DS got a full tuition scholarship.
Which leaves room and board. $10800.
Books, supplies and others is estimated at $3500. I know this won’t be that high, but wanted to include.
He was awarded $3000 in work study and $1900 unsubsidized loan.
My question is, where is the $5500. student loan? Is the work study and $1900 loan in place of it?
Assuming that you are not international. All domestic students are eligible for $5500 federal loan, only part of which is subsidized for eligible students. Work study is a totally separate thing.
We are not international. So should get the 1900 subsidized and then the difference in unsubsidized?
It doesn’t sound like your kiddo is eligible for a SUBSIDIZED loan…but he should be able to get $5500 in UNSUBSIDIZED loans.
Call the financial aid office and make this request.
oops sorry, I typed that wrong. The $1900 IS subsidized.
Then your kiddo,can get the balance of the $5500 Direct Loan as an UNSUBSIDIZED loan.
But when you call…do,ask if any more can be subsidized. Up to $3500 of that $5500 can be subsidized if there is student financial need. Ask.
Exactly what kind of subsidized $1900 loan did it say it was? If it said “Direct Subsidized Loan” or “Federal Direct Subsidized Loan,” then, yes, it must be part of the $5500 in total federal direct loans you’re eligible for.
If it said anything else, like “Federal Perkins Loan,” then it might not be part of the $5500. My D was offered $3500 direct subsidized, $2000 direct unsubsidized, and $1500 Federal Perkins loan (where the interest is subsidized) from one school.
In any case, if you want to borrow more than $1900, you will need to contact the school. And I agree that it’s worth seeing if you can get another $1600 worth of loan subsidized.
Federal work study and subsidized loan are need based, if COA minus aid, minus EFC doesn’t leave any need, then all of the $5,500 loan will be subsidized. Looks like your need was $4,900. $1,900 (subsidized loan) and $3,000 for work study.
How much is COA? Tuition, fees, room, board, books and other expenses.
T&F + $10,800 + $3,500 =
$1900 Loan was federal direct subsidized.
$28,776.38 / yr
Tuition and fees 14402.38
Housing and meals
10,872
Books and supplies
1,048
Other education costs
2,454
He has a full tuition scholarship. Work study hopefully will take care of books and other costs.
Basically I was just wondering if he was still going to be able to borrow the full $5500. whether it be subsidized or unsubsidized.
You need to ask the school. Only $3500 of that loan CAN be subsidized. The rest would,be UNSUBSIDIZED.
Call the school and ask for the REST of the 5500 be given in loans…likely unsub
Books, supplies and others is estimated at $3500. I know this won't be that high, but wanted to include. <<<
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You may be surprised. That is only about 2400 for misc expenses. College students do tend to spend a couple hundred a month on whatever. The $3k in work study will likely go towards those day to day expenses…pizza with pals, movies, dates, Uber, etc.
His classes may also have “course fees”…that can be another expense.
Does the scholarship cover tuition and fees, does it go up with future tuition increases?
Yes, your son should be able to borrow the full $5,500. Part subsidized and part unsubsidized.
Once housing assignment and meal plan chosen is reflected on the bill, it might change yet.
In his student portal, he should be able to accept and decline his aid.
The work study is income he will earn once he gets a job at school and gets paid, it won’t be available up front.
The school will bill tuition, fees, room and meal plan charges by semester, and apply the tuition scholarship and half of the accepted loan (minus about 1% origination fee) per semester. The rest is billed to you.
Books can be rented and bought used. That can save some money. The student can stock up on toiletries and such when leaving, and pay for personal expenses at school with the work study income.
How much is your EFC?
Cost of attendance ($28,776.38) - EFC = demonstrated need
Your need was met with the following
14402.38
3000 work study
$1900 Loan
$19,302.28
Is your EFC at least $9,474.1 If yes, then the school determined that you had no need and did not offer you a loan (there is no gap in your packaging). However, this does not mean that your child cannot borrow the $3600 as an unsubsidized loan (which means the meter starts running on the interest). If he takes this loan, it will leave you paying $5874.10
Your son should also get a job to defray some of his costs as he will still need money in his pocket for start up costs. Even if he is getting a refund from his loan, he will still need books and supplies on day 1.
“College students do tend to spend a couple hundred a month on whatever. The $3k in work study will likely go towards those day to day expenses…pizza with pals, movies, dates, Uber, etc.”
This. Kid may be surprised how expensive it is to live (with some quality of life – ie not just rice and beans 24/7).
My kids were quite surprised to learn how much I spent on groceries and other necessities. They understood Starbucks is $5, but it didn’t occur to them that all those treats they toss in the grocery cart add up too.
We were on a trip and need more gas. My daughter asked “Didn’t you just put gas in this morning?” Yes, honey, the car drinks gas and you have to continuously refill it, at $50 a pop.