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What is the "financial aid budget"?

Discuss any ideas for budgeting and planning your finances

What is the "financial aid budget"?

Postby merrick » Sat Apr 21, 2012 2:02 pm

I'm checking my aid for a school I applied to and it gives me a page of grants and aside from that it gives me my financial aid budget. Is the financial aid budget the amount of money that I will be getting for that school year?
merrick
 
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What is the "financial aid budget"?

Postby videl8 » Sat Apr 21, 2012 2:05 pm

Generally, colleges use that term--"financial aid budget"--to detail the school's COA: Cost of Attendance.

Look to see if there's an amount for "tuition." You'll know for certain then that the term means COA.
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What is the "financial aid budget"?

Postby alo21 » Sat Apr 21, 2012 2:11 pm

Financial aid budget is also called cost of attendance or COA like the other poster said.

You need to ask your financial aid office what they include in their financial aid budget.

My daughter's college includes in their financial aid budget tuition, fees, housing, meal plan (housing and meal might also be called room and board), books, personal fees, and travel feels. The total of this is how much they are budgeting she needs to be able to cover all the costs of attendance.

The budget is not how much you get. It is an estimate of what they feel you will need. Again, its very important to see what they include in their budget. If it is not all of that as they mentioned in my daughter's then you need to budget all of that because that is all that you need.

So they will try to offer your financial aid to help you cover the amount the budget says based on your EFC, what funds are available (which why its important to file early every year closest to Jan 1) and what you qualify for.

Now you do not have to accept all the aid they offer you based on their budget. We made that mistake my daughter's first year. Her financial aid budget included 3000 in travel expenses. Travel expenses could be gas money, and also money to get to college and home when you go, come back, and for the holidays. Well we accepted all the loans it said we needed but then we realized we dont need that travel money because her univeristy is like 40 minutes away from our home and we can afford her gas during the year so we canceled one 3000 worth of loan. Also there is one for personal expenses. Well that can be for anything you need, dorm stuff, groceries, gas, clothing you may need, etc. If you feel you can pay that out of pocket and dont need a loan for all of that you can deny loan that equals that too.

The amount you will get is after they give you your award offer which will include the budget and the federal aid offer of grants, loans, work study it will say accept and deny by each type. You pick which ones to accept. Of course you would accept any grant offers because those do not have to be paid back. Then decided if you need the loans offered or you can lessen them if needed but you can always accept them and if you have left over there is no penalty to repay a loan early.

Here is a sample award: http://www.triptocollege.org/paying_colleges/figure_out/sample_letters.cfm
alo21
 
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What is the "financial aid budget"?

Postby kedrick91 » Sat Apr 21, 2012 2:12 pm

Financial aid budget is also called cost of attendance or COA like the other poster said.

You need to ask your financial aid office what they include in their financial aid budget.

My daughter's college includes in their financial aid budget tuition, fees, housing, meal plan (housing and meal might also be called room and board), books, personal fees, and travel feels. The total of this is how much they are budgeting she needs to be able to cover all the costs of attendance.

The budget is not how much you get. It is an estimate of what they feel you will need. Again, its very important to see what they include in their budget. If it is not all of that as they mentioned in my daughter's then you need to budget all of that because that is all that you need.

So they will try to offer your financial aid to help you cover the amount the budget says based on your EFC, what funds are available (which why its important to file early every year closest to Jan 1) and what you qualify for.

Now you do not have to accept all the aid they offer you based on their budget. We made that mistake my daughter's first year. Her financial aid budget included 3000 in travel expenses. Travel expenses could be gas money, and also money to get to college and home when you go, come back, and for the holidays. Well we accepted all the loans it said we needed but then we realized we dont need that travel money because her univeristy is like 40 minutes away from our home and we can afford her gas during the year so we canceled one 3000 worth of loan. Also there is one for personal expenses. Well that can be for anything you need, dorm stuff, groceries, gas, clothing you may need, etc. If you feel you can pay that out of pocket and dont need a loan for all of that you can deny loan that equals that too.

The amount you will get is after they give you your award offer which will include the budget and the federal aid offer of grants, loans, work study it will say accept and deny by each type. You pick which ones to accept. Of course you would accept any grant offers because those do not have to be paid back. Then decided if you need the loans offered or you can lessen them if needed but you can always accept them and if you have left over there is no penalty to repay a loan early.

Here is a sample award: http://www.triptocollege.org/paying_colleges/figure_out/sample_letters.cfm
You are aware that cellphones can be used for more than text-messaging, right? Like calling the financial aid office at that school, right .............
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