"Personal Costs" in Financial Aid Package

<p>Hi!</p>

<p>So I was going through my financial aid package for Duke and my parents had a few questions. </p>

<p>First off, the COA for Duke is as follows:</p>

<p>Tuition & fees $45,620</p>

<p>Room $6,354</p>

<p>Board $5,850</p>

<p>Books & personal expenses ~$3,900</p>

<p>Estimated Cost of Attendance* (Total) $61,404</p>

<p>Duke has given me a financial aid package where in my family's EFC is 22K/year. My parents are paying 20K, I'm contributing 2K, and I'm taking out 5K in loans. </p>

<p>However, does this financial aid package take into account the personal expenses listed above? How does that work?</p>

<p>As in, does this mean that when my parents are paying the fees online, they will only have to pay 16k (from 20K - 4K personal costs). And then Duke estimates that I will use 4k during the course of the year? Or does this mean that my parents will pay 20k online and that I will use an additional 4k/year in personal costs? </p>

<p>This has been very confusing for me - thanks in advance for the help!</p>

<p>For the first semester, direct billed costs are 28,912=(45620+6354+5850)/2. Subtract the amount of grant money you are receiving in your first semester. That is what your parents are responsible for in the first semester, either all at once, or in monthly payments starting in July. If needed to pay that amount in the first semester, that’s where the loans’ll come in. The 4k will in part be supplemented by the work-study part of your package.</p>

<p>Basically, you will get a bill from Duke charging you for 1/2 the 2013-14 tuition, all of the fees, 1/2 the actual room and board, all of the health insurance (maybe depending on how they do it, and if you have coverage already, you give them the info and they will drop that charge), off set by 1/2 your award less any loan origination fees, and also offset by your enrollment deposits, will be due by the time classes begin. </p>

<p>Books, transportation, personal costs will not be on that bill. You have some control over those costs. Depending on whether you get used books,rent books, get books cheaper on line, find students that will lend you books, take courses that don’t have as many books, can make that expense variable. The school uses an average. One of mine was a theatre major and he had hardly any book costs, but a lot of other fees and supplies that most academic majors would not incur. One of mine paid practically nothing for books because he made some friends that shared their old books and were aggressive about getting books from others and made it a point to break the bookstore. My current son is paying a fortune in book costs, because his courses require paper packs, not books that cost $19-200 a sealed pack, not even a book, and you can’t get the stuff anywhere else and it is all new for the term–what a rip off! </p>

<p>If you live nearby and your parents can just drive you there and absorb that cost, and you can car pool with students there, then you “beat” the transportation average figure. You live in CA or overseas, then you are going to pay, much, much more because of the cost of air transportation. How often you go home will determine that cost as well as the cost of your flights. But you or your parents have to pay for those costs.</p>

<p>Personal costs? You need sheets and bed linens. The beds are usually an extra long so most people have to buy them new since most homes don’t use that size. Yeah, what a pain and expense. Or just use a flat sheet if you want to save money or ask around if anyone has any from older college kids (like me, we don’t buy any sine we have them from the older kids that I saved). You need laundry money for detergent and paying for use of those machines most of the time. You need shampoo, soap, toiletries. Whether your family will spring for new towels, clothes, things for the room or you scavenge in your house is up to you, so you can control some of those estimated costs that way. How much pocket money you need to have is also discretionary. Do you have a computer already? Do you have a cell phone? All those go under personal costs. Some of those costs you and your family may already be covering and when you leave, it may actually reduce your family’s outlay. No more empty tanked car after the kid uses it. The washer isn’t used as much, the juice and milk aren’t drained, and the electric and water bill might go down, if you get my drift. But yes, those all go under personal costs,those thing that the college talleys up that you will still cost your parents or self, and they just estimate an average. </p>

<p>So even before you head out to college, you and your family need some of that money. You gotta buy some stuff, you have travel costs to get there, you need your books before classes start, you need certain supplies like pencils, notebooks, computer, calculator, batteries for the calculator. And stuff happens while you are there too. You can break your glasses, your teeth, your ankle, and more costs right there. So whether you will $4K, get away with less, end up spending more depends on your own spending, luck, and specific needs. </p>

<p>If your parents cannot come up with the full amount due that they are billed, I suggest that they use a payment plan–there is a fee that breaks the amount into monthly payments. That’s what I do. You can be responsible for the discretionary costs as they come up during the year, and your books. That’s what my kids do.</p>

<p>What EXACTLY is in your aid pkg? From that we can give better info.</p>

<p>FYI-- Duke is kind of odd with the transportation cost in that it is built for two round-trip tickets back to student’s home each year for domestic, and one round-trip ticket for intl students. So ‘beating’ that number may or may not be more difficult, considering when you travel and when you book those tickets.</p>

<p>Also consider that your parents may want to travel to orientation with you, and that will be additional (also, where will they stay?).</p>

<p>The health insurance for Duke is not yet added in, but if the student needs coverage and doesn’t get it waived, that is added in as grant aid and will not increase out of pocket cost. Additional course fees and additional housing costs (ac v. non ac, single v. double v. triple) will be given in grant aid and not increase the COA.</p>

<p>(As an example of how Duke fluctuates that travel cost, my non-billed costs for the year are about 4234.)</p>

<p>We go “over” each year because we like to visit our kids as well as take them to the college and pick them up. That often means an overnight stay, and some meals out and other expenses. We take other family members and make it into a mini vacation. Take our son and friends out for a meal or two. And my son had to come home for an emergency dental situation last year, when he had planned to stay and work at school. Another broke his nose, and due to previous medical history, he needed to see his doctor here. And for graduations, we really blew out the budget. So, if your parents have some discretionary income, it may well come to more than that. </p>

<p>Mom may want to get you brand new things for the room and school. You know how that works. So those are just estimates, and if a family has it, yes, it’s easy to go over.</p>