<p>I got accepted to Knox College and they also gave me grants and scholarships which total a little over 23K, which I think is a really good aid. But I'm still confused how the whole process works. In the acceptance letter, they explained that if I got a Knox grant or scholarship awards (which I did), 1/3 of the award will be applied to my bill each term. So, since Knox College has a trimester system, I have to pay every term? I calculated the amount I would have to pay each term and it was $8000. So...I would have to pay that amount each term, right? Like right away?</p>
<p>I am not sure if I understood it correctly. I really want to attend Knox because A LOT of students said that they love the school and that the professors and the academics are amazing. But I'm not sure how I'm going to convince my dad that this financial award is pretty good. As a Korean dad, he doesn't seem to appreciate it when colleges are not very known, which could hurt me if I end up working in Korea. So, yeah. Maybe you guys could give me some convincing facts that it is a good school.</p>
<p>So, my main question is, did I understand the financial process correctly? And is this financial award actually as good as I think it is? It would be really helpful if someone could explain the financial aid process thoroughly to me!</p>
<p>Thank youuuuu!</p>
<p>Yes. Your financial aid will be credited to your account for each term. So for Knox, one third of your aid will be applied each term (3 times) and your balance will also need to be paid for each term.</p>
<p>As an FYI, at some schools the first fall bill is the highest because it includes annual fee costs, and things like health insurance…things that are for the whole year. </p>
<p>You award is only a good one IF your family can afford the additional $24,000 a year to attend this college. If they cannot, then this is NOT an affordable school for you.</p>
<p>Are you a US citizen or permanent resident or are you an international student?</p>
<p>Yes, $23k is a lot of money but what matters is how much is left for you to pay and can you afford it?</p>
<p>Billable COA(tuition, fees, R&B) is a little over $49k per year. Divide by 3 and subtract a third of 23k leaves you about $8700 to pay each trimester. Yes, you have to pay that before or shortly after each trimester begins.</p>
<p>So the bottom line is can you afford the approximately $26k per year plus books, miscellaneous living expenses and needed travel?</p>
<p>@thumper1 @annoyingdad
Yeah, I’m an international student. So overall, I might have to pay around $30K right? Just to estimate, including personal expenses and other stuff. I think 30K is okay for my family, but there is still a chance that the aid might not work in future years? Like the aid might decrease depending on the situation? In what situations do aids usually decrease, if they decrease at all?</p>
<p>Need based aid is evaluated annually. If your family income rises, it is very possible that your need based aid will be reduced.</p>
<p>Costs usually go up each year. Also upper class housing options are often more than the freshman double room. However, many times cooking facilities might be available and a meal plan not required. Or if the school is in an area with cheap, close rentals, a lot of upperclassmen go off campus after that first year and save money that way.</p>
<p>Also most schools expect the student to take on more of the load each year. So, even if all things are equal, there often is an increase in cost. Schools that don’t guarantee to meet need may not keep in step with fin aid increases with the cost increases. Rarely is there, however, a huge spike in cost unless your family’s financials change accordingly.</p>