I know I posted this as a comment on my other thread, but I just wanted to let you guys know since I kind of left you guys hanging about the financial aid prospect. This is from an email I received from them:
"As each student’s financial package gets individually evaluated by the Office of Scholarship Services, they have requested to do so once our cohort is complete, which will occur in June. While the award may not be visible in your account, by accepting your position in our cohort, you are guaranteed to receive our financial commitment up to full tuition and a $2500 grant stipend.
Calculating your award: Thanks to the generous support of ASU, our funding for our commitment award comes from the same pool of funding for scholarships and university gift aid. As such, if you are receiving New American University merit scholarships and grants from the university, those will impact your PSA commitment award, as they are not stackable. Our maximum award comes out to about $12,500 for in-state students (~$10,000 for tuition and $2,500 grant stipend). As I look at your financial aid package, it looks like you is getting $2614 in scholarships and gift aid from the university, so the difference ($9886) would be about how much your PSA commitment award is worth."
Here is the link for the page if anyone is wondering what I am referring to:
So tuition would definitely be covered? Can the stipend be used towards room and board? How much would be left to pay and can your parents cover what the direct loan doesn’t?
Hello @mommdc! Thanks for taking the time to follow up. This is the last part of the email:
“Academic Achievement Scholarships and the tuition portion of our award can only be used for tuition and fees, so they cannot be stacked to cover room and board. However, our $2500 stipend can be used for such costs. Our award is deposited directly into student accounts (tuition and stipend) each year, and they go to cover an accrued student charges in your account. If there are no student charges, you receive the surplus as a check.”
Ok so if PSA award minus your $2614 in aid covers up to tuition and fees, then how much is room and board at Barrett? Subtract the $2500 and how much does that leave? Also add to that the $1500 a year honors program fee.
Are you going to be at Tempe? Looks like freshmen rooms range from $5500 $6500, honors complex from $7000 to $9000? Honors meal plans run about $5000-6000
So at least $13,000 plus honors fee of $1500 is $14,500
Minus $2,500 stipend would be $12,000
Can you come up with $10,000 using $5,500 loan, summer work earnings, on campus job?