<p>How does the cost of books and workstudy work? If one’s efc is 6000, is the cost of books part of that 6000 so when the bill comes around all one has to pay is 6000-cost of books? where does the workstudy money go? directly back to the university or is it for personal use to cover expenses such as travel, computers, etc? in other words, do we just pay the efc+loans while keeping the workstudy money? thanks for the clarification</p>
<p>Work study goes into your pocket, intended for paying for college expenses, but it's use is up to you (i.e. books, personal expenses, etc.).</p>
<p>ok thanks, and the cost of books? is that factored in within the efc or the finaid package?</p>
<p>i know the policy is probably different for each company, but do insurance companies (dependent under parents' plan) generally extend their coverage to other states for students going out of state to study?</p>
<p>You have a choice of factoring books as an expense. I'm not factoring books into my expense budget because I do not really know how much I'm going to spend on books (albeit, they give you a rough estimate). I don't know if this helps, but you add the expenses that are concrete (tuition, housing, meal plan) and then you subtract your financial aid package, excluding your FWS (federal loans, grant, scholarship). This value gives you an approximation of your family contribution, although you still need to take into account books and travel expenses, which you or your family would pay out of pocket.</p>
<p>As far as I know, I believe that health insurance coverage extends into other states. I'm not entirely sure, but it's my hunch.</p>
<p>Books aren't taken into account to a huge exactitude since you can change courses around so freely, etc. The cost of books depends on what classes you take obviously. History courses or Writing courses are more likely to require you to purchase more books. For instance, I spent maybe $120 for books for my Writing seminar, bought a math book worth $100, three language books for a total of around $80, etc.</p>
<p>Although this semester I decided to save money so I didn't buy any books at all aside from the language books. I wouldn't advise pulling this off unless you can see yourself finding other places to learn the information you need, but it sure saved me a ton of money (the Penn Bookstore here rips you off like no other... the markups brink on the edge of insanity). I recommend looking online for books if you can help it.</p>
<p>Work study money is purely spending money -- it goes into your pocket and you get to choose how to spend this money.</p>
<p>ok i probably don't belong at Penn because i'm still a little bit confused</p>
<p>the estimated cost of attendance is roughly 46000, which includes books, tuition, board, travel, etc., so let's say the total finaid package is 40000 (grants + loans), the efc is 6000, and cost of books is 900, would we only pay 6000-900=5100 (i hope the math is right!) when the bill comes around ? </p>
<p>and what about the estimated personal expenses, travel, etc.? if those are factored into the efc, how would penn know how much to bill us if we decide to spend only so and so on travel and so and so on books?</p>
<p>sorry for the confusion, and any help would be greatly appreciated as may 1st is coming close! (i would call the finaid office but it's sunday so you guys are my backup!) :)</p>
<p>Penn will bill you for tuition and fees and room & board, whatever you purchase at the bookstore that you decide to pay with your Penn Card (which puts the purchase straight on the bill your parents get), health insurance, etc.</p>
<p>Penn does not bill you for your own travel expenses (you pay those yourself) or for books that you buy that you don't put on your Penn Card, or for personal expenses like movies, dinner out in the city etc. They never track these expenses.</p>
<p>The estimated cost of attendance ($46,000) includes things that aren't on your Penn bill. If your EFC is $6000 that means that over the course of the academic year, Penn estimates that your family will need to contribute $6000 towards your Penn bill AND your personal expenses. </p>
<p>So on your Penn bill you might find things like: tuition, fees, room & board, bookstore purchases using your Penn Card (could be books, dorm supplies, birthday cards, t-shirts, etc), food purchases using your Penn Card (at places on campus that will accept it), etc. From the total expense that you accrued between all of these areas, Penn will deduct the amount your grants and loans cover. So in the end, you might have a balance of $1500 on your Penn bill that your family is responsible for to PENN. Then you will your own personal expenses that you pay yourself (or your parents pay) over the semester for things like clothes, food, movies, plane tickets, etc. So maybe that adds up to $1500 one semester, maybe it adds up to $500 another semester. But that amount you don't pay to Penn, you just pay as you go and Penn doesn't keep track of it at all.</p>
<p>Don't hold the EFC as an absolute. Your actual family contribution could end up being much more (if say, you have to fly home when you travel) or much less (if say, your parents can just drive and pick you up). It is just an estimate and isn't intended for you to calculate an exact amount that your family will spend.</p>
<p>thank you so much! but to clarify...</p>
<p>if grants + loans is 40000, then Penn will first subtract tuition, room/board, fees from it, let's say then there's 2000 left from that 40,000, does that then mean Penn won't start to bill us until we use that 2000 with our Penn Card, and if we don't go over that 2000 we won't be billed at all?</p>
<p>If there is money left over ie your grants and loans exceed your bill, you will get a refund check for that amount and then YOU become responsible for how that money is used.</p>
<p>This was both a blessing (yay money) and a curse because you tend to spend that money, not save it. And you can't tell them to not issue it to you, it is done automatically if there is a surplus on your bill.</p>
<p>since we don't buy books, travel, and everything right at the same time, how does Penn know how much to bill us in August before school starts?</p>
<p>Like I said above, Penn doesn't bill you for books, travel, etc.</p>
<p>They bill you for tuition, fees, room & board - things that are GUARANTEED exact expenses, which are published in many places online. You get that bill, minus grants (and loans as they get disbursed).</p>
<p>If you buy books and charge it to your account, that will show up later. If you travel, that's your own money. Penn doesn't bill you for it.</p>