<p>Ok, I just got my financial aid package today (I'm a rising sophomore) and don't know what happened. My school meets 100% of need so I thought that since my EFC is low, the school will meet the difference between Cost of Attendance and EFC. BUt when I subtracted the total aid award from COA, the EFC is WAY WAY higher than it should be. Am I reading this right or is it the school's fault? PLEASE help. Thank you.</p>
<p>You need to call the school and find out what's going on.</p>
<p>so I am reading the aid correctly? thanks for the help.</p>
<p>If you live near the school, go there in person and speak with the head of the fin aid department. If you live far away from the school, call the head of the fina aid department. Either way, have all of your paperwork in order and copies of everything pertaining to your fafsa.</p>
<p>do you think that might be the problem? My FAFSA EFC for last year is several (6) thousands of dollars higher than this year's so would that make them suspicious?</p>
<p>We can't help you that much. You need to call the college and get an explanation. Do it ASAP. You're wasting time here asking us to interpret things. Go to the source.</p>
<p>Has your income changed from one year to the next?</p>
<p>How is your EFC broken down as far as your parent and student contributions are concerned?</p>
<p>Do you have a copy of last years award letter so you can see the differences year over year?</p>
<p>Do you attend a school that also takes the CSS profile where you have a student contribution? (If yes, then the student contribution does increase some each year).</p>
<p>Was there merit aid or a one time award in your package last year that you did not get this year ?</p>
<p>which school?</p>
<p>I have another question-maybe I don't understand my financial aid package.</p>
<p>Since the award is based on the estimated cost for academic year 2005-2006 (which includes books- ~$2,000, personal/miscellaneous -~$2000, etc), if I do not use that much money (say I get my books for free and I don't have any personal needs), can I shave $4000 from the estimated cost and not take the loans offered? Does financial aid work like that? </p>
<p>It just dawned on me that the finanical aid is only helping me and is not requiring me to take the offers. I know that my family and I still have to pay the EFC, but that's ok as long as I don't have loans.</p>
<p>ecnerwalc3321,</p>
<p>I suggest that you do the following:</p>
<p>review your FA award letter.</p>
<p>First add these #s (expenses)</p>
<p>Tuition () + room ( )+ board () the direct cost of your education ()</p>
<p>How is this paid?</p>
<p>then add these # (payments)</p>
<p>Parent's conribution + scholarship + pell/ state grants (if applicable)+ loans (which are directly paid to the school)</p>
<p>If your school meets 100% of demonstrated need tHe difference between these 2 sets of numbers are pretty close a wash and off set one another. If there is a shortage it will not be a lot (which can probably be offset by part of the student contribution)</p>
<p>Next </p>
<p>add these items together from you FA letter (expenses):</p>
<p>books+travel+ misc. expenses. (these are the incremental costs of your education) you say that yours is ~ 4000</p>
<p>How are your incremental costs paid? from your student contibution (which are your summer earnings that you should be savings and your work study job)</p>
<p>student contribution () + work study (student $)</p>
<p>You are not required to take loans. If books, personal expenses, travel, etc. are all figured into the cost of attendance and thus into the aid offered, yes, you can save money if you are able to cut expenses in those areas. I doubt you could cut the entire amount--even thrifty people need to buy toothpaste and deodorant, for example--but you might be able to cut some of the loans. You will have to figure out what you and your family can afford to pay and how much you would be able to cut on expenses.</p>
<p>Thanks for the help.
[quote]
First add these #s (expenses)
Tuition () + room ( )+ board () the direct cost of your education ()
How is this paid?
then add these # (payments)</p>
<p>Parent's conribution + scholarship + pell/ state grants (if applicable)+ loans (which are directly paid to the school)</p>
<p>If your school meets 100% of demonstrated need tHe difference between these 2 sets of numbers are pretty close a wash and off set one another. If there is a shortage it will not be a lot (which can probably be offset by part of the student contribution)
[/quote]
</p>
<p>These two numbers are off by approximately $2000 with the "direct cost of my education" being higher. My school does meet 100% of need. so now what?</p>
<p>
[quote]
add these items together from you FA letter (expenses):</p>
<p>books+travel+ misc. expenses. (these are the incremental costs of your education) you say that yours is ~ 4000</p>
<p>How are your incremental costs paid? from your student contibution (which are your summer earnings that you should be savings and your work study job)</p>
<p>student contribution () + work study (student $)
[/quote]
</p>
<p>how does workstudy work? I had one last year, but didn't really bother to figure how it all contributes to the total cost of my education. It was just pocket money for me.</p>
<p>A workstudy (This year it's about $2000) they way you put it, is to help offset the incremental costs. So if I keep my incremetal costs below 4000, say hypothetically $0, then I can allocate the 2000 that I earned to my direct cost of education?</p>
<p>Ok, when you added up the direct cost of your education you stated that you were off by $2000, (did you factor in the loan?). If you are off by 2000 by not taking the loan then that is great. With a little work you could be on your way to graduating with out or reduced debt.</p>
<p>It seems that part of your 2000 student contribution is to be used toward paying for your education. so if you are working over the summer, save the money so that you can pay the 2000 that is missing from the direct cost of your education. </p>
<p>Workstudy is usually a part time on campus job. You may end up working any where from 5 to 10 hours a week. Check the student employment section at your school to see how many hours in a typical work study job on your campus and the rate of pay. You work, at an on campus job, library, office, lab, dining services, you put in your hours and you get paid about every 2 weeks. Take the work study job as there are valuable skills to be learned and you willhave som pocket money.</p>
<p>Does your school have resident advisors? See what the process is for becoming one. At some schools being a RA gets you a free room saving thousands of dollars. My D was a RA while she did not get a free room, she got paid a $3000 stipend.</p>
<p>There are ways that you can look to save $$. Look up your syllabus and book list early. Your school library will usually have a few copies of your text book on the shelves. This is the case where the early bird does catch the worm. I am a current grad student and I did research early to borrow books from the library saving money.</p>
<p>If the teacher gives your course packs with readings, if the course packs are journal articles look up the articles your self electronically and save as PDF files or if they are not available as a pdf file, copy and past them into word documents and store on your computer. You can read them at your leisure. Even if you print them in the library, it will be less expensive than purchasing course packs.</p>
<p>Learn how to swap books with friends. If your professor requires the 6th edition and your friend has the 5th, borrow the 5th and take good notes because there will not be a lot of difference in the content of the books.</p>
<p>If your college has a cvs, get a CVS card, and use it when you make purchases. You can accumulate cash back and get discount coupon for things. Sometimes you can go and they will have breakfast cereal, 2 boxes for $5 (eat at home or put some in a baggie and you will save money at the cafeteria.) there is no shame in clipping coupons and getting stuff buy one get one free.</p>
<p>If you are near a grocery store, and they have fruit purchase it at the grocery store as it will be cheaper than purchasing an individual piece in the school dining hall.</p>
<p>you can think up some others but I hope that these help</p>
<p>great advice! Thanks. I can't be an RA this year, but what were some of the experiences your daugher had? I don't think breaking up parties and busting people for illegal drugs at 2 in the morning is fun.</p>