I don't understand my award

Paying for College
1

<p>Hi guys, I'm hoping you can help me. There seems to be no FAQ on the school's site for this:</p>

<p>My letter states:
Awards Annual Amount
ESTIMATED FEDERAL PELL GRANT<br>
$ 5,550<br>
ESTIMATED NJ TAG <br>
$ 7,126<br>
FED SUPP EDUC OPPORTUNITY GRANT<br>
$ 1,320<br>
FEDERAL PERKINS LOAN<br>
$ 1,000<br>
FEDERAL WORK STUDY PROGRAM
$ 2,000<br>
** ASSISTANCE GRANT
$ 3,000<br>
FEDERAL DIRECT LOAN-SUBSIDIZED
$ 4,500<br>
FEDERAL DIRECT LOAN-UNSUBSIDIZED<br>
$ 5,454<br>
_____________
TOTAL<br>
$ 29,950 </p>

<p>My question is: this total assumes I'd be living on campus. Without housing, the COA is $13.076. Does that mean based on the TAG grant, Pell Grant, the school's grant, and the Fed opp. grant that this is a free ride?</p>

2

<p>Yes, it seems you have $16,996 of grants. However,

seems too high.</p>

3

<p>@ 4kidsdad, thanks for the quick response. They can put a loan amount for anything they want, I still won’t be taking one. (Don’t have the credit score to get one, no one to co-sign, so basically if it isn’t in my checking account, I’m not going)</p>

<p>I just need to cover that $13k. So, wow, then, I can actually go to college!!! Woohooo!!!</p>

4

<p>OP, in reading through your past posts, you have a remarkable story. Kudos to you on making a plan and then working that plan! So I take it you have decided to go to Rutgers (NJ TAG grant) instead of Cornell?</p>

5

<p>CTTC, thanks, crazy right? I would have laughed my behind off if 8 years ago you told me I’d be where I am today.</p>

<p>I applied to Cornell because it has always been a dream, but I did know deep down it would be a long shot. Even if I got in, even if they gave me a full ride, I don’t know that I would take my daughter out of the school she is in to go.</p>

<p>Rutgers is the realistic choice, in terms of my family life, academic excellence and affordability. </p>

<p>But I can’t answer that until I get that Cornell letter, you know? :)</p>

6

<p>You are happy about having to come up with $13,000 ? Wow, not me in my wildest dreams :-).</p>

<p>I don’t know your back story, but it looks like you are later in life :-). </p>

<p>I hope all works out for you. The subsidized loans are not awful and you can repay them as you go if you want to. </p>

<p>Good luck :-)</p>

7

<p>No crazymomster, my COA without housing is 13k, and my grants are 16k, so I am happy that it appears as if I can go to college! For free!</p>

8

<p>Yes, it appears you have a loan for $1000, another for $5400+ and another for $4500+ as well as work study for up to $2000. That is a total of $13,000+ for a year, in additoin to the grants you received. Congrats, if that is workable for you. The total for 4 years would be over $52,000 because interest starts as of whenever you start receiving funds.</p>

<p>The workstudy of $2K would allow you to work on campus at a workstudy job and not have as much in loans or be as short in funding.</p>

9

<p>@ ftypeman — ahh, because you already have a home and would be commuting? Gotcha, that seems to be a good thing :-).</p>

<p>When will you know more from Cornell?</p>

10

<p>HImom, again, coa is 13k, and she has over 16k in grants. There is no need to take out any of those loans. OP is going for free if Cornell doesn’t come up with something more enticing.</p>

11

<p>Doesn’t the aid package coa reflect the fact that the student is living on campus? So you just decide not to live on campus and your aid package would stay the same?</p>

12

<p>@Runswscissors (love your name btw) - That’s why I am asking. It seems way too good to be true. And when I applied, I did not pick on-campus housing. So I was a little confused by the letter. </p>

<p>@HImom - no loans. If I can’t float it with grants and my tiny savings I will not go (not for $10k/yr in loans, maybe if it was small, like 2-5k) . </p>

<p>@Crazymomster - hopefully soon. I’ve gathered that they release their decisions mid-April, so we will see.</p>

<p>@ttparent - that was my understanding of the letter. I wish for Cornell to do so, but right now, I already feel like I hit the lottery.</p>

13

<p>Are you sure it is 13k coa at Rutgers? Are you going to do part-time? I just looked and the lowest coa is $21.5k.</p>

<p><a href=“http://studentaid.rutgers.edu/COA/2012-13COA.pdf[/url]”>http://studentaid.rutgers.edu/COA/2012-13COA.pdf&lt;/a&gt;&lt;/p&gt;

14

<p>[Rutgers</a> Admissions | How Much is Tuition?](<a href=“http://admissions.rutgers.edu/costs/tuitionandfees.aspx#1]Rutgers”>http://admissions.rutgers.edu/costs/tuitionandfees.aspx#1)
This is where I’m getting the 13k from. </p>

<p>Also the NPC:</p>

<p>Your 2012-2013 Net Price Results
The following results are based on the information you submitted.</p>

<p>Direct Educational Expenses
Total Expenses paid directly to Rutgers: $13,073
Tuition: $10,356
Fees: $2,717
Indirect Expenses
Total Indirect Expenses: $22,097
Housing & Meals (off campus): $16,700
Books & Supplies: $1,550
Transportation: $1,853
Miscellaneous: $1,994</p>

15

<p>Ftypeman -</p>

<p>That looks like a great package. Ask them to apply the grant money to tuition and fees, and wait to take out the loans if you need them for the living/commuting/books/materials/etc. I would expect that you might end up borrowing a bit to cover some of those other expenses, but if your housing situation is covered some other way, you will be able to keep the debt very low.</p>

16

<p>Thanks for the good wishes happymom :)</p>

17

<p>Yes, according to the information you’ve provided, you will be going to college for FREE. Staying on-campus (dorms) or off-campus (university housing/renting) will not affect your financial aid. Take the grants. If you’re commuting from home and will not require further funds to attend school (buy books/pay rent/utilities/buy food), you do not need to accept the loans. Congrats.</p>

18

<p>You can’t see me, but I am doing a happy dance!!!</p>

19

<p>Yes, congratulations, it is nice to hear a happy story!</p>