Financial Aid Award Notice - Need HELP understanding what it means!

[Anonymous]

Apologies ahead of time if this question has been covered already. New to the board, and need some expert advice on how to decipher my stepdaughter's award letter.
Based on the info below - what will her tuition actually be?

Here is what the school is offering - it is out-of-state:

1) Federal Direct Subsidized Stafford Loan - $3500 (fall and spring)
2) Federal Direct Unsubsidized Stafford Loan - $2000 (fall and spring)

Financial aid award:
1) Cost of Attendance - $33,307.00
2) Estimated Family Contribution - $15,356

TIA

[Anonymous]

I read it as they are offering you loans only to cover the gap between what they think you can pay ($15,000) versus the cost of tuition ($33,000). The loans are $11,000 and they expect the student to contribute the gap of about $3000 through a part-time or summer job.

[Anonymous]

Next time, marry money.

[Anonymous]

Are the Stafford Loan totals 3500 and 2000 each semester, or both semesters?

[Anonymous]

The tuition minus the Stafford Loans is what you need to pay, which is about $28,000.

[Anonymous]

Cost of Attendance can include estimates for non-tuition expenses (room & board, books) so you should try to figure out if that is true here. It should be pretty easy to find out the straight tuition number from the school's website.

The estimated family contribution is derived from your income & assets and is what the FAFSA folks think that you should be able to contribute.

The Stafford Loan numbers are the actual loan awards. You can always take less than the numbers, but not more. You could probably also get a Parent PLUS loan if you need more.

[Anonymous]

Thanks 12:51 and 12:57. The Staffords are for both semesters - so $5500 for the year.

[Anonymous]

13:00 - if we are expected to pay $28k, why did they list the EFC as $15,356?
so confusing.....

[Anonymous]

They expect you to borrow the rest.

[Anonymous]

Anonymous wrote:Apologies ahead of time if this question has been covered already. New to the board, and need some expert advice on how to decipher my stepdaughter's award letter.
Based on the info below - what will her tuition actually be?

Here is what the school is offering - it is out-of-state:

1) Federal Direct Subsidized Stafford Loan - $3500 (fall and spring)
2) Federal Direct Unsubsidized Stafford Loan - $2000 (fall and spring)

Financial aid award:
1) Cost of Attendance - $33,307.00
2) Estimated Family Contribution - $15,356

TIA

Please call the school's financial aid office. They will clarify what it means. You don't need to try to guess.

[Anonymous]

Thanks for the brilliant insight PP. I think that most of the questions posted here can be answered with one phone call to a specific entity...but most of us go ahead and ask our questions anyhow in order to get a "broader" set of answers and spark conversation!

next.....

[Anonymous]

Anonymous wrote:13:00 - if we are expected to pay $28k, why did they list the EFC as $15,356?
so confusing.....

Because it is not a "meets full need" school. this is called gappiing.

CoA is 33,000
Loans 5500
EFC 15000
Gap 13000

You are expected to pay the EFC($15000) and the gap($13000) and your stepchild will be on the hook for $22,000 in student loans. They have given you nothing. This is quite common with out of state students at state schools. If you have another financial Aid offer that differs significantly you can see if the first school will match the second.

[Anonymous]

Thanks PPs. I have a very clear understanding of what it all means - thanks to you guys!