Bill is an 18-year-old freshman attending Central Michigan University. She is working with her parents, who continue to claim him as a dependent, to figure out total cost of attendance as well as potential financial aid award for his first year in college. Bill is attending a residential university, and planning to live on campus.
For his first year, Bill is expecting to take 30 credits (15 in Fall semester and 15 in Spring semester) at a tuition rate of $475/credit hour. Bill had a high incoming SAT and gpa, so he is receiving a 50% tuition discount.
Room and board (including meals) will cost approximately $9,370. There is a $150 student service fee each semester Bill takes classes. Supplies and books will cost approximately $1,700 for the year. Estimated travel and miscellaneous expenses (based on university information) is $1,450.
Bill has an Expected Family Contribution of $1,000. Bill earned a CMU Merit Scholarship awarding $3,500.00. CMU has also offered $1,000.00 in additional institutional grants.
1. What is the total tuition cost for Bills first year?
2. What is Bills total Cost of Attendance for the first year?
3. What is Bills Financial Need (Cost of Attendance EFC = Financial Need)?
4. What would be Bills estimated Pell-Grant Eligibility?
5. What is the price after scholarships, pell, and institutional grants (Net Price):
6. Is Bill considered a dependent or an independent student?
7. What is Bills student loan eligibility?
8. If Bills takes out the max loan, what is the remaining cost after loans are applied: