Tag Archives: cost of attendance

Top 5 Things This Financial Aid Counselor Wants You to Know

13 Apr

 

Whether you are an incoming freshman or a returning senior, financial aid can be confusing. As financial aid counselors, there are things we really want all students to know. Here are the top five things this financial aid counselor wants you to know.

There is a limit to how much financial aid you can receive.

Every school will give you something along the lines of an “Estimated Cost of Attendance” or “Budget.” This is your limit on financial aid at your university and students cannot have financial aid over this amount. This amount will vary at different universities because it takes into account your tuition, room and board, and other estimated expenses that are specific to each university.5 Fin Aid things.jpg

There is a difference between your Estimated Cost of Attendance and your bill.

Your Cost of Attendance is a term that is interchangeable with ‘budget.’ It will include estimated costs for expenses like books and supplies, transportation, housing and food, miscellaneous costs, etc. . (Consider either using all double quotations or single quotations. Double quotations are used above for “Estimated Cost of Attendance” and “Budget” – which is also capitalized – but single quotations are used here for ‘budget’ – which is also lowercase in this instance.)

The university is not going to bill you for estimated miscellaneous costs. If you’re not living on campus, you will not be billed the amount for ‘room and board’ (quotes) on your Estimated Cost of Attendance. Your budget is a list of estimated expenses you may have for the year. Your bill is what you will actually owe. Your budget doubles as your financial aid limit, as mentioned previously, but it’s also a way for you to “budget” (quotes) for expenses that may pop up during the year.  In actuality, your bill will only be tuition and fees (and housing and food if you stay in a dormitory).

Financial aid counselors want you to understand this difference because we often see students taking out loans to cover their entire budget. In reality, these students could have saved themselves thousands of dollars had they known they wouldn’t be billed for their entire Cost of Attendance.

You can get a refund.

So why does your Cost of Attendance/budget even bother to include expenses you won’t be directly billed for? The answer is simple. It’s so you can get financial aid to help cover extra expenses, and this is done with a refund.

Since your budget includes costs like miscellaneous expenses, you may find that you have a budget of $20,000 when you only have a bill of $17,000. This means you potentially have financial aid $3,000 in excess of what you need to cover your bill. In a situation like this, the Bursar’s Office will issue you a refund check. This refund can be used to help cover any of your academic expenses that you won’t be automatically billed for such as: books, supplies, transportation, and miscellaneous expenses. If you are staying off campus in an apartment, fraternity, or sorority, instead of living in a dormitory, this refund can also be used to help cover your off-campus rent.

Your grades really matter.

Believe it or not, grades actually matter when it comes to financial aid. Students must meet Satisfactory Academic Progress (SAP) in order to remain eligible for financial aid. SAP is measured at the end of every semester, even if you didn’t take classes, and Purdue notifies you by email of your new SAP status. Purdue’s SAP Policy can be found online on the Division of Financial Aid website.

There are no dumb questions.

We are here to help! We understand that financial aid is very confusing, especially if you are brand new student. It’s our job to answer any financial aid questions or help explain things that may seem confusing. Above all, we hate seeing a little issue turn into a big issue just because a student was scared or embarrassed to ask us a question. We’ll be excited that you are seeking more information, and you’ll never know unless you ask.

Are you a student at Purdue who has questions about financial aid? Please feel free to contact the Division of Financial Aid via email or phone.

Cost of Attendance: Explained

21 Sep

Whether you know it or not, there is a limit to how much financial aid you can receive in a year. This is reflected in your Cost of Attendance (COA), which is sometimes referred to as your “budget” when speaking to a financial aid counselor. It includes 1. Tuition & Fees; 2. Housing & food; 3. Travel; 4. Books/ Supplies; and 5. Miscellaneous (think laundry or other random expenses). Your COA is NOT what you are being billed, rather it is an estimate of the total cost of attending school for one year.

  1. Tuition is the biggest variable between students when it comes to COA. The three different standard levels of tuition are based off of your residency as shown on the chart. This will also include your differential fees as well.tuitionfees-image.jpg
  • Differential Fees are added tuition costs for certain colleges or with specific majors (Engineering, Krannert, Polytechnic, and Computer Science).
  • Then, there are fees for classes like horseback riding, wine tasting, etc. While these are added to your bill like Differential Fees, they are not automatically added to your COA! The exception is the course fees for Aviation Tech majors.
  • These Differential and Course Fees are the same for every student regardless of residency.
  1. After Tuition & Fees, everything else other than Travel is the same for each student’s COA, regardless of their residency.housingfood-image
  • Outside of tuition, your biggest expense is almost always going to be your housing and food.
  • If you live on-campus or have a meal plan, this will be included in your bill from Purdue.
  • However, if you live off-campus it will not be on your bill but will still be included in your COA.

Your COA says that on average you should be spending $10,030 combined for your housing and food costs. Depending on your situation this might be much higher than you actually need or it might not be enough.

  • If you find that your housing and food costs will be significantly lower, consider borrowing less if you are taking out student loans.
  • If it is much higher and you need financial aid to help, contact the Financial Aid office.travel-image
  1. The travel portion of the budget is one that will end up extremely different from one student to the next. This is generally meant to be enough for a student to visit home twice throughout the year, but as you can bet the $370 is woefully inadequate for an International Student unless you’re driving to the closest areas in Canada from West Lafayette.bookssupplies-image
  1. Books and Supplies attempts to estimate the costs for your textbooks and other supplies needed for the year (pens, folders, notebooks, etc.). You may also consider using this money in order to buy a computer for yourself in order to do your classwork. If this is the case and your current aid will not be enough to cover it you may consider contacting the Financial Aid office to help increase your budget.miscellaneous-image
  2. The Miscellaneous category are all of the other incurred student costs that don’t fit neatly into the other categories. Costs like toiletries, laundry, clothes, and other personal expenses are included in this diverse category. Although they are smaller purchases, if they are unaccounted for, they can chip away at anyone’s budget.

If you feel like your Cost of Attendance is not representative of your costs of being a student at Purdue for a year and gives you too little room for aid, please contact our Financial Aid office. Conversely, if you find it is higher than you need and you are borrowing to help finance your education, seriously consider taking less in loans! Every dollar you don’t borrow is one you don’t have to pay back – with interest. You are also able to have allowances for child care or other dependent care and costs related to a disability, which is also added into your COA, but you must contact the Financial Aid office for assistance.

Keep in mind that if you increase your Cost of Attendance, that only increases how much aid you are eligible to receive! If you already have less aid than your COA, you probably won’t be getting more just by increasing it.

Financial Aid Contact Information:cost of attendance explanation.jpg
Walk-in appointments in Schleman Hall room 305
Call-in at 765-494-5050
Both available from 8:00 a.m. – 5:00 p.m. EST Monday through Friday.

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