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Student Loan Budget Worksheet 2017/2018

 

STUDENT LOAN BUDGET WORKSHEET 2017/2018

Use the table and worksheet below to calculate the amount of loan money you will need to cover both direct and indirect costs. Indirect expenses will vary between students and may be less than the estimated amounts indicated below. Students may not borrow more than the maximum Cost of Attendance (COA) less other aid.

Cost of Attendance (COA) 2017/2018

Direct (billable) Expenses

Direct (billable) Expenses

3-Year Full-Time

2-Year Full-Time

4-Year Part-Time

5-Year Part-Time*

LL.M.**

Tuition

48,410

72,380

36,070

26,320

26,320

Fees

420

820

420

620

620

Indirect (non-billable) Estimated Expenses

Room & Board

17,676

23,635

17,676

17,676

17,676

Books

1,818

2,727

1,314

1,314

1,314

Transportation

2,728

3,637

2,728

2,728

2,728

Personal

1,636

2,181

1,636

1,636

1,636

Loan Origination Fee

220

220

220

220

220

 

Total

72,908

105,600

60,064

50,514

50,514

             

* Based on 16 credits.

**Based on 16 credits

Tuition for 2-Year Full-Time Day, 5-Year Part-Time Evening and LL.M. students is charged on a per credit basis at $1,645/credit.

EXPENSES

NOTES

The maximum amount of loan money you can borrow is limited to the estimated yearly costs less other financial aid (scholarships, grants, Unsubsidized Stafford Loan, and Federal Work Study.)

The Financial Aid Office advocates responsible education financing and borrowing. We strongly encourage you to budget wisely and borrow conservatively. We recommend the following resources and tools to gain a full understanding of loan terms and repayment conditions:

www.studentloans.gov (fact sheets and Q & A)

www.finaid.org (loan calculators)

www.equaljusticeworks.org (loan forgiveness)

www.mymoney.gov ( budget sheets )

 · Students should understand the ultimate cost of loans over time and calculate what future monthly payments will be.

· Students should be familiar with interest rates and origination fees.

· Students should be aware of interest rate calculations and understand the costs associated with deferments, forbearance and extended repayment plans verses immediate repayment.

Direct (billable) Expenses

Tuition

   

Fees

   

Total

 

Indirect (non-billable) Expenses

 

Books, Supplies

 

Rent/Mortgage

   

Electric/Gas/Oil Water/Sewer

   

Telephone/Cable/Data

   

Food

   

Transportation /Car Payment/ Repair/ Insurance

   

Gas

   

Medical/Dental insurance

   

Personal Care (Haircuts/Toiletries)

   

Clothing/Laundry/Dry Cleaning

   

Credit Card Payments

   

Dependent Care Expenses

   

Other

   

Total

   

Grand Total Direct + Indirect Expenses

   

Less : Financial Aid

   

Scholarships

   

Unsubsidized Stafford $20,500 minus $220 origination fee

   

Remaining Balance of Expenses

   

Add a 4.272% origination fee to balance if you plan to cover remaining expenses with a Grad PLUS Loan

   

Total Grad PLUS Loan or Private Loan needed to cover all budgeted expenses