Award Package question

[trunksvegeta]

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Hi guys,
I'm pretty oblivious to the whole financial aid thing and wanted to ask a couple questions...
I just received my award package which gives me around 61k for each year (31k fall and 31k spring).

The tuition and fees is around 45k/year.

I am supposed to notify the financial aid dept whether I want to accept/decline....as its looking does this mean that Ill have around ~15k each year for living etc expenses?

Do students typically take out as much(or all) of the award given to them, is this award amt below/avg/above for schools costing around 40+k?

Thanks in advance, Im just trying to make out this money stuff since I never really understood how it worked...appreciate it!

 

[sweettpea23]

That's exactly what I was told I would get as an out of state student at U of L (tuition=40k)

Hi guys,
I'm pretty oblivious to the whole financial aid thing and wanted to ask a couple questions...
I just received my award package which gives me around 61k for each year (31k fall and 31k spring).

The tuition and fees is around 45k/year.

I am supposed to notify the financial aid dept whether I want to accept/decline....as its looking does this mean that Ill have around ~15k each year for living etc expenses?

Do students typically take out as much(or all) of the award given to them, is this award amt below/avg/above for schools costing around 40+k?

Thanks in advance, Im just trying to make out this money stuff since I never really understood how it worked...appreciate it!

 

[Smurfette]

Yes, you need to accept or decline.
Yes, you'll have around $15-16K in living expenses
Yes, most people I know took out the full amount offered to them
Yes, financial aid is usually based on tuition plus ~$15K (varies by cost of living in your region) in living expenses if you have no income and are not a dependent.

 

[trunksvegeta]

thanks guys!

 

[trunksvegeta]

I know it's relative on location and individual lifestyle...is 15K enough to live on or pay rent with....I may be able to scrounge up some more cash this summer.

It seems like 61K is a hell lot of money to be borrowing a year...how does EFC calculate into this?

 

[trunksvegeta]

bump