<p>I am so sorry about the death of your brother. Tough times now, I know.</p>
<p>What the award says, is that based on the numbers given to them, BU has offered you $46.6 in grant money for the year. In addition you have about $1.9 in Pell grants bringing the “free money” up to $48.5. The PELL is from the federal government and would be the same pretty much whereever you go to college. BU is not giving you that money out of their own funds but is brokering it from the governement. </p>
<p>Using $60K as the Cost of Attendance (COA), you need to come up with aobut $11.5 more. You are also permitted to take out $5500 in Stafford loans, with $3500 of the money subsidized which means no interest on that money accrues until you leave school and the interest rate is also lower than unsub loans. The Perkins amount of $1500 is also subsidized. BU has only shown the subsiized part of the Stafford in their package to you, but you can take out the entire $5500 amount. That means by borrowing these amounts from the government, you now have to come up with $4500 for the year. Work study funds in $2000 have been allocated for you, so if you find a job through that program, you can earn up to that much during the fall, but you have to work it and get it as you earn it. That leaves you with $2500 that you and your family have to find somehow in order to make it a go. Maybe you can work in the summer, during the spring term, and/or cut back on the non fixed expense part of the COA by getting cheaper books, a cheaper meal plan, a cheaper dorm room than the norm. </p>
<p>For BU, a school that does not tend to meet full need, your package is outstanding. It does mean borrowing $7K this year and probably a bit more next year as prices go up, and the Stafford maximum goes up too. It means about $30K in debt when you finish in 4 years if you take all of these loans. If you or your family can come up with more money, you can decline some of the lonas. THese are alll government loans and it does not appear that you willl need to take out private loans. It is difficult if not impossible for most students to get a private loan without their parents also going in on the loan with them. They can also apply for a parent loan, but he Stafford for students which you have gotten have preferable interest rates to those PLUS loans. But for the most part, you have gotten the max you can get from the government. </p>
<p>The amount is on the high side, yes, but not unthinkable and undoable. This is something you have to consider. Repayment terms tend to be flexible with govenment loans but, yes, that is alot of money and something to discuss with your parents.</p>
<p>EFC is the term that is used for Expected Family Contribution and is calculated by the FAFSA you filled out with our family financial info. The $3678 is the amount that you and your family have to pay out of pocket if you get what they feel is fulll need met. The reason the amounts don’t quite match up is because BU is not including the $2K of Unsubsized Stafford loan in their award lettter, but I am as money you can tap. You can take that out and replace it with family contribution or if you can earn it on top of what you need to pay out of pocket. </p>
<p>Knee deep in debt. Yes. Up to your neck, no. Look at your other choices and then you have to decide if this is worth it. But, this is a typical good, very good package. Congratulations.</p>
<p>One thing I want to warn you is that the money is all dependent on how close your 2011 figures that you used turn out to be to the actual 2012 numbers. If they are different, you package will be so adjusted. PELL would be adjusted first as it is directly related to that income. THe rest is up to the college.</p>