Hello! The college I have enrolled in has a COA of $70,063. I received $58,563 in grants. After federal loans and work-study, my family will have to pay $3500. What will the grants cover? For example, I have to pay $800 for housing deposit; will I be paying for it out-of-pocket? Does a check for $3500 come every year, or is the cost more fluid (with textbooks, personal costs, etc.) Thank you!
The Grant and loan money you receive will be used by the university to pay their billable costs first and foremost. These billable costs are tuition, fees, room, board, and health insurance (if you don’t have family coverage that meets the school requirement).
So…what ARE the billable costs? Does your $58,583 plus $5500 in Direct Loans cover those billable costs?
With regard to work study…this is earned by working a work study job. It’s like any other job. You won’t get paid until you work. Usually this money is used for personal expenses.
You will not get your need based aid in time to lay your $800 deposit, so you will need to pay that yourself.
If your grant plus federal loan money does exceed the billable costs, you will get a refund. The disbursement schedule on this is up to your college.
Not user what you mean by this question. Why would you receive a $3500 check? Is this the loan amount?
Enrollment and housing deposits are generally paid out of pocket. The grants and loans will first cover direct billed costs (tuition and fees, room, board), and any excess is usually refunded to the student and can be used for indirect expenses (things that the school will not bill you for, like books, personal expenses and transportation costs). If direct billed costs exceed the total of grants and loans, the school will bill you for the balance, usually before each semester begins.
This depends on the school. What are tuition, room, board, fees? Some schools will cover the deposit until the bill is due.
You recently asked about a Cal grant. Is this for USC? What is their cost of attendance breakdown and what did you get in your financial aid package (loans, grants, scholarships)?
Your institutional grants and Pell grants get applied to direct costs (tuition, room and board). You only get a refund if the grants and loans are more than the total of the direct costs. Work study money is paid as you earn it, so don’t depend on that for anything except living expenses the first semester and (if you can save some) maybe to help with books during the following semesters. You’re living overseas, right? Do you have health insurance or do you have to buy the college’s?
Yes, this is for USC. Here is the breakdown of their COA:
Tuition - $51,442
Mandatory Fees - $1,125
Housing - $8,650
Dining - $5,698
Books & Supplies - $1,200
Transportation - $576 (expected more because I live abroad)
Personal & Miscellaneous - $1,306
Other Educational Costs - $66
Here is my financial aid package:
Estimated Federal Pell Grant - $5,815
Estimated Cal Grant A - $9,084 (Still under review because I don’t know if I qualify for it)
Federal SEOG - $500
University Grant - $39,164
University Scholarship - $4,000
Federal Work-Study - $2,500
Federal Loans - $5,500
Estimated remaining cost: $3,500
So my direct billable cost is $66,915 and since grants are $58,563, I will have to pay $8352 to the school. Is this correct?
Then are the remaining COA (books, supplies, personal expenses, etc.) not paid towards the school?
@austinmshauri I think I will be under ObamaCare when I return to the States. Would this qualify as an acceptable health care?
Thank you for your time!
No, not correct. The federal loans will be disbursed to the school and will offset direct billable costs.
Direct billable costs ($66,915) - Grants and Loans ($64,063) = Amount the school will bill you for ($2,852). Divide this number by two to get the amount you will need to pay to the school each semester. You will start paying the loans back after you graduate.
Right. You shop for and pay for this stuff on your own.
You will have to ask USC this question. The school has its own criteria as to what is acceptable health insurance.
Yes, looks like the school will bill $8352 for the year (if eligible for Calgrant). If you take the $5500 loan you would have $2852 left or if you just take the subsidized loan of $3500 you would have $4852 left to pay.
You need to ask USC what insurance coverage will satisfy their requirements.
Make sure you work this summer if possible to have money for travel, first semester books and supplies, some spending money. The school will not bill you for those expenses.
$2500 work study for the year will give you about $83 a week (if 30 weeks per school year), if you only spend $50 then you would have about $1000 left for books and such.
How do you qualify for Cal Grant if you live abroad?
Thank you to everyone for your replies!
@4kidsdad I am originally from CA but I thought that I wasn’t eligible because of my status abroad. I wrote this on my other thread:
"I received an email from Cal Grant in late April notifying me that I did not file the GPA Verification Form. I don’t know what is going on, but I have mailed it to them just in case I am eligible.
So until I hear from them, I am in a pickle. USC included the Cal Grant A in my financial package [because they thought that I was eligible]. Should I wait to hear back from Cal Grant of my eligibility (which may awhile) before I call USC’s financial aid office? I want to ask USC: In case I am not eligible and I never was eligible to receive the Cal Grant, will I be responsible for covering that cost? The first year of college would become very financially difficult for my family without the grant. Does anyone have experience with this?"
I didn’t know that I was being considered to receive the grant until USC included it in their package. USC said I would receive it when I explained my confusion, but the notification from cal grant came a few weeks after I called USC.
You should contact USC about your concerns now! You should find out if USC could increase the financial aid in case that you’re not eligible for Cal Grant.
Obama care is not an insurance policy, but a law that requires each person to have insurance and then provides ways to pay for it. You may qualify for Calmed (medicaid) but you’ll have to see if you do. I don’t think your resident status is clear.
And it can take a while to get approved for Medicaid under the ACA
Have your parents been filing California resident income tax returns these past several years?