Background info: I got into my dream school, let’s call it School A, and School A gave me $53,260 in scholarships to cover their tuition of $69,370. My outside scholarships amount to $6500, leaving my EFC to be $9610 for the entire year. My parents and I were ecstatic and thought this was reasonable and in our price range. I have already committed to the school. However, I just got a billing statement that says I owe $10,000 a semester to School A. What the what? Are other costs (such as Student Health Insurance and Meal Plan) not included in the initial calculation for EFC? My parents are a little stressed! Thanks to all who answer.
First…check the cost of attendance at your college. I don’t know any school where tuition alone is $69,000 plus. That would include room and board, and likely fees as well.
However, health insurance is NOT usually included in that amount.
In addition, your outside scholarship actually reduced your financial,need…and therefor, very likely, you need based aid from the school was reduced as well.
So…your actual aid was probably still $53,260…which then included the outside scholarship. That left you with about $16,000 a year to pay for,the year to get to $69,000. If health insurance is $3500 a year…then your bill would be $10,000 a semester or so.
Outside scholarships do not reduce EFC. Your family is expected to pay the EFC. What was that EFC amount?
Did your financial aid award from the school include the $5500 Direct Loan? If not…you should be able to get that.
In addition…are you currently covered on your parent health insurance…and if so…will it be able to cover you where your college is located? And does it meet the college’s requirements in terms of coverage? If so…you might be able to waive the college health insurance plan…and save that amount of money.
Sorry, thumper1, I meant Tuition AND fees amounted to 69k. My parents do have health insurance, and I think we are going to waive insurance from the university as I will be covered at my college location. However, I did not include in my first post that I will be receiving another scholarship through the university worth $1700 that has not been considered in the bill yet, and I was just awarded today a scholarship that covers $90 per semester credit hour. I’m not sure how all this will add up, as the university just estimates your bill on what your course schedule will be like. Sorry for all the confusion.
Well you need to contact them about waiving the health insurance and if that new scholarship will reduce your bill or just your need based aid.
Mist likely you will still owe $16,000 a year.
Only your college can tell you what your final bill will be. You need to contact the college and find out exactly how they will be dealing with all of these additional scholarships.
Give them a call first thing Monday morning and find out.
Need or merit?
You need to find out if any of those outside scholarships are going to reduce the aid from the school.
Will you get those outside scholarships for soph year as well? Or are those one-year awards only? (Most outside scholarships are for frosh year only)
Does the school know about it?
If you’re at the school that your post history hints you’re at, the $69k number is the whole COA.
Was your share (student work/student loan) part of the $9610 you were originally shown? Your share should be in the ballpark of $6k a year. (When I ran a NPC at maybe-School-A it defaulted to 3k student loan/3k student work.) Is that part of the gap? Have you taken out a loan?
Normally when a school or finAid offers you a value for “EFC” or “estimated remaining cost” or whatever, that is your parents share.
My outside scholarships are all renewable up to four years! The school is aware, and that is how they finished calculating my fin aid out. After telling them of my outside scholarships, they reduced my student responsibility and work study, and again it all totaled out to be as I said in the first post. Just kind of wondering how it would all play out. I’m a first gen trying to make sense of things with my parents. It’s feasible, just scary 
OK…sounds like you do NOT have the Direct Loan in your package. If you take the $5500 loan in your name, and are able to waive the college health insurance, your net total will be where you want it to be…by my calculations.
@flatKansas The cost of college health insurance is not usually included in the COA.
You say they “reduced” your work study.
Work study means that you are eligible to work a certain number of hours, and you are paid according to the hours worked - you get a paycheck for that amount (usually) or in some cases it can be credited to your account. Since the school has no idea how many hours you will actually work, you cannot have the work study figure reduced from your bill - you have to pay that amount upfront as part of your semester bill. Then you receive the money as you earn it, and either use it for day to day expenses or save it for the next semester’s bill.
That could explain part of the discrepancy.
@KKmama at some schools, when a student receives outside scholarships, the school’s reduce need based aid, beginning with the sell help portions…loans, work study.
It is very possible that loans were taken out of the award, and the dollar amount of the work study award reduced.
E.g. The work study award might have been $3000 for the year and is now $1000…or less.