UConn Fin Aid Packet help!

Paying for College
1

<p>I recieved my financial aid letter today and I'm having trouble
understanding it.
I am recieveing the following aid for my first year, both semesters:
Fed Sub Stafford Loan 3,500
Carl Perkins Federal Loan 1,600
Undergrad Work Study 1,800
Tuition Remission Grant 5,000
University Grant 2,000</p>

<pre><code> The total is $13,900.
</code></pre>

<p>However, for a dormitory out of state student, everything totals out
to be $29,828.
$29,828 - $13,900= $15,928 is unaccounted for. How do I pay for the
remaining $16,000?</p>

2

<p>What is your EFC?</p>

3

<p>My EFC was 4,213.</p>

4

<p>Few state schools meet need for OOS students. Very few colleges meet full need period.</p>

5

<p>Yeah, but that's 16,000 and 4,000, a big difference.</p>

6

<p>To the OP...U Conn does not meet full need for finaid. AND you are applying for aid as an out of state student. Most state U's feel an obligation to provide aid to their instate residents (since their families are the ones paying taxes to support those in state public U's). The package you got from U Conn actually looks pretty good for an OOS. Most of your tuition is covered. It's your room and board that is not. Consider also, that any finaid for room and board is considered taxable income.</p>

7

<p>Consider also, that any finaid for room and board is considered taxable income.</p>

<p>What exactly does that mean?</p>

8

<p>It means that you (if you file taxes separately) or your parents must declare room and board as income on your taxes.</p>

9

<p>Stipends that are in excess of the cost of tuition and fees are considered taxable income for the student. In other words, if you go to a school where the tuition is 15,000 per year, and room and board are 10,000 per year...and you get a $25000 per year scholarship, $10,000 of that would be considered taxable income for the student...and yes, you would have to file taxes on that.</p>

10

<p>Although you would pay very little in taxes on it!!!</p>

11

<p>I got my Uconn thing too yesterday. The grants scholarships and those two loans didn't cover everything for me either. So then they said my parents could take out a PLUS loan for $13,442 (or something) and that would make up for the difference. So I'm guessing your parents/guardian would have to take out a loan for you... Mine stated that.. I would think yours would too...?</p>