Tuesday, May 17, 2011

My financial aid package came in!

Today is a good day.  I got my financial aid package and the news is excellent.  They've approved me for some Federal loans, no surprise, and given me the maximum amount of subsidized Stafford loans - the best Federal loans to have.  But the best news is the grants.  Drum roll please......................................

Wait for it.....

Wait for it.....

Wait for it.....

$34,500  in amazing grant money for my first year and the expectation, but not guarantee, that it would be similar for the second year.  I'm really pleased with this outcome.  $34,500 is way more than I was expecting.  Call me a pessimist but I was worried that I might not get any grants at all.  That would have made my goal of not taking out student loans a big stretch. Financial Aid office, you just made my day.

Applying that grant aid to my student budget for the first year:

Tuition and Fees  $53,946
Health Insurance   $3,153
Room and Board $21,088
Books and Supplies   $4,163
Cost Total $82,349
Grant Aid $34,500
Outstanding Total $47,849
Fixed Expenses Outstanding $19,466
That made a big dent in the total student budget.  I am most interested in how much I have to pay come bill time which is the last row in the table - $19,466.  I could pay for nearly half of that with my 529 alone and write a check for the rest!  I'll have to run the numbers as I get closer to paying to make sure I had enough for living expenses during the year (in case I don't work), but I am a very, very happy camper right now.  I have an excellent shot at meeting my goal for the first year!

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  1. Hey stumbled onto your blog from a comment you left on fabulouslybroke.com. Congrats on the financial aid package. It's huge!

    I'm actually starting Booth this fall for my mba too. Just wondering if you've looked into scholarship applications to further subsidize your tuition.

    I have somewhat of a different approach to pay off school. I'm trying to startup a few passive income stream to cover my basic living expenses while in school. Would be interesting to compare notes with you!

  2. Paul, I'd love to hear more about what you're doing with the passive income streams (and I love your blog title).

    I've looked into some scholarships and searched via Fastweb, Google, and my school's resources, but haven't found many I qualify for. I plan to look into it further but several of the scholarships my school recommended had been discontinued or changed due to the market collapse which was kind of awkward. I think there are a dearth of MBA scholarships since people expect us to be able to pay everything off shortly after graduation. Have you had any luck with scholarships?

  3. I've applied to about 10 so far, but it's extremely time consuming. I also feel that the majority of them are geared towards undergrads.

    Yeah I've also looked into school websites and fastweb, but I feel like the competition for those is greatest. I actually found a few good ones in a scholarship book I picked up through amazon. Book's title is "Ultimate Scholarship Book 2011," if you're interested.

    Haven't heard back from any of the one's I've applied to though.

    Just curious, was your grant a scholarship from the school or was it similar to federal financial aid like the pell grant?

  4. I've had a similar experience. I also applied for a bunch while in undergrad and only got one of the dozens I applied for.

    The grant is from the school. I guess alumni and the school's endowment have deep pockets? I'm grateful either way.

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