means)
Federal Work Study: $2,800
Stafford Loan - Subsidized Eligibility: $2,625 (just what every college gave me)
Plus Loan Est. Eligibility: $4,950</p>

<p>Total: $35,957</p>

<p>Now I've looked around and I'm just not sure anymore so maybe someone who does know can tell me. How much does it cost to go to Fordham if you're commuting? Also does anyone here have experience being in Fordham and how they deal with Financial Aid from year to year? I'm curious to know whether this will aid will decrease by a lot over the years or remain around the same area of $36,000. This is important because it will let me know if I should start saving up now to pay the difference between costs of what financial aid doesn't cover.</p>

<p>Like I've said before I really want to dorm and I'm thinking of how I could do this. I know that if I do dorm the Metro Grant will be taken away from me. That's $5,000 gone. And I've heard that to dorm adds about $10,000 more to college expenses. That's like about $15,000 added to expenses I'd have to come up with if my financial aid doesn't cover it. Would my financial aid still cover dorming in such a case? Are there any ways I could dorm on campus? I've heard about becoming an RA but I don't know how I could possibly get such a position not living on campus to begin with and being a freshman and all. Anyone have a clue how to go about this? I was told by an admissions counselor that RAs don't have to pay for board and room costs at Fordham.</p>

<p>I don't even know how much it cost to go to Fordham. This is something I found pretty disturbing actually in the entire financial aid process with most schools. Most schools did not say how much it would cost to attend, they simply state how much you are being awarded which is all nice and dandy until you find out that what you're being offered isn't even close to covering the full costs of college.</p>

<p>Btw out of curiosity, is it possible to pay some of the loans you take out for college before you graduate or as you attend? For example, say I came up with the $2,625 that I get through the Stafford Loan would I be able to pay that freshman year in one shot if I wanted to, or do I have to wait until I graduate? And if I can start paying it while attending college, would it be smart to start paying it off freshman year or is money like that better off saved to pay for expenses that financial aid doesn't cover in your later years (as a Spohomore, Junior and Senior)?</p>

<p>Ok I think that about covers all the questions I had. Please if you can answer as many of the questions I've posted here. I'm really trying to see what I can do about all this.</p>

<p>Thanks in advance for taking the time to read this and for responding.</p>

2

<p>first, a couple of websites to check out -- </p>

<p><a href="http://www.fordham.edu/images/finaid/05-06%20fc&cb%20coa.pdf%5B/url%5D"&gt;http://www.fordham.edu/images/finaid/05-06%20fc&cb%20coa.pdf&lt;/a&gt;&lt;/p>

<p><a href="http://www.fordham.edu/Tuition__Financial_A/Tuition_Rates__Fees_/index.asp%5B/url%5D"&gt;http://www.fordham.edu/Tuition__Financial_A/Tuition_Rates__Fees_/index.asp&lt;/a&gt;&lt;/p>

<p>What is your EFC?? from the amount you were awarded, it seems like they already budgeted for room and board. They estimate the tuition and fees to be approximately $28,596 for the year (full-time, entering student) and $770 for books.</p>

<p>If you have an EFC of around $6400, then they have given you financial aid to equal you cost of attendence minus your EFC. </p>

<p>I would suggest you call the financial aid office at Forham and talked to them about your situation.</p>

3

<p>The SEOG is a federal government grant (supplemental money for pell grant recipients).</p>

<p>The amount of free money you have been awarded is $25,582. This in addition to your stafford loan of 2625, almost fully covers your cost of tuition which is $28,596 (according hsmomstef).</p>

<p>the 2800 in work study is money that you will earn while on campus to cover incidental charges (books misc).</p>

<p>Cost of attendance = 43,741 -35957 = 7784 (your EFC)</p>

<p>Based on the numbers you presented. It looks as if your FA package is 35,957.</p>

<p>
[quote]
For example, say I came up with the $2,625 that I get through the Stafford Loan would I be able to pay that freshman year in one shot if I wanted to, or do I have to wait until I graduate?

[/quote]
</p>

<p>At this time I would not worry about paying off your stafford loan. Becaue it is subsidized, the interest is being paid by the federal government while you are in college. The money would be best served to pay toward your EFC (if you have one)</p>

<p>As a freshman, it would be impossible for you to get a job as a RA.</p>

<p>You basically stated that if you were to live in the dorms that you would loose the 5000 metro grant (how would you make this up to cover your tuition?) You really need to speak with the FA office to let them know about your desire to live on campus and how this would affect your aid package.</p>

4

<p>My EFC according to FAFSA is 3,302.</p>

<p>Btw Sybbie719, how did you come up with 43,741 as the cost of attendance when hsmomstef showed me that it's $28,596 + $770 (tuition and books)?</p>

5

<p>The 43 grand would probably be with room and board, personal expenses, and transportation allowance, tacked onto the tuition and book bill.</p>

6

<p>northeastmom is correct -- I added up the tuition, fees and books to get the cost of attendance since you indicated that you were going to commute (I assume that means that you will live with your parents and it won't cost you anything).</p>

<p>Just a few comments and then I would suggest that you make a list of questions for the financial aid officer.</p>

<p>--the $770 budgeted by the school for books is a little light, in my opinion. You can definitely do that figure if you buy the textbooks used from amazon, etc and you are not going to be a math and science person. Otherwise, I think $1000 is a better figure for books.</p>

<p>if you check the links I posted, it shows the breakdown for tuition/fees/books/room & board/transportation/incidental expenses, etc. you can see how the school has budgeted out the costs.</p>

<p>It looks to me like the school has been extrememly generous with you, considering your EFC is not the absolute lowest. I know many schools would have given you a package with half of it loans, so you are doing well there.</p>

<p>Talk to the financial aid office about living on campus for freshman year -- and whether it would affect your metro grant and how it would affect your aid package. You may want to live at home the first year and then move to the dorms the second year as an RA (if you could get the job). </p>

<p>If you decide to live at home, for financial reasons (of which there seems to be between $15000 and $10000) just make sure you commit yourself to being fully involved in the college. Honestly, eating breakfast at the dorm cafeteria and staying up late studying while the next room has a party is not worth the money you are talking about -- you have a great alternative in living at home.</p>

<p>Just plan to get up early every morning (take an early class or head to campus for coffee and a muffin) and spend the day there. Study at the library, join clubs, go to the campus events, run for office, etc. Get a job on campus -- work/study and involvement at the same time! There are a million ways to get involved and dorm living is only a minor one. Think about all the kids that move to apartments from Sophomore year on, they still manage to stay involved and get the whole college experience. You can too, if you are committed to doing it and you plan ahead for it. You have a great financial aid package -- I would take advantage of the almost free, excellent education.</p>

7

<p>You stated in your OP that you wanted to live on campus, that is why the cost of attendance would be $43K.</p>

<p>Your current package pretty much has you covered as far as meeting all of your expenses with the exception of living on campus. Northeastmom and hsmomstef have given you wonderful advice. It is up to you to consider the trade-offs.
You have a metro allowance of 5000 (which you state you would lose if you lived on campus) you would have to make up this money in addition to coming up with money for room and board.</p>

<p>I would check the policy at your school as some have policies in place that students who are within commuting distance (less than 75 miles) of the school are not given FA for room and board. </p>

<p>If they want to live on campus it must come out of the student's own pocket (this is probably why you go the Metro grant). Columbia and Barnard had these same policies in place until the class of 2008 when they started putting R&B in their cost of attendance for students who want to live on campus.</p>

<p>their website states the following about the Metro Grant:</p>

<p>Fordham University Preside This $5,000 grant is the minimum award made to a Fall 2005 entering freshman who commutes to Fordham from his/her permanent residence in New York City or thesurrounding areas. It is renewable up to 4 years for eligible students who continue to commute and maintain satisfactory progress toward their degree.</p>

<p><a href="http://www.fordham.edu/Tuition__Financial_A/Types_of_Financial_A/Traditional_Rose_Hil_2158.asp%5B/url%5D"&gt;http://www.fordham.edu/Tuition__Financial_A/Types_of_Financial_A/Traditional_Rose_Hil_2158.asp&lt;/a&gt;&lt;/p>

8

<p>Ok folks here's the update on the situation. Today I personally went to give in my deposit for acceptance. And while I was at it I also signed and accepted my financial aid package. Can't believe I'm officially going to Fordham. Reality is that no one in my family has been this close to going to college. I have cousins that have dropped out before even getting to high school! In my family I have the most potential to succeed and it feels real great to know that I'm getting into such a great school and it's essentially a full ride. Makes me feel real good of myself. (Sorry had to get that out the way.)</p>

<p>Now as for my conversation with the admissions counselor and financial aid officer I had this afternoon.</p>

<p>I first spoke to an admissions counselor. Luckily upon entering campus as I was walking along I recognized him from the other day after attending Spend A Day In Class at Fordham event. So we talked and he told me that housing right now is pretty much filled up. There is a waiting list but since I gave my deposit just today I have to wait until tomorrow for it to be processed. It needs to be in the system so I can even go on the waiting list but to do that I need to go through a different department - the Residential Life department. After talking about that he promptly guided me to the Financial Aid office.</p>

<p>At the Financial Aid office I explained to an officer the situation and my desire to dorm. He first told me about what a great package I had. Then he started crunch the numbers. It came down to this. By dorming I give up my Metro Grant. This means also that if I do decide to live off campus again after dorming I still wouldn't get the Metro Grant back. Alright so that's $5,000 off my financial aid.</p>

<p>Then he quickly crunched some numbers here. </p>

<p>If I commute, he said that tuition at Fordham is about $31,000. He added up all my financial aid except two: the work-study and Plus loan. He explained that the work-study isn't paid directly to Fordham because it's an actual check given to you like a job. And the Plus loan wouldn't be needed if I commuted. My financial aid would be $28,207 which leaves me about $2,793 to pay off. (And of course if you take into account that I'd be doing work-study then I'd essentially be paying nothing.)</p>

<p>I lived on dorm I give up $5,000 in financial aid (again not taking into account work-study and plus loan). To add to that I'd have to come up with $12,000 a year for board and room. And to add to that you have the other estimated $3,000 (this is the $2,793 I'd be left to pay off). That's $20,000 a year estimated ($80,000 after 4 years). Plus take into account that I'd have to pay off the Stafford loan which is $10,500 more. A good $90,500 in debt coming off college just to live on campus at Fordham.</p>

<p>Compared that to simply $3,000 each year (assuming Financial Aid stays the same; more on this later) I'd have to pay off in difference. That's $12,000 plus the $10,500 from the Stafford loan. It's about $22,500 I'd have to pay back. Somehow he said $20,000 to $30,000 because we were just estimating here. But I think the point is made that there is a big difference between $80,000 to $90,000 and $20,000 to $30,000.</p>

<p>Being the sane person that I am of course dorming now isn't even logical. It always comes down to money in the end and well the numbers speak for themselves.</p>

<p>Now earlier I mentioned that he assumed financial aid would stay the same over the 4 years. I asked him how much does financial aid change from year to year. He responded that it would change by a lot if two things happened: 1) my parents salary increased or decreased greatly and 2) my grades start falling and I fail classes. Other than that tuition will increase slightly from year to year but the grant from Fordham should stay within the same range as it is now assuming the other two things I said don't change (income and grades).</p>

<p>And after reading the new comments on this thread I forgot to ask about becoming an RA. That's the one thing that slipped my mind when speaking to the financial aid officer. I guess I can call tomorrow but really at this point I don't know that it makes much sense since I still lose out on the Metro Grant.</p>

<p>I must say that you have all been very helpful. And I'm very grateful right now for the acceptance and package I've received. I'll try to make the most of commuting I suppose. Doesn't mean I'm entirely happen with it but I'll adjust I think.</p>

9

<p>balmes -- </p>

<p>sounds like you did the right thing (talked to the financial aid department instead of wondering and wishing) and that you made a very sound decision.</p>

<p>I think that in the long run, you will be happy with your decision to commute because of the financial positives.</p>

<p>now -- decide why you wanted to dorm (meet new people, get involved, get away from the parents, etc) and figure out how to make that happen. it can be done! Plan a schedule that has you at campus alot -- study in the library, attend study groups, etc. Then check out the activities that the campus has to offer that you are interested in and make a plan to involve yourself. </p>

<p>Best of Luck! I think you are on your way to success!</p>

10

<p>Balmes,</p>

<p>Congrats and I am glad that you got the answers you needed straight from the source. Don't worry too much as everything will work it self out as there will be plenty of things going on that will make you feel a part of the fordham community without having to actually live on campus</p>

11

<p>I actually have another question here that I'm not clear on anymore.</p>

<p>I was talking to my friend tonight and we talked about our financial aid packages and the loans we had. He asked me if I applied for the Stafford loan . I was pretty confused because all I know that I had to do was simply sign the Financial Aid form in the back to accept all the financial aid I was being offered (this includes everything I listed in my original post). I signed and that was that. Or so I thought anyways.</p>

<p>He was telling me that there's a website where you apply for it. I have no idea what he's talking about. Anyone have a clue? All I've done at this point for my financial aid is fill out the FAFSA, the CSS Profile, and the NY State TAP application. Nothing more than that because I haven't been told to do anything more than that.</p>

12

<p>You really won't have to do anything regarding your stafford loan if you've accepted your package. The school will send you what you need.</p>