b'47F u t u r e s U n i v e r s i t yUnderstand the NumbersMarch 20, 2023 The total cost of attending Futures University is $38,200 for the PAYING FOR COLLEGE2023-2024 academic year. The school is offering Tammy $31,720Tammy Anderson in financial aid, including $5,300 in loans that must be repaid, and66 North 5th Street Work-Study that must be earned. Tammy and her family will needPhiladelphia, PA 19126 to contribute $6,480 toward her college education for the 2023-2024 academic year. If Tammys family does not have this money available,Dear Tammy, her parents can apply for a Federal Direct PLUS Loan or a private loan.Congratulations on your admission to Futures University!Based on the information you submitted in your FAFSA, you are eligible to receive the following financial aid for the2023-2024 school year. Changes in your enrollment, housing, residency financial, or other information may result in adjustmentsto this offer. Please let us know as soon as possible about any changes in your status while at Futures University. Further,to maintain eligibility for the Deans Scholarship, you must earn a GPA of 3.2 or above each semester at Futures University.In order to receive payment of your aid, you must demonstrate satisfactory academic progress. If a Pennsylvania State Grantis listed below, it is only an estimate until PHEAA sends you an official award notice.TYPE OF AIDFALL 2023SPRING 2024Deans Scholarship$ 5,200$ 5,200Federal Pell Grant$ 3,010$ 3,010Pennsylvania State Grant$ 1,850$ 1,850 Pennsylvania Foundation Scholarship$ 1,800$ 1,800State University Scholarship$ 350$ 350Federal Direct Subsidized Loan$ 1,750$ 1,750 Pay Careful Attention to Total DebtFederal Direct Unsubsidized Loan$ 900$ 900 Loans must be repaid. Futures University is offering Federal Work-Study$ 1,000$ 1,000 Tammy $5,300 in loans for her freshman year.Total$ 15,860$ 15,860 If she graduates college in four years and receives the same amount in loans each year, she will owe Total Aid for Academic Year 20232024 = $31,720 $21,200 when she finishes college. In addition,if her family takes out a loan to cover the difference Sincerely, between Tammys financial aid award and thecost of attending Futures University, they willowe an additional $25,920 in loans. Combined, Edward Simons that means Tammy and her parents will owe Director of Financial Aid $47,120 when she graduates from college.They will be legally obligated to pay back that money, plus interest.*This letter is fictional, designed to demonstrate the components of a financial aid package. Actual amounts will vary greatly.'