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<p>Thank youuuu. This is exactly what I was wondering.</p>
<p>My pleasure. :-)</p>
<p>My 2 cents. gibby is right. We went through this last year. </p>
<p>2011orbust: the outside scholarship in excess of $4500 will reduce Yale grants. Your bill will be adjusted accordingly. It may not show up on your first bill (in case you didn’t send the outside scholarship form in time) but it will be adjusted in the future. Mine has just been adjusted in April after another scholarship came in for my daughter.
If you re-read your post #12, it doesn’t make sense. How can you have a gift of $54500, a COA of $57300, and have a credit of $2800? The $2800 is actually part of family contribution.</p>
<p>lillymom,</p>
<p>You are correct that post #12 is not quite right but wrong about the first part as the scholarship in the OP’s post DID NOT exceed the self-help contribution so there would be NO adjustment in the grant or scholarship from the school. Use my example for comparison.</p>
<p>If you went through this already then you know fin aid is calculated from COA not tuition and room and board (billable costs). You also know that the self-help (i.e. $4500) which is term job and summer earnings is subtracted from COA to determine need. If there is a parent contribution that would be subtracted as well but for argument let’s assume the parents make less than 60K and have no contribution (if they did it would probably just reduce their contribution by the award amount remaining).</p>
<p>Let’s assume 57K for COA (close enough). You subtract the $4500 you are left with $52,500 and let’s also assume the Yale scholarship awards that amount to meet full need. That leaves a balance of $200 as the billable costs are $52,700 and the Yale scholarship ($52,500) would be credited toward the bill. They would take the $200 from the $3000 scholarship and that leaves $2800 remaining. It is less than the self help so it wouldn’t reduce the grant/scholarship. It would have to be credited in some way.</p>
<p>nne718:The full amount of your outside scholarship will be credited to your account and show up in your first bill. Therefore you might have a credit balance for Fall semester. However you may have a debit balance due for Spring semester.
On your student account you can request a refund and specify the amount. In my case I carried a credit balance from Fall to Spring to cover the expected debit balance in Spring.</p>
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That part would be true but in my example the balance for the spring wouldn’t be more than $100 if the costs and scholarship were split between the terms.</p>
<p>Kdog044: I didn’t quite follow your example. If we use the numbers on post #12 the credit balance at the end of both semester will be $1800 ($4600 indirect cost minus $2800 family contribution).
1st Semester: 26350(half tuition) minus 25000 (half grants) minus 4500(outside scholarship) = -3150 (credit)
2nd semester: $26350 minus $25000 = $1350 (debit)
amount to be refunded = -3150+1350 = -1800</p>
<p>Kdog044: Outside scholarship is credit in full if expected to be received in early Fall</p>
<p>Forget example 12 and use mine as it’s easier to calculate without a parent contribution and I don’t feel like doing the math. Also, I’m not sure about Yale but I know my D’s school could not carry a credit (at least with loans) to future terms and it had to be refunded in a check or direct deposit. Since our bill was less than the loan amounts calculated we just adjusted the following term loan by that amount and used the credit paid back to us the previous term to pay the difference for the next term.</p>
<p>In my example:</p>
<p>26,350 (term tuition) - 26,250 (Yale scholarship) = $100 balance. If you applied the $3000 scholarship (I don’t know the actual amount but we know it’s less than $4,500) they would receive a $2900 credit for fall and owe $100 for spring. Net result $2800.</p>
<p>lillymom,</p>
<p>If we assumed a $2800 parent contribution it would equate to $1400 per term. If the $3000 scholarship was applied they probably would credit $1600 for fall and they would owe their $1400 for the following term for a net of $200. This is just speculation on my part on how it would be handled as it makes no sense to charge the parent $1400 and then turn around and credit $3000 for the scholarship. Since it is to reduce self-help maybe it has to be credited to the student but according to Yale’s policy we know it can’t reduce the Yale provided scholarship unless it EXCEEDS the self-help amount.</p>
<p>Kdog044: Family contribution is less than indirect cost, it doesn’t show up on your bill, and that is the reason why there is a refund.</p>
<p>Yale bill is very similar to what I wrote on post#27 (without loans).</p>
<p>Work study is counted as part of the financial aid but you have to work to earn it. If you don’t work then it becomes part of student/parent contribution and thus is billable. If outside scholarship does not exceed the amout of work study (and student comtribution?) then it’s credited to your account to reduce the amout for work study (you don’t have to work or work as much). If scholarship exceeds the amout then Yale financial aid is reduced.</p>
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Your first part is true but not the second part. You can’t bill for term work (i.e $3,000) and it is not the same as parent contribution. It is assumed that the money earned would be used for the personal expenses (travel, laundry, books, spending money). Since fin aid is calculated using COA and the personal expenses calculated are over $4000 ($4,150 for my son) the only amount potentially billable would be part of the $1500 expected student income (i.e. summer earnings) that might be needed to make up the difference between the tuition and room and board billed minus the grants/scholarships. In the OP’s post it was stated that the scholarship received was less than the combined term job and student income contribution so there is a credit any way you look at it. Obviously, the best solution is to call financial aid to see how it is handled.</p>
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The flaw in your calculation is there had to be a $2800 parent contribution if we used post #12’s example. Assuming $57,300 COA minus $1500 student income leaves $55,800. Take out the $3,000 term job you are left with $52,800 and the Yale scholarship is for $50,000 leaving a $2,800 contribution from the parents or the scholarship would have needed to be raised to $52,800 to meet full need. Keep in mind that the scholarship the OP received came after the award notice. I think we are agreeing about the concept and since I was using a $3000 scholarship with no parent contribution as opposed to $4,500 scholarship with $2800 parent contribution our numbers don’t jive.</p>
<p>Lillymom,</p>
<p>After looking at #12’s example I agree the amount is $1800, not $2800 as 2011or bust indicated. I still stand by my calculation for my example though. ;)</p>
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<p>My bad, Kdog044, I totally did the math wrong. (Not the Yale student here–just the mom!) The amount of credit in my example (post 12) should be $1800. The premise remains the same.</p>
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Once again, the OP clearly states there is no outside scholarship in excess of $4500. This discussion (as it relates to the OP’s question, anyway) has nothing at all to do with reducing the Yale grant, and everything to do with figuring financial aid in excess of direct costs. </p>
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<p>Yeah, my bad math obscured my message–sorry! Hopefully the correct figure will make my reasoning clearer. In case it doesn’t, let me further explain: Although in my example there is a family contribution, it is totally irrelevant here. You have a credit (of $1800) because the aid ($50,000 Yale grant +$4,500 private scholarship = $54,500) is in excess of direct costs ($52,700). OP’s question was this: What happens to what’s left of the scholarship money after all direct costs have been met by gift aid? The excess doesn’t reduce the Yale grant because the scholarship does not exceed the self-help limit. It doesn’t go to the school because all of the school-billed expenses have already been met. And it doesn’t just go away. Since there is nothing left to be billed directly for, it will be refunded to the student for use in paying the $4600 or so in indirect costs.</p>
<p>In my example, there <em>is</em> a college-determined family contribution of $2800 (COA of $57,300 - $4500 student self-help (now replaced by scholarship cash) - $50,000 college gift aid). The family won’t be paying that money to the college, since all direct costs have been met by gift aid. Since the student can control how much is spent on textbooks, travel and miscellaneous, it is possible that there won’t even be an actual family contribution. </p>
<p>It’s complicated. If you have never received aid in excess of direct costs (nothing to do with private scholarships), then it might take some figuring out. We’ve unfortunately been in the position of needing that much aid several times, so I’ve had some practice. </p>
<p>I hope this post helps and doesn’t just add to the general noise. :-)</p>
<p>Clear as mud ;). I think we are all in agreement that there would be a credit (except Gibby of course). I thought we might be in a similar situation but the federal government eliminated the scholarship my son was eligible for. :(</p>
<p>It probably would be easier for the OP to keep the scholarship but the school has to have a way to keep track of the totals in the event they exceed the self-help and the school provided scholarships/grants need to be reduced. I assume that is why they have to be sent to the school. Congratulations on the scholarship though.</p>
<p>Kdog044:</p>
<p>You are right. Yale won’t bill work study. What I was trying to say is if you don’t work then it will come from parents/student. But outside scholarships can be credited to replace work study.</p>