Type of aid from financial aid reward notification

Paying for College
1

<p>For my financial aid award notification from a school, it lists:
University Scholarship: 10,500
Federal Pell Grant: 2,300
Need-Based Grant: 5,070
Federal Work Study: 4,000
Federal Stafford Sub Loan: 3,500
Federal Stafford Unsub Loan: 2,000
*EST. Private Loan/TuitionPay: 20,544</p>

<p>What would the est. private/tuition loan be? is that the amount that i have to come up with on my own? i dont understand why they would include it in the award if i do..
also, for the stafford loans, i have to pay those back? what are the differences between unsub and sub?
and does work study mean that i have to work on campus and what i earn goes to my tuition?
the scholarship and grants i dont have to pay back, right?</p>

2

<p>Yes the estimated private loan/tuition payments is money you will have to come up with from another source.</p>

<p>Stafford loans are loans in your name and yes you will have to pay them back. Subsidized means the govt pays the interest for you until you graduate or drop below 1/2 time plus a 6 month grace period, the interest rate is 4.5%. Unsubsidized means you are responsible for the interest from the day the loan is disbursed, interest rate is 6.8%.</p>

<p>Work Study is money you can earn by working at an on campus work study job. You have to find, apply for and get the job then will earn the hourly rate for the job x the number of hours you work. It is paid to you in a pay check.</p>

<p>Scholarships and grants don’t have to be repaid.</p>

<p>Pretty awful aid package for someone with around a 3200 EFC (based on your pell award) as it basically gives you a $20,544 gap. Hopefully you have more affordable options.</p>

3

<p>This is an awful FA package. It includes $26k in loans per year. How do they expect a family with a low income to borrow $80k for undergrad???</p>

<p>What school is this?</p>

<p>What are your other schools? What are in their FA packages?</p>

4

<p>ahh crap. when i first read it, i thought the est. private loan thing was apart of it because at the end it said total financial aid award: 47,914 so i assumed that was a part of it.
That’s for seton hall university in rhode island</p>

<p>for johnson and wales in providence its:
sub stafford loan: 3,500
unsub stafford loan: 2,000
federal pell grant: 2,300
federal SEOG grant: 100
federal work stufy - level 1: 2,200
johnson and wales grant: 3,500
JWU admissions award: 1,000
presedential academic schol.: 8,000
TOTAL: 22,600</p>

<p>and im not sure about wentworth institute of tech or eastern connecticut state university</p>

5

<p>???</p>

<p>Isn’t Seton Hall in New Jersey? </p>

<p>*for johnson and wales in providence its:</p>

<p>sub stafford loan: 3,500
unsub stafford loan: 2,000
federal pell grant: 2,300
federal SEOG grant: 100
federal work stufy - level 1: 2,200
johnson and wales grant: 3,500
JWU admissions award: 1,000
presedential academic schol.: 8,000
TOTAL: 22,600*</p>

<p>What is the COA for J&W? </p>

<p>Did you apply to any financial safety schools? Did you apply to any in-state publics?</p>

6

<p>ooh sorry yeah, i meant new jersey but i was thinking on johnson and wales when i wrote it down. </p>

<p>here’s a break down of everything</p>

<p>SETON HALL
COST OF ATTENDANCE
Estimated Tuition & Fees…………………32,190
Estimated Housing……………………7,774
Estimated Board…………….…………….………3,112
Estimated Books/Trans./Misc……….………4,838
TOTAL: 47,914
FINANCIAL AID
Fed Sub Stafford Loan………………….………3,500
Fed Unsub Stafford Loan…………………….2,000
Fed Work Study……………………………….….4,000
Fed Pell Grant……………………………………….2,300
University Scholarship……………………….10,500
SHU need-based grant…………………………5,070
TOTAL: 27,370
GRAND TOTAL TO PAY: 20,544</p>

<p>JOHNSON AND WALES
COST OF ATTENDANCE
Estimated Tuition & Fees…………………24,429<br>
Estimated Housing & Board………………9,918
Estimated Books/Trans./Misc……………5,000<br>
TOTAL: 39,347
FINANCIAL AID
Fed Sub Stafford Loan……………………….3,500
Fed Unsub Stafford Loan……………………2,000
Fed Work Study ………………….………………2,200
Fed Pell Grant……………………….……………2,300
University Scholarship……………….……….1,000<br>
Fed SEOG grant………………………………….….100<br>
J&W Presedential Acad. Schol……………8,000<br>
J&W Grant……………………………….…………3,500<br>
TOTAL: 22,600
GRAND TOTAL TO PAY: 16,747</p>

<p>EASTERN CONNECTICUT STATE UNIVERSITY
COST OF ATTENDANCE
Estimated Tuition & Fees………………….7,983
Estimated Housing……………………………5,410
Estimated Board………………………………4,170<br>
Estimated Books/Trans./Misc……………5,822<br>
TOTAL: 23,385
FINANCIAL AID
Fed Sub Stafford Loan……………………3,500
Fed Unsub Stafford Loan……………….2,000<br>
SHU need-based grant……………………5,070<br>
CT State Univ. Grant………………………5,921
CT Grant of Public Colleges……………2,100<br>
TOTAL: 13,521
GRAND TOTAL TO PAY: 9,864</p>

<p>WENTWORTH INSTITUTE OF TECHNOLOGY
COST OF ATTENDANCE
Estimated Tuition & Fees………………….……………22,870
Estimated Housing……………………………….…………11,000
Estimated Books/Trans./Misc……………………………5,000<br>
TOTAL: 38,870
FINANCIAL AID
Fed Sub Stafford Loan……………………………….………3,500
Fed Unsub Stafford Loan……………….…………………2,000
Fed Work Study ………………………………………………1,200
Fed Pell Grant…………………………………………………2,300
University Scholarship……………………………………2,000
WIT Merit Award Schol………………………………….6,500<br>
TOTAL: 17,500
GRAND TOTAL TO PAY: 21,370</p>

7

<p>^^^
Add $5500 to each of your “Grand Total To Pay” figures. You will still need to eventually pay your Stafford Loans.</p>

8

<p>I think you should be getting a $2300 Pell grant at Connecticut – that’s a federal entitlement; if you are eligible for it at one school you should be eligible for it elsewhere.
That brings the annual out-of-pocket down to $7500 at Connecticut, and their $5822 for books, transportation and miscellaneous looks very, very high. I’d have expected something closer to $3000 for that, but all the schools you’ve listed seem high for that. Maybe things just cost a lot more in New England? </p>

<p>But, even if your family is able to contribute its full EFC of around $3200, that still leaves you quite short.</p>

<p>Did you apply to any other schools? Local public schools or community colleges? Each of the schools here is proposing both a very heavy debt load and a huge out-of-pocket expense for a family like yours, and it doesn’t look very manageable.</p>

9

<p>None of these are financial safety schools.</p>

<p>Did you apply to any schools that you could commute to?</p>

<p>What is your likely major and career?</p>

10

<p>eastern is the closest school, its only a 45 minute to an hour commute but my parents dont want me to travel. that would make the estimated books/trans/misc section cheaper. </p>

<p>i’m going to major in graphic design/advertisment and minoring in web desiign.</p>

<p>i also have a twin brother looking to go to college as a freshman too in the fall.</p>

11

<p>*but my parents dont want me to travel. *</p>

<p>How much are your parents contributing each year? If not much, then you really do need to either commute or perhaps go to a CC for 2 years and then transfer.</p>

<p>Where is your twin going and is he facing the same financial situation?</p>

12

<p>i am pretty sure that my parents are covering everything but it does look like i’m going to be going to eastern however for the financial aid letter it doesnt say anything about the pell grant… is that supposed to be offered also? </p>

<p>my brother is probably going to go there too. we might commute, if not, my dad is looking to buy a house or condo, or for us to stay with relatives by the school</p>

13

<p>Every school should include the Pell. If a school does not include it, you need to ask them to include it. Pell is a right to those who qualify.</p>

<p>You have an EFC of around $2300, so you get Pell no matter which college you go to.</p>

<p>As for your dad buying a condo for you to live in. That will be considered a second home and could hurt your EFC next year. You’d likely lose your Pell next year.</p>

<p>However, if you and your bro rent a cheap apt and share, that should cost less than the two of you in dorms.</p>

14

<p>Hi, our efc is about $4800.
My son’s fa package is:</p>

<p>university grant of 3000
pell grant 700
stafford subs. loan 3500
unsubs loan 2000</p>

<p>gap of $30,000 including our efc.</p>

<p>This is overwhelming.</p>

<p>Other colleges are about the same.</p>

15

<p>Sorry, I am new to this, is this typical fa package for people with a similar efc?</p>

16

<p>With certain schools yes, though it really varies on the university. Not typically for a in-state school.</p>

17

<p>Dadcollegekid: Does your child have acceptances at other schools? Is there a non-custodial parent who the school is expecting to contribute? (Does the school use the College Board “Profile” financial assessment in addition to FAFSA?)</p>

<p>The package you listed is pretty much completely out of question unless there are some very substantial resources available to the student not reflected in the FAFSA EFC. </p>

<p>You might get more helpful responses if you started a new thread, and provided a little more information about the other options your child has, possible major, ACT/SAT score, and state where you have residency. There are a number of colleges that still are accepting students now, and folks may be able to help you find them. The Parent’s forum might be the right place to ask.</p>