Understanding my aid award: Personal Expenses

Good morning everyone; :slight_smile:
I have received a full ride from Stanford University and I want to know what is meant by “Personal Expenses”.
Am I going to receive this money and use it to pay for my personal expenses or do I have to bring a couple of grands to cover different expenses?
P.S: I am an international Student :slight_smile:

Thanks for your help :slight_smile:

Post the details of your financial aid award.

In D’s prelim letters, I have seen “expenses” in lump sum and in others, broken down more specifically. Probably why you’re being asked for details. For instance, a school of my D’s has been pretty clear on breaking down the larger lump sum into X for books, Y for transportation, Z for other expenses (running to the store, pizza, movies, laundry etc).

Thank goodness D likes lifeguarding. She’ll be doing a lot of it this summer, LOL (we have asked her to put skin in the game by covering the expenses part).

You need to talk to Stanford’s financial aid office. Usually schools deposit the financial aid funds by semester into the studen’t’s Bursar account. The direct billed items such as Tuition, fees, room, board, health care premiums are taken out first. It usually takes a couple of weeks into the semester for the excess to be released to the students. So usually students have to come up with the seed money for supplies needed for college, transportation and even books though often vouchers are given for those at the campus books store. In other words, until you show up on campus and the aid pays your college direct billed items, you don’t get a dime.

However, you are a full pay international student, and there may be some provision for that. For those with very high financial need , who have to come up with money to get to the school and it involves a plane ticket or other pricey means, something might be able to be worked out. But that is up to the school. Some schools won’t even release the personal expenses portion of the award until after the drop date for courses.

Most schools are not interested in sending the money without the student showing up first, as they could lose the money that way with the student not appearing but pocketing the money. But again, you need to talk to Stanford financial aid, maybe admissions. You need to find out what your options are for your situation.

http://www.msn.com/en-us/money/careersandeducation/stanford-just-made-tuition-free-for-families-earning-less-than-dollar125000-per-year/ar-AAakt3k