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How to make the most out our your educational investment. School of Social Work. Things you should know. Cost of Attendance How to apply Free Application for Federal Student Aid (FAFSA)

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Presentation Transcript
things you should know
Things you should know
  • Cost of Attendance

How to apply

Free Application for Federal Student Aid

(FAFSA)

FAFSA determines what you are expected to contribute and gives consideration for spouses and dependents in the calculation

things you should know1
Things you should know
  • Expenses covered:
    • Tuition and mandatory fees
    • Books supplies
    • Living expenses for the student only
    • Prohibited by federal regulations to cover expenses associated with spouses or dependents.
things you should know2
Things you should know
  • Living expenses for the student only
borrow wisely
Borrow Wisely

Develop a Budget based on your fixed expenses:

  • Housing
  • Food
  • Consumer Debt
  • Savings

TIP: Have a budget… and borrow less.

borrow wisely1
Borrow Wisely
  • Average Stafford and Grad PLUS Loan Debt of the May 2011 Graduates
    • $62,009
      • Smallest amount borrowed - $ 5,000
      • Largest amount borrowed - $ 151,098

# of graduates without any debt - 65

borrow wisely2
Borrow Wisely
  • Sample Monthly Loan Repayment
the future
The Future

10 year repayment

BLS Salary Figures 2010

the future1
The Future

25 year repayment

BLS Salary Figures 2010

new car prices
New Car Prices

Prices via cars.com for Baltimore, MD

Rates via national averages, Capital One via mybanktracker.com on 8/6/2012. 60-month rate: 3.7%, 72-month rate: 4.25%

Note: Monthly payment covers the auto loan only. Does not include insurance, fuel or maintenance costs.

new car prices1
New Car Prices

Prices via cars.com for Baltimore, MD

Rates via national averages, Capital One via mybanktracker.com on 8/6/2012. 60-month rate: 3.7%, 72-month rate: 4.25%

Note: Monthly payment covers the auto loan only. Does not include insurance, fuel or maintenance costs.

contact information
Contact Information
  • Student Financial Assistance & Education
    • 601 W. Lombard Street, Suite 221 HS/HSL
    • 410-706-7347
    • Donald Smith - Director
    • dwsmith@umaryland.edu
    • Financial Education and Wellness

Tisa Silver-Canady – Assistant Director

FEWTalk@umaryland.edu

    • Website for Budget Worksheet

http://www.umaryland.edu/fin/BudgetingSavingsTips

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