Your financial aid package is your first step in financing your education. But managing your educational expenses also requires a sound academic plan and a wise use of resources. You can help manage your overall costs by keeping some basic points in mind as you design your academic plan.
THE TUITION PACKAGE PLAN
It is important to understand your tuition rate. Most full-time undergraduate students in DePaul’s traditional colleges are billed based on a tuition-package plan. This means you are charged the same price whether you enroll for 12, 15 or 18 credit hours (in other words, the cost doesn't change if you take more or fewer credits in the 12 to 18 range). You can find out more about tuition rates at the Student Accounts web site.
Once you understand your tuition plan, you will want to take advantage of it by planning wisely. Meet with your academic advisor early and often in your program. Make sure that you understand your program requirements and the required sequence of courses. A sound academic plan is the cornerstone of good educational financing.
Avoid costly withdrawals: Withdrawing from courses prolongs your education and dramatically increases the cost of education because of lost tuition dollars and delayed graduation. Don’t withdraw or drop courses if you can possibly avoid it.
THE ESTIMATED COST OF ATTENDANCE
When determining your financial aid eligibility, our office calculates an estimated cost of attendance. Included in the estimated cost of attendance are both direct and indirect costs. Direct costs are items that will be charged directly by DePaul. They include tuition and fees and, if you plan to live on campus, room and board. Indirect costs such as books and supplies, off-campus housing, transportation and personal expenses have been estimated based on average expenses for the Chicago area. Indirect costs are not payable to the university. They are estimated to assist you in budget planning.
The estimated budgeting items are calculated as follows:
- Tuition and Fees are based on projected enrollment in the college to which you are admitted.
- Books and Supplies represent an estimate of the annual costs you will incur for these required materials.
- Housing and Board costs are estimated for all students based on the housing plan indicated on the FAFSA. Only students who live on campus will be responsible for paying their housing and board costs directly to the university.
If you indicated that you plan to:
live on campus, this figure is an estimate based on average residence hall room and board rates. Please refer to your housing contract and/or university bill for actual charges. live in an off-campus apartment, this figure is an estimate based on average living expenses for the Chicago area. commute from home, this figure reflects an estimate of costs associated with commuting from home.
You can view your estimated cost of attendance on Campus Connection. It is a good idea to review the estimated cost of attendance along with your actual expenses and set up a budget to make sure that you are not spending too much on non-essential items.
BUDGETING
It is extremely important that you carefully monitor your expenses and spending while you are in school. Although it may seem relatively easy to borrow loan funds or use credit cards to cover all of your expenses, it is wise to make a budget and stick to it. Keep in mind that every dollar that is borrowed must be repaid after you leave DePaul. Do not burden yourself with unnecessary debt (student loan or credit card) that will negatively impact your lifestyle after graduation. It will be much easier to live like a student now rather than being forced to live like a student once you are a working professional.
There are a lot of great budgeting tools available online. The U.S. Department of Education offers a simple worksheet to track expenses and financial aid. Kiplinger Magazine’s “Budget for Today and Tomorrow” helps you to track both your current expenses and set up a proposed budget. You also can make use of the university’s Financial Fitness program to help with budgeting and other financial issues.
AGGREGATE FEDERAL LOAN MAXIMUMS
The federal government has set lifetime loan maximums for the Federal Direct Stafford Loan programs. Dependent undergraduate students can borrow up to $31,000 (no more than $23,000 can be subsidized loans). Independent undergraduate students can borrow up to $57,500 (no more than $23,000 can be subsidized loans). You will need to be sure that you complete your degree requirements before you reach the maximum. By maintaining steady progress toward your degree, avoiding costly withdrawals, and wisely using DePaul’s tuition package plan, you can save thousands in student loan debt.
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