Preparing Financially for the Fall Semester

Fall Semester of Law School begins August 20.  Are you ready, financially?  Here are a few important tips that will smooth your financial path.

1. Have adequate savings to:
   1. Make security deposits on your apartment, and possibly rent for September.
   2. Cover moving expenses.
   3. Buy a few weeks worth of groceries.
   4. Purchase books.
   5. Make miscellaneous necessary and immediate purchases.

Or, if you do have savings, then

2. Have an active credit card with a sufficient credit limit to cover items noted above.
3. If you are planning to use federal loan programs (Stafford and PLUS) be sure to have your FAFSA completed by mid-June to allow adequate time for completing the subsequent financial aid steps.
4. If you are planning to use loan proceeds for living expenses, be sure to have your loan applications completed by early July to allow adequate time for CUA to complete the necessary school certifications.
5. If you are planning to use the CUA Student Health Insurance Plan, complete the on-line enrollment by July 15, if possible.
6. If you are using a monthly payment plan for paying tuition expenses, complete the enrollment application as soon as possible.

So, now with the “tips” in mind, here is how it all fits together for a typical student, “Joe,” who has no savings and will be relying on student loans for living expenses.

On April 16 Joe completed his FAFSA.  On May 1, Joe used his User ID and Password to sign on to Cardinal Station at https://cardinalstation.cua.edu.  First, he “viewed” his financial aid which consisted of an $8,500 Federal Subsidized Stafford Loan, a $12,000 Federal Unsubsidized Stafford Loan and a $38,125 Graduate PLUS Loan. Then, using the form provided on Cardinal Station, he “accepted” his Stafford Loans and $30,000 of the PLUS Loan eligibility.  (He knew he could later make adjustments, if needed.)  That same afternoon, he consulted the “preferred lender” list on the Financial Aid website (http://law.cua.edu/finaid/lenderlist.cfm), and selected Access Group as his chosen lender.  Using the link provided, he completed the applications for these loans.

On July 15, Joe will go to www.chickering.com and complete his enrollment in the CUA Health Insurance plan. On approximately August 5, Joe will receive a bill from the CUA Student Accounts Office showing charges for tuition ($16,615), fees ($890), and Health Insurance ($1,324).  Joe’s seat deposits were credited to his account, so the “balance due” will be $18,229.  The bill states that payment is due August 1.  Joe knows that his loans will cover his balance due, so no actual payment at this time is due from Joe.

Joe moves from Indianapolis, Indiana in early August, and uses his credit card to access cash to make a security deposit on his apartment.  He purchases some groceries, and a few basic supplies for his apartment, again using his credit card.  On August 14, Joe visits the CUA bookstore, and using his credit card purchases books for the fall semester.

In late August, Joe’s lender, Access Group, will electronically disburse directly to CUA one-half the amount borrowed from each of the loan programs.  For the PLUS Loan, the lender withholds a 3% origination fee.  Thus, the following amounts will post to Joe’s account:  $4,250 Federal Subsidized Stafford Loan, $6,000 Federal Unsubsidized Stafford Loan, and $14,550.  This total amount ($24,800) when applied against total charges of $18,229 will result in a credit balance of $6,571.  Within the next week or so, the Student Accounts Office will issue a “refund check” in the amount of $6,571 for Joe to pick up.

Joe will use a portion of the $6,571 to pay off the credit card charges he used during August.  He will use the balance to meet his living expenses for the fall semester.  Hopefully, Joe will receive his refund check in time to pay his September rent, but if not, he has his credit card a “plan B,” if needed. 

In early January Access Group will disburse the remaining funds to CUA, and a similar “refund check” will be issued, by CUA, to Joe.

Joe is a full time student, and was actually able to borrow more than the $30,000 he originally requested.  In the spring, should Joe experience some unexpected expenses, he will contact the Office of Financial Aid and also his lender, Access Group, and request an additional $3000.  These additional funds will be disbursed within a week or so to CUA, again to be refunded to Joe, after they are credited to his account.

As you can imagine, there are many variables in the above scenario, such as using a monthly payment plan, or enrolling in the Health Insurance Plan after refund checks are distributed, etc.  The two most important points to keep in mind are:

1. Be prepared to handle initial expenses through mid September should unexpected delays occur in the disbursement of loan funds, and
2. CUA understands that “the perfect” sequence of events does not apply to everyone. No one is excluded from classes because of delayed payments.

The Office of Financial Aid is happy to work with you to answer any questions and to resolve any unusual situations as quickly as possible.

Comments

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