I dont understand my Financial Aid Letter from my University?

Paying for College
1

<p>So the tuition for my university annual fee is $20,001.88</p>

<p>2013-14 FINANCIAL AID AWARD NOTIFICATION FEDERAL PELL GRANT (ESTIMATED)
$ 5,645
STATE OF IL MAP GRANT ESTIMATED
$ 4,720
FEDERAL SUBSIDIZED LOAN
$ 3,500
FEDERAL UNSUBSIDIZED LOAN<br>
$ 2,000 </p>

<h2>Total Aid Awarded: $15,865 </h2>

<p>Tuition & fees (15 hours per term/in-state)<br>
$10,929<br>
Room & board (based on double room rate)<br>
$ 9,366<br>
(Substitute $5,939 each term for single room)<br>
SUBTRACT aid from above<br>
$15,865<br>
Total estimated out of pocket expense
$ 4,430 </p>

<p>Parent Loan Eligibility (PLUS) $ 4,703 $ 4,703 $ 9,406 </p>

<hr>

<p>And I also won the Comcast Leaders Acheivers Scholarship worth $1,000</p>

<p>I dont understand my award letter... Will I have to take out loans???</p>

2

<p>Well, you’ll have to take out the loans, otherwise you won’t have enough money to cover the costs.</p>

<p>You’re getting about $10,300 in “free money”. to cover the rest, you’l need to take out the loans, have your parents pay, earn the money…or some combo.</p>

<p>It looks like the Parent Plus Loan is to cover some of the basic school costs and to cover personal expenses, etc.</p>

<p>Since your family has a 0 EFC, taking out those Plus loans probably aren’t a good idea. </p>

<p>It looks like Tuition, room, board, books, and fees will cost about $22k per year. You’d also have to allow another $1500 or so for personal expenses, etc.</p>

<p>If you take the StaffordDirect loans, you’ll still be short a few thousand. Can you earn that over summer?</p>