<p>Hey y'all! I have a question about the way schools do budgeting for financial aid packages. I'm going to keep it vague, but let me know if you need more details to answer the question. Anyway, in all the financial aid packages I received, the schools always add categories on top of Tuition and Fees. Like, let's say Tuition and Fees are 40K. And then in addition to that, they'll budget some money for other expenses. For example, they'll say Food Expenses are 1.5K, Books and Supplies are 1.5K, and Transportation is 1K. What I'm wondering is, do I have to pay the school itself for these expenses? Obviously, they don't count as part of the tuition, so...does that mean the money for that stuff comes out of my pocket/bank account and goes to, say, the bookstore or the gas station? If I give that 4K directly to the school, then I can't actually buy my books or gas...
Unless there's something wrong with my reasoning? Help me out here please!</p>
<p>The numbers the schools use are usually composites. Sometimes there is not a single student who hits those numbers exactly. What’s usually used for room costs is the price of an average double room and the meal plan priced is the most common one used by freshmen. Many school require freshmen to be on a meal plan if they live on campus. As for books, transportation, supplies, miscellaneous==no, you do not pay the school directly for those costs. THey will vary even more from student to student. You can be in a course that is text book heavy, for example. You can buy your text books from used sources to cut the cost down from what the school states. </p>
<p>If you live right near the school, your transportation costs will be far lower than the number used in the COA. If you live far, have to take a plane and go home a lot, your cost will be much higher. My son doubled his transportation costs one year with medical issues that arose and I wanted him home right away. Last minute plane tickets are expensive.</p>
<p>So you have flex in those areas, Many kids live off campus at some schools and can really reduce those numbers. My one son lived very cheaply his last two years of college in off campus digs (slums) and preparing most of his own food.</p>
<p>Ah yes, I suspected that the numbers would fluctuate based on my situation. It’s difficult to predict what will happen, after all. But this money, no matter how much it ends up being, does not go directly to the school, does it? I mean, I have to get to school somehow, and subway fares and gas prices are expensive. (I will be commuting, by the way!) Are these schools asking me to reimburse them for such costs, or are they just giving me as you say “composites” of what they expect I will spend on non-tuition related things?</p>
<p>What the school lists as Cost of Attendance and what it gives you may be two entirely different things, unless you got a full ride. Usually, if you are getting federal/state funds, you have some more things to do to attain the money, and it won’t be in your account for your personal use for a few weeks into the semester. The college will take out the tuition, fees, room and board (if you are living on campus) as you have selected, and the excess will be there for you to take. </p>
<p>However, you need to talk to your financial aid office at that college if you have a large school award that you want to use. Things like the enrollment deposit, dorm deposit, and even when you get to school, supplies and books can be handled differently from school to school. My cousin’s son who is in ROTC gets a book allowance, but it was not in his account at the time he needed his books, so he paid for them and waited until the money showed up. Sometimes the bookstore or college will issue vouchers for the amounts if they know it’s coming. Sometimes not.</p>
<p>What kind of an aid/merit package did you get? Did it include some government money as well as school? What will it cover? </p>
<p>I just read that you will be commuting–you have to ask the school how they handle these things and what their schedule is in terms of releasing funds you may get from TAP, PELL, Staffords, HEOP, etc as well as their own money if any is involved.</p>
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Correct, it’s just to calculate aid. The only costs that are paid directly to the school are tuition and room and board (if living on campus) and any enrollment/computing fees.</p>
<p>Actually, the money does go to the student’s account at the school. The amounts needed for tuition and fees will then be paid to the school, with what’s left going to the student or the parents, depending the source of the funds. If the money is coming from PLUS then, the parent will be asked what should be done with the excess or the parent has to let the school know. Otherwise, the student can request that a check be cut and given or sent to the student. Stafford Loans do go to the school, so do grants and loans that the college itself bestows as well as most other government money. it goes to the school first and is then dispensed to the student according to the timing and procedures set by the individual school.</p>
<p>The OP needs to talk to the school’s fin aid department and find out exactly how this works. Also some money awarded is not automatic. I have seen awards include Staffords and PLUS and the recipients don’t understand that there is more to do to get the funds. PLUS is an application process and should not even go under awards since there is no guarantee a parent will qualify. To get Stafford funds, there is a procedure the student has to undergo, including an entrance “interview” and quiz as well as a Master PRomissory note signed. The money doesn’t just show up in a check to the student or even the school account. Call your school and find out exactly how they operate and the time line and what exactly you have to do and when to do it.</p>
<p>Sorry for all the questions. I’m just a bit anxious about everything. But I think I understand now.
@cptofthehouse, it varies from school to school. When I’ve gotten lucky it’s been a combination of school and federal aid. Others have included a loan…or three. I think I have a better understanding of how the financial aid system generally works. I will call up my schools promptly.<br>
Thank y’all for the help!</p>
<p>Once you accept a school’s offer, an account is opened for you at that school and the first entry tends to be the enrollment fee. It may go towards the tuition or be a category in itself. Usually, you have to pay the fee to get the ball rolling. If you have funds coming and want to pay out of those, you need to discuss that with the school. You will continue to have things added to your account such as Orientation Fee, Tuition, Whatever fee, and when you complete your government paperwork and they send out money such as PELL, TAP, Staffords, SEOG, Perkins, it will be to your account and will go towards those costs that the school charges. What is left, you can claim. Most schools will not automatically send you the check. You have to request it. </p>
<p>So most of the time, students need some upfront money to get things going at the college, and need to get their paperwork, or internet work done so that the funds are transferred to the school account as soon as possible and are available to you for books, transportation, etc, before you have to come up with that money out of pocket. SOme schools will give you vouchers for money they know is coming for book store purchases or other such things, but some will not. You will get the excess once the fixed expenses like tuition and fees are taken out. YOu don’t have to give the school receipts for your books or transportation or supplies, for example, unless you want a prepayment before the funds hit your account, and the school is willing to float you the money.</p>