Review your budget needs carefully as you determine the level of indebtedness that is comfortable for you to acquire. Student Loan Administration counselors are available to assist you with budgeting and to answer your questions about other financial assistance details.
Create a Budget
You may use the loan calculator in the section below to estimate your monthly student loan payment to help you determine your costs. Multiply the total monthly expenses by the number of months you will attend school and add tuition costs. Compare this budget to the University’s standard living expenses. You must adjust your living expenses to be equal to or below the standard living expenses.
Does your total living expenses for the enrollment period exceed the standard living expenses? If yes, here are your two options:
- You must find ways to reduce your expenses. Please refer back to our suggestions on ways to reduce your cost.
- Determine if it is possible for us to adjust your cost of attendance. Please talk with a counselor in the Student Loan Administration Office to find out if you have additional expenses (e.g., medical or dental) that might be covered by an adjustment to your cost of attendance.
Calculate Your Monthly Loan Payments
We encourage you to use a loan repayment calculator to calculate how much you will need to earn in order to cover your student loan debt. A Student Loan Administration officer will cover loan repayment information in much greater detail during your loan exit counseling session.