<p>So i finally got my fin aid summary today but i have few questions about it.
My total cost for my freshman year is $39,752.00 ($37242 without "Other Expenses")
Here are the break downs:
Pell Grant+Academic Competitiveness Grant+OSFA Non-Resident T/W=$10688
Federal Work Study $3,000.00
Federal Perkins Loan $2,000.00
Fed Direct Loan PLUS $18,564.00
Fed Direct Loan Subsidized $3,500.00
Fed Direct Loan Unsubsidized $2,000.00
Total: $39,752.00 </p>
<p>1)What is OSFA Non-Resident T/W?
2)Do I need to pay interests for all those 4 loans above? If so, is it annually or monthly?
3)I've looked at their website about loans, and found that those loans' fixed interests are Fed Perkins Loan-5%, Direct Loan PLUS -7.9%, Direct Loan Subsidized-5.6%, and Fed Direct Loan Unsubsidized-6.8%. Are they seriouly asking for such high interest rates from students?
4)Do I have to pay them the total cost including the "Other Expenses" cost?
5)If I declined their loans, will they think that I am rich enough to pay the rest and will not give me Grants anymore next year?</p>
<p>The first number is the combination of grants and and some out-of-state tuition waiver. “Total costs” which includes an estimate for books and spending money is for your information and is the total number upon which any FA was determined. You don’t pay that. You will have to pay to the university tuition, fees, and housing per semester, and you will be billed for the first semester about mid-September and then amounts given in financial aid are applied against it on a semester calculation basis – for example, that $10,688 in grants and tuition waiver is for the year but you will have only half that applied to your first semester bill. You pay for books when you buy them at the bookstore. You can decline any loans and it will not affect your grants. Any grants next year will depend on the Fafsa update you make for that year and not on whether you did not accept loans the year before. The loans have interest but for a number of them you don’t pay anything until after you finish college but you need to check which ones (I know unsubsidized loans require payment during college of both of prinicipal and interest).</p>