HELP!! Reading Financial Aid!

Paying for College
1

<p>Please excuse my ignorance, but i need assistance reading my D financial aid. She was accepted into BU and I just received the welcome package in the mail today.</p>

<p>Total amount in grants/loans/workstudy - $55,300 ($5,730 in perkins and stafford loans)</p>

<p>Then there's a separate section that says "billed expenses for 2013/2014 academic year (tuition, room, board, fees) totals $58,530.</p>

<p>Then there's another separate section that says "other related expenses" (book and supplies, transportation, personal expenses totals $2,946.</p>

<p>So in essence, $5,730 (loans) + $2,946 (other related expenses) + $3,230 (difference between financial aid and cost of attendance) is what i pay?</p>

<p>Any assistance will be greatly appreciated. I will be calling BU tomorrow but wanted to reach out to the experienced folks since i'm a newbie :)</p>

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<p>Correct!</p>

<p>COA = 58530+2946 = 61476</p>

<p>Gap = 61476-55300 = 6176 which you’ll pay now; you’ll pay 5730+interest later.</p>

<p>Larger Gap if you refuse the loans aid = 61476 - 49570 = 11906 which you’ll pay now; nothing to pay later.</p>

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<p>Thanks 4kidsdad!</p>

<p>We have other acceptances, now that you’v explained it to me, i’ll know how to read others. </p>

<p>what i didn’t say was the perkins loan of $3k (as part of the $5,730) is listed as “aid to be credited to student account”. I can pay that now or later as well?</p>

<p>what if i didn’t refuse the loans aid to pay later but received a scholarship. I can apply it to the loans, correct?</p>

<p>Thanks again!</p>

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<p>@babyk120: I was just reading this. I was also accepted to BU with a similar FA package :)</p>

<p>[Private</a> Scholarships » Financial Assistance | Boston University](<a href=“http://www.bu.edu/finaid/types-of-aid/scholarships-grants/merit-based/private/]Private”>http://www.bu.edu/finaid/types-of-aid/scholarships-grants/merit-based/private/)</p>

<p>"If you receive an additional award from outside Boston University, your need-based aid will be reduced only if your total aid, from all sources, exceeds your calculated financial eligibility. Any reduction will be made to self-help (need-based student loan, or Federal Work-Study) first, and to grant only if the outside award exceeds your total self-help.</p>

<p>If you receive any additional award from another entity within Boston University, your need-based grant will be reduced by the amount of that award.</p>

<p>Additional aid and your preference for reduction (loan or Federal Work-Study) can be reported on your award notification acceptance."</p>

5

<p>It appears that your loans are all subsidized; all Perkins are, so no interest accrues on them until you graduate, so, yes, you can take them, you can think about it and pay them off without interest charges in the picture. You have time to make that decision. Congratulations on a nice package.</p>

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<p>@br2pi5 - congrats! Best of luck to you. Which college did you get accepted to? My D was accepted to College of Arts and Science</p>

<p>@cptofthehouse - thank you. some of the loan is unsubsidized $2,341. I’ll probably pay that right away, don’t want any interest.</p>

<p>Thanks to all for clarifying. As I said, i’m a newbie and just want to make sure I’m reading this correctly!</p>