| |
|
The difference between the cost of education and the amount of financial aid offered must be met through current income, savings, a payment plan, or supplemental loan programs. Direct costs (tuition, fees, room and board) are estimated to total 45,481 for resident freshman students and $33,922 for nonresident freshman students in the 2008-2009 academic year. Room and board costs vary, depending on assigned residence hall, room occupancy, and the meal plan selected. To arrive at the portion of direct costs that you must meet, subtract the amount(s) of any grants or loans offered from this projected direct-cost total. Please remember that you do not subtract the Federal Work-Study award from direct costs.
The Annual Cost Calculator below will help you to estimate your direct costs for the 2008-2009 year. To use the calculator, enter the amount of your total Financial Aid Award in the first box. Enter the amount of the Work Study portion of your award in the second box, so that it will not be included in the award total. Your remaining cost after financial aid will appear in the final column.
A number of options are available to assist families in meeting costs not covered by financial assistance. These resources, which include a payment plan and supplemental financing, can be used in addition to any current family income and savings. A detailed chart comparing financing options can be viewed in our 2007-2008 Guide to Financing. To help determine the combination of resources that will work best for your family's financial situation, you can utilize the Monthly Payment Calculator below.
You will want to begin by using the Annual Cost Calculator to determine the appropriate amount for Step #1. In Step #2, estimate how much you can afford to pay monthly for 10 months over the course of the 2008-2009 academic year. If this amount will cover the full amount of your direct costs in Step #1, the calculator will recommend that you sign up for the AMS Payment Plan only. The other three options include a combination of the payment plan and either the PLUS or MEFA parent loans or the Signature student loan.
If you are unsure about the affordability of alternative loan options, a Loan Comparison Calculator can be of assistance. It will allow you to analyze the monthly payments for three loan options at differing interest rates and loan terms.
For additional assistance, view our On-line Workshop Financially Planning your Northeastern Education.
|
|
