Financial Planning Worksheet
The numbered steps of the worksheet below and notes at right are designed to help you plan for payments prior to enrollment each semester. Keep this worksheet for your own records. 1. Determine your basic costs Tuition and Fees ……………… Room and Meal expenses …… + Fall Semester ____________ ____________ ____________ Spring Semester ____________ ____________ ____________
Notes
Estimated 2008-2009 EMU Undergraduate Cost of Attendance
Tuition and Fees (per semester, full time) Room and Meals (per semester) ……….. Books (per semester) …………………… $11,640 3,600 500 _____ $15,740
Scholarships and Grants- Use your Award Letter as a guide. However, you may be aware of other scholarships and/or grants you will be receiving that are not yet listed on your current Award Letter. Note- Since Student Employment funds must be earned, they are excluded when determining the expected cash payment. Federal Perkins and Federal Nursing Loans- Not all students are eligible for these loans. If you are eligible, the amount for which you are eligible will be included on your Award Letter. Federal Stafford Loans- Your Award Letter will provide you with eligibility amounts. Only include the amount you intend to borrow. Application for these loans is initiated by completing the enclosed Loan Request form. Parent (PLUS) Loan- The amount shown on the Award Letter, if any, may be used as a guide for the amount to borrow. The maximum amount that may be borrowed each year is determined as follows: Total Cost minus Other Aid. (Other aid must include Student Employment Eligibility.) Deduct 3% lender fee from Stafford and PLUS loan amounts before entering the amount on this worksheet. The Loan Request Form (enclosed) and all other loan documents must be received by August 1st for loans to be processed prior to payment due date. Monthly Payment Plan- Information about the Tuition Management System (TMS) monthly payment plan can be found at www.afford.com (800)-722-4867 Student Alternative Loan- The maximum amount that may be borrowed each year is determined as follows: Total Cost minus Other Aid. (Other aid must include Student Employment Eligibility.) Please note Student Alternative Loans have adjustable interest rates that often exceed the fixed rate of the Parent PLUS loan.
Books, supplies, course fees, etc. + Total 2. Enter your total grants and scholarships
3. Subtract the total grants and scholarships from your estimated cost.
Step 1 minus Step 2
4. The amount in step 3 (cost minus grant and scholarship) may be paid through a variety of financing options; the most common are listed below. Enter the total amount for options you choose. Federal Perkins or Federal Nursing Loan … Federal Subsidized Stafford Loan ……… + Federal Unsubsidized Stafford Loan ….. + Monthly Payment Plan (TMS contract amount) + ____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________
Parent Loan (PLUS or Student Alternative loan) + ____________ Total Financing Options
5. Subtract the “total financing options” from the amount you calculated in Step 3. Step 3 minus Step 4
6. The amount calculated in Step 5 is the approximate amount of cash resources you should have available prior to enrollment each semester. If you have questions about tuition, room and meal charges or the monthly payment plan, please contact the Student Accounts Office at: (888) 432-4112. If you have any questions about grants, scholarships, or loans please contact the Financial Assistance Office at: (800) 330-9683. EMU Payment Policy
Tuition, room and board charges less processed financial aid are due one week before classes begin for each semester. Unpaid accounts may be subject to the following: 1.) EMU network access for student-owned computers will be denied 2.) Charging to the miscellaneous account will be denied 3.) Grades, transcripts, enrollment, class attendance and diploma will be denied 4.) Monthly finance charge of 1.5% (18% annually) will be assessed 5.) Delinquent accounts will be reported to the Credit Bureau 6.) Collection and/or attorney fees necessary for collection of unpaid accounts will be paid for by the debtor.