Payment Work Sheet
How Aid Pays
Educational Tax Benefits
How much do I pay?
Determining a family's financial obligation is an important part of preparing for college. It can sometimes be confusing to figure out how much you will have to pay each quarter. We have developed a worksheet to help you arrive at a good estimate of what your family will need to pay.
If your Offer of Financial Assistance changes, the amount you will be required to pay each quarter will also change.
To fill out this worksheet, you will need to know several things.
- Quarterly Costs. Please see tuition costs to determine what your specific tuition and room and board costs will be. These are based on the credits and housing/meal plans you have chosen.
- Your current Offer of Financial Assistance. Please refer to the offer you received for quarterly amounts of financial aid. You can also view your offer for the year in Banner. If you have not yet received an Offer of Financial Assistance, or do not plan to receive financial aid, you can leave the second section of the worksheet blank.
- If you are receiving loans, please note that some loans will have fees taken out, and the amount you are borrowing will not be the amount available to pay your account. Please adjust each of the following loan types by the percentage indicated.
- Direct Lending Stafford Loans, Subsidized and Unsubsidized:
- First disbursement on or after October 1, 2014 and before September 30, 2015: 1.073%
- First disbursement on or after December 1, 2013 and before October 1, 2014: 1.072%
- Direct PLUS loans:
- First disbursement on or after October 1, 2014 and before September 30, 2015: 4.292%
- First disbursement on or after December 1, 2013 and before October 1, 2014: 4.288%
- Institutional loans: 5%
- Alternative loans: varies, refer to your promissory note
Example: A Stafford loan of $4,500 for the full year is $1,500 per quarter. $1,500 x .9893 (the net 1.073% adjustment) = $1484.00. Someone borrowing a Stafford of $4,500 should list $1484.00 as the amount received for each quarter. (Note: all disbursements will be in whole dollars with no cents.)
Direct Loan fees are subject to change as determined by the US Department of Education. Additional information about Direct Loan fees is available at StudentAid.gov.
Interactive version of the Undergraduate worksheet Excel Worksheet.
Interactive version of the Graduate worksheet Excel Worksheet.
Payment plan applications.
Last Updated: 10/1/2014