Financial Aid... how does it work?

[cookderosa]

Just received my financial aid award from COSC for the 6/3/13 - 8/18/13 term. I only moved to the US a couple of years ago, so am a little new to this, but am a little confused. For 3/4 time attendance, my costs are estimated as follows:

Tuition $2,898.00
College Fee $228.00
Books & Supplies $375.00
Tech Allowance $630.00
Loan Fee $45.00
Living Allowance $1,912.00
Miscellaneous $1,464.00
Total Budget $7,552.00

Parental Contribution $0.00
Student Contribution $8,841.00

My aid award is:

Fed Unsubsidized Direct Loan $5,250.00

So how would I cover the rest of it - I assume no additional loans are available apart from private loans? Is this award likely to change if I delay starting until the fall, or can I expect it to be the same? I am still working through the various straighterline/clep courses to test out of as much as possible, but I will need to take at least a few COSC courses for my intended degree.

Their breakdown is a bit confusing, but you won't pay all that money to COSC. For instance, these two fees ($3376) are just for you:
Living Allowance $1,912.00
Miscellaneous $1,464.00

From the breakdown, it appears as if you will owe COSC:
College Fee $228, Tech Allowance $630 and Loan Fee $45.00
The tuition depends on if you enroll in any of their courses (you mentioned testing, so you might only have a capstone or cornerstone tuition) and books are on you, you can buy used and if you test, you won't be buying any books. (Straighterline requires books).

So, if I'm reading this right, you'll pay COSC $903 plus tuition (if applies) and the loan overpayment will come back to you as an over-payment of $1000-$4000. You can use that to pay your CLEPs, buy books, and whatever other school expenses you have.

It appears as if your loan well exceeds your costs. Borrow wisely