Second post for the day!
I just noticed that we have a pending payment from the VA for my daughter's book stipend. The maximum per year is $1,000. She is taking 17 credits so the payment for this semester is $708.33. This means next semester the payment will be $291.67.
The VA will be making monthly payments to the school for the tuition portion they are covering after my daughter's scholarship. We expect the total for the semester from the VA to cover $6,465.75. I'm not sure how they break down payments yet, but I guess I will know more after the semester. I do know that after the first week of school, we should see the benefit on her billing account.
The VA will also be making housing payments directly to us. Our daughter is again in a dorm. This may be her final year. The housing portion (room and board) for the first semester is $5,828.08. The VA benefit is $1,112 per month and prorated for the exact days of the semester. The first payment will cover housing from Aug 21 to Aug 31, which will amount to $407.73. We expect this payment at the beginning of September.
The housing payment will be due in full on September 12. We will pay this with cash on hand. The amount we will receive from the VA for housing for the semester is $4,299.73. This leaves us paying $1528.35 out of pocket. The second semester out of pocket will be less as we will have a $400 credit for the housing deposit we made last fall applied to the housing bill. There will also be a $719 credit applied because she is a returning student (they give a discount). We expect spring out of pocket for housing to be just $176.20.
Before the book stipend payment I had about $325 set aside for college expenses. I expect I can add more on each pay period before the bill is due. We also will have a travel payment from the Army sometime in September for all the per diem owed us from my husband's school trip this summer.
We are all very grateful for the VA benefit assisting us in paying for college. So far no student loans! Right now, it is very possible we will need a loan for the last semester she attends as the scholarship will run out, our 529 savings will be tapped out, and her portion of the VA benefit will also be used up. That is a bill we would be looking at about two years from now. By then we will know more about any scholarships our younger daughter may receive. So many moving parts to consider!
VA Payment for Books Received
Second post for the day!