Need help decoding my Financial Aid Package

Colleges and Universities A-Z University of Pennsylvania
1

Okay, so I need a little help understanding how exactly my financial aid package works. This is what my Penn Portal says:

Academic Year Expenses

Tuition & Fees $49,536
Housing $9,060

Meals $4,930

Books $1,250

Personal $2,024

Total Expenses  $66,800

Financial Aid

Penn Grant                                  $58,000 
International Student Work-Study    $3,300  
Total Financial Aid                         $61,300

Estimated Total Amount to be Covered by Family $5,500

Here are the things that I’m confused about:

  1. Since there’s no details about what specific component of the academic year expenses is covered by my grant, is it safe to assume that it will be contributed towards tuition since that’s the only fixed expense?
  2. How will I receive my allowance for books and personal expenditure? Will it even be an allowance? So do they pay your bills for you, give you cash or what? Is this part covered by the grant or am I expected to meet these expenses using the money I earn from Work-Study?
    Thanks!
2

You and your family will be billed Tuition & fees/housing/meals. Total $63,526. Of that, only $5,526 will not be covered by the Pell ($58,000). Housing and meals is a fixed expense b/c freshmen are expected to live on campus and have a full meal plan. After first year, you can move this around.

That $5,526 plus the estimated books and personal ($3274) (total $8800) – is expected to be covered by your work study job (expected earnings of $3300) and whatever money your family and you can bring to bear each year ($5500). Obviously, if you earn more than $3300 during the year or can spend less on books, personal and travel, it lessens the $5500.

3

Oh right. Got it! Thanks @T26E4‌ !

4

That FA package is very generous. Congratulations!

5

Congrats on your FA, get ready to be in the FA office every month straightening out “lost” paper work. We’re not getting any FA but heard the stories from others who are.

6

Congrats on FA. I disagree with Gtbguy1 above. My D received FA all four years and I never had problems with "lost " paperwork. As a matter of fact, I was able to handle FA questions by phone appointment with advisor that she keep all four years. I had a great experience with FA. Everything was explained and discussed. FYI, my advice is to make sure you do your homework and understand the FA process and explain your situation them. Be honest. It was a great help to me.

7

Same here, my D receives a very generous aid package and we had no issues her first year. You will receive a statement of account monthly that shows what you owe, very simple.